Closing Costs

Listed below is general information concerning closing costs associated with the purchase of an apartment in Manhattan. Please note that these are general guidelines and are not meant to be exact figures. All buyers and sellers should consult their own attorney or financial advisor for more specific information. In general, total closing costs will be anywhere from 3%-5% of the purchase price. However, no representation is made as to the accuracy of the potential costs described below.

Condo Closing Costs – Seller

Real Estate Broker’s Fee: Usually 6%, sometimes negotiable

Attorney’s Fee: Approximately $1,500-$2,500

Condo Processing Fee: $450+

Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)

Your Mortgage Company or Bank Attorney’s Fee: $450+

New York City Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over, plus a $25 administrative fee

New York State Transfer Tax: $2.00 per $500.00 of price, or 0.4% of purchase price

Miscellaneous Title Fees: $200

Payoff Fee to Title Closer: $150-$300

Condo Closing Costs – Buyer

Attorney’s Fee: Approximately $1,500-$2,500

Bank Fees: Points: 0% to 3% of loan value

Application Fee (Credit Check, Processing Fee): $500+

Property Appraisal: $300+

Your Mortgage Company or Bank Attorney’s Fee: $500+

Short Term Interest: One month

Tax Escrows: 2 to 6 months

Recording Fees: $300

Mortgage Tax: 1.75% of amount of mortgage on loans under $500,000; or, 1.875% of amount of mortgage on loans of $500,000 and over

Fee Title Insurance: Approx. $450 per $100,000

Mortgage Title Insurance: Approx. $200 per $100,000

Title Search: $275+

Managing Agent Fee: $250+

Common Charge Adjustment: Pro-rated for the month of closing

Real Estate Tax Adjustment: 1 to 6 months

“Mansion Tax”: New York State’s tax upon buyers for 1% of entire purchase price when the residential property costs $1,000,000 or more

Move-in Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)

New York City Real Property Transfer Tax: 1% of purchase price up to $500,000; 1.425% of purchase price over $500,000 (Note: Buyer pays this only if the unit is purchased directly from the developer)

New York State Transfer Tax: $4 per $1,000 of purchase price or .4% of the purchase price (Note: Buyer pays this only if the unit is purchased directly from the developer)

Co-Op Closing Costs – Seller

Attorney’s Fee: Approximately $1,500-$2,500

Managing Agent Fee: $450+

Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)

Mortgage Bank Attorney: $350+

NYC Transfer Tax: 1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.

NY State Transfer Tax: $4.00 per $1,000.00 of price, or 0.4% of purchase price

Miscellaneous Title Fees: $200

Payoff Fee to Title Closer: $300+

UCC-3 Filing: $50+

Flip Tax: Depends on building

Stock Transfer Tax: $0.05 per share

Co-Op Closing Costs – Buyer

Attorney’s Fee: Approximately $1,500-$2,500

Mortgage Bank Fees: Points: 0% to 3% of loan amount

Mortgage Fees: (Credit Report, Appraisal, Application) $500+

Mortgage Bank Attorney: $400+

Lien Search: $250 – $350

UCC-1 Filing: $50

Short Term Interest: Equal to interest for balance of month in which you close

Move-in Deposit: $250 – $1,000 (Refundable after move-in if there is no damage.)

Recognition Agreement Fee: $200+

Maintenance Adjustment: Pro-rated for the month of closing

Mansion Tax: 1% of entire purchase price once the sale exceeds $1,000,000.