Condo Closing Costs

Buyer's Closing Costs

Your Attorney:  $2,000+

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

Mortgage Fees:  (Credit Report, Appraisal, Application)$500 - $1,000+

Mortgage Bank Attorney:  $650+

Short Term Interest:  One month (maximum)

Tax Escrow:  2 to 6 months

Recording Fees:  $200 - $300

Mortgage Tax:  1.8% of amount of mortgage for loans under $500,000.
1.925% of amount of mortgage for loans more than $500,000.

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

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

Municipal Search:  $275+

Managing Agent Fee:  $250 - $500

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

Real Estate Tax Adjustment:  1 to 6 months

Mansion Tax:  1% of entire purchase price for sales over $1,000,000.

Move-in Deposit:  $250 - $1,000 (Refundable)

For most new developments purchased directly from a sponsor, the purchaser usually pays the Transfer Tax:

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

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

Seller's Closing Costs

Attorney:  $2,000+

Managing Agent Fee:  $450+

Move-out Deposit:  $250 - $1,000 (Refundable)

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:  Approx. $200

Information provided are examples of typical costs incurred for a residential purchase and sale transaction in Manhattan.  Costs may vary greatly for many reasons, and commercial transactions.  Please consult a qualified attorney before making your decision.