Estimated Closing Costs
Condo Closing Costs
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For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450 – $650
Residential NYC Transfer Tax: to $500,000 = 1% / $500,000+ = 1.425%
Commercial NYC Transfer Tax: to $500,000 = 1.425% / $500,000+ = 2.625%
NY State Transfer Tax: $4 per $1,000 of price
UCC-3 Filing Fee: $100
Move Out Deposit: $500 – $1000 (refundable)
Miscellaneous Condominium Charges: Vary by building
Mortgage Satisfaction Fee: $150 – $300
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: $500+
Bank Attorney: $750+
Recording Fees: $150-$750
Move In Deposit: $500 – $1000 (refundable)
Title Insurance: Amounts vary, please consult your attorney
NYC Mortgage Tax (paid by borrower):
a. Mortgage less than $500,000 = 2.05%
b. Mortgage $500,000+ on 1-3 family residential dwelling = 2.175%
Managing Agent Fee: $250+
Title Closer Fee: $100 – $150
Mansion Tax:
| Less than $999,999 | 0.00% |
| $1,000,000 – $1,999,999 | 1.00% |
| $2,000,000 – $2,999,999 | 1.25% |
| $3,000,000 – $4,999,999 | 1.50% |
| $5,000,000 – $9,999,999 | 2.25% |
| $10,000,000 – $14,999,999 | 3.25% |
| $15,000,000 – $19,999,999 | 3.50% |
| $20,000,000 – $24,999,999 | 3.75% |
| $25,000,000 or more | 3.90% |
Coop Closing Costs
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For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Co-op Attorney: $400+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move Out Fee: $250+
Move Out Deposit: $500 – $1000 (refundable)
Residential NYC Transfer Tax: to $500,000 = 1% / $500,000+ = 1.425%
Commercial NYC Transfer Tax: to $500,000 = 1.425% / $500,000+ = 2.625%
NY State Transfer Tax: $4 per $1,000 of price
Payoff Bank Attorney: $300+
UCC-3 Filing Fee: $100
Miscellaneous Coop Charges: Vary by building
For the Purchaser
Buyer’s Attorney: Consult your attorney
Bank Fees: $500+
Bank Attorney: $750+
Recording Fees: $150-$750
Lien Search: $250-$350
UCC-1 Filing: $100
Move In Fee: $250+
Move In Deposit: $500 – $1000 (refundable)
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing
Mansion Tax:
| Less than $999,999 | 0.00% |
| $1,000,000 – $1,999,999 | 1.00% |
| $2,000,000 – $2,999,999 | 1.25% |
| $3,000,000 – $4,999,999 | 1.50% |
| $5,000,000 – $9,999,999 | 2.25% |
| $10,000,000 – $14,999,999 | 3.25% |
| $15,000,000 – $19,999,999 | 3.50% |
| $20,000,000 – $24,999,999 | 3.75% |
| $25,000,000 or more | 3.90% |
Townhouse Closing Costs
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For the Seller
Broker: Typically 6%
Own Attorney: Consult your attorney
Processing Fee: $450 – $650
Residential NYC Transfer Tax: to $500,000 = 1% / $500,000+ = 1.425%
Commercial NYC Transfer Tax: to $500,000 = 1.425% / $500,000+ = 2.625%
NY State Transfer Tax: $4 per $1,000 of price
UCC-3 Filing Fee: $100
Mortgage Satisfaction Fee: $150 – $300
Miscellaneous Title Fees: $200-$500
For the Purchaser
Buyer’s Attorney: Consult your attorney
Bank Fees: $500+
Bank Attorney: $750+
Recording Fees: $150-$750
Title Insurance: Amounts vary, please consult your attorney
NYC Mortgage Tax (paid by borrower):
a. Mortgage less than $500,000 = 2.05%
b. Mortgage $500,000+ on 1-3 family residential dwelling = 2.175%
Title Closer Fee: $100 – $150
Mansion Tax:
| Less than $999,999 | 0.00% |
| $1,000,000 – $1,999,999 | 1.00% |
| $2,000,000 – $2,999,999 | 1.25% |
| $3,000,000 – $4,999,999 | 1.50% |
| $5,000,000 – $9,999,999 | 2.25% |
| $10,000,000 – $14,999,999 | 3.25% |
| $15,000,000 – $19,999,999 | 3.50% |
| $20,000,000 – $24,999,999 | 3.75% |
| $25,000,000 or more | 3.90% |
* All information presented here are subject to change and are provided for convenience only. Please consult with your attorney for accurate closing cost estimates.