NYC Real Estate Closing Costs - Condominiums

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By Prudential Douglas Elliman

(For the Seller)

Broker: Typically 6%

Own Attorney: Consult your attorney

Processing Fee: $450+

NYC Transfer Tax:

Residential: Up to $500,000 = 1% / $500,000+ = 1.425%

Commercial: Up to $500,000 = 1.425% / $500,000+ = 2.625%

Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 / Residential Deed Transfers= $75 / Commercial Deed Transfers = $165

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75

Miscellaneous Title Fees: $200-$500

Pick-up/Payoff Fee to Title Closer: $100-$300

Miscellaneous Condominium Charges: Vary by building

Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes.

(For the Purchaser)

Buyer’s Attorney: Consult your attorney

Bank Fees: $750

Application Fee: $350

Processing Fee: $330

Appraisal Fee: $300-$1,500 (depending on sales price)

Credit Report Fee: $9.80 single/$14.60 joint

Bank Attorney: $650

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

Mortgage Tax: 0.8%

Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1M - +15% on $1M or more

Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount

Municipal Search: $350-$500

Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

NYC Mortgage Tax: Mortgage less than $500,000 = 1.80% / Mortgage $500,000+ on 1-3 family residential dwelling = 1.925% / Mortgage on all other property over $500,000.00 = 2.80%

Nassau and Suffolk Counties Mortgage Tax: 1-3 family residential dwelling = 0.80% on entire mortgage amount / 3 or more family residential dwelling, commercial or vacant land = 1.05% on entire mortgage amount

Peconic Bay Tax: (East Hampton, Shelter Island and Southampton): Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property / Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40% / Residential 1-3 Family Dwelling $1,000,000+ = 3.40%