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Reports And Guides

New York City Closing Costs

This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide. Mortgage closing cost estimates have been furnished by our affiliate, DE Capital Mortgage Company.

 

Condominiums

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

Pick-up/Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

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: $350-$750

Application Fee: $350

Processing Fee: $330

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

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $650-$750

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

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 (paid by borrower):

a. Mortgage less than $500,000 = 1.80%

b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%

c. Mortgage on all other property over $500,000.00 = 2.80%

Nassau and Suffolk Counties Mortgage Tax:

a. 1-3 family residential dwelling = 0.80% on entire mortgage amount

b. 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):

a. Exclusions: (i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100,000 on un-improved property

b. Residential 1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%

c. Residential 1-3 Family Dwelling $1,000,000+ = 3.40%

ADDITIONAL REAL ESTATE EXPENSES

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

Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected

Miscellaneous Condominium Charges: Vary by building

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

Co-ops

For the Seller

Broker: Typically 6%

Own Attorney: Consult your attorney

Co-op Attorney: $450+

Flip Tax: Typically 1% to 3% of price (if applicable)

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

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: $75.00

Pick-up / Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building

 

For the Purchaser

MORTGAGE CLOSING COSTS

Buyer’s Attorney: Consult your attorney

Bank Fees: $350-$750

Application Fee: $350

Processing Fee: $330

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

Credit Report Fee: $10.10 single/$15.20 joint

Bank Attorney: $650-$750

Lien Search: $250-$350

UCC-1 Filing: $100

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

ADDITIONAL REAL ESTATE EXPENSES

Miscellaneous Co-op Charges: Vary by building

Recognition Agreement Fee: $200+

Maintenance Adjustment: Pro-rated for the month of closing

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

Townhouses and Single Family Homes

For the Seller

Broker: Typically 6%

Own Attorney: Consult your attorney

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

 

For the Purchaser

MORTGAGE CLOSING COSTS

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: $10.10 single/$15.20 joint

Bank Attorney: $650-$750

Tax Escrows: 2 to 6 months

Recording Fees: $250-$750

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

Mortgage Tax - NYC (paid by borrower):

1-3 Family Home or Condo:

If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount

Mortgage Tax - Nassau & Suffolk (paid by borrower):

1-3 Family Home or Condo: 0.80% of loan amount

Peconic Bay Tax: Tax applies to properties in the townships of Southampton, East Hampton, Riverhead, Southold and Shelter Island.

a. Exclusions:

(i) Purchase Price less than $250,000 on improved property; and (ii) Purchase Price less than $100000 on un-improved property

b. Residential:

1-3 Family Dwelling less than $1,000,000 and all other properties = 2.40%

c. Residential:

1-3 Family Dwelling $1,000,000+ = 3.40%

All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.

All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

© 2014. Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.