Buyer / Seller Resources

Buyer's Guide to Closing Costs

This is a sample for informational purposes only. For current pricing and to confirm fees you should speak to a real estate attorney and mortgage professional in preparation for buying a home. Closing costs will vary based on the building you are buying in. Consult a real estate professional to discuss in more detail.

Buyer Closing Costs: Co-operative Apartments
  • Attorney $2,000+
  • Managing Agent Application Fee $500 – $750
  • Credit Report Fee $50 – $100 per applicant
  • Mansion Tax 1% of purchase price when over $1 million
  • Move-in Deposit $500 – $1,000 (sometimes refundable if no damage)
Mortgage Associated Fees:
  • Origination Costs (i.e. points) 0 – 3% value of loan
  • Application, Credit Check, etc. $500+
  • Appraisal $400-$1,500 (depending on sales price)
  • Bank Attorney $900+
  • UCC-1 Filing: $100
  • Recognition Agreement Fee $200+
  • Lien Search $350
  • Maintenance Adjustment Pro-rated for month of closing
Buyer Closing Costs: Condominium Apartments / Townhouses
  • Own Attorney $2000+
  • Managing Agent Fee $250 – $500
  • Credit Report Fee $50 – $100 per applicant
  • Mansion Tax 1% of purchase price when $1 million and over
  • Title Insurance, Title Search & Recording Fees: Approximately 0.5% of purchase price
  • Move-in Deposit $500 – $1,000 (sometimes refundable if no damage)
Mortgage Associated Fees:
  • Origination Costs (ie points): 0 – 3% value of loan
  • Application, Credit Check, etc.: $500+
  • Appraisal: $400-$1,500 (depending on sales price)
  • Bank Attorney: $500+
  • Mortgage Recording Tax: If mortgage is less than 500,000: 1.8% of mortgage; If mortgage is over $500,000 on 1-3 family residential dwelling: 1.925% of mortgage; Mortgage on all other property over $500,000: 2.80% of mortgage
  • Municipal Search: $350-$500
  • Recording Fees: $250-$750
  • Real Estate Tax Escrow: 2-6 months
If Purchased Directly from Sponsor: (new construction or conversion)
  • NYC Real Property Transfer Tax: Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • Sponsor’s Attorney Fee: $1,500 +

Seller’s Guide to Closing Costs

This is a sample for informational purposes only. For current pricing and to confirm fees you should speak to a real estate attorney and mortgage professionalin preparation for selling your home. Closing costs will vary based on the building you are selling in. Consult a real estate professional to discuss in more detail.

Seller Closing Costs: Co-operative Apartments
  • Own Attorney: $2,000+
  • Co-op Attorney: $450+
  • Stock Transfer Stamps: $.05 per share
  • NYC Real Property Transfer Tax Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • UCC-3 Filing: $100
  • Flip Tax (if applicable): Determined by co-operative building (typically 1%-3% of price)
  • Payoff Bank Attorney (if applicable): $450+
  • Managing Agent Fee: $500 – $1,000
  • Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)
  • Broker Commission: Typically 6% of purchase price
  • Estate Fees: Coop may impose additional fees for estate sales
  • Residential Deed Transfer: $75
  • Residential Equalization Fee: $75
  • Gains Tax Withholding (out of state seller): 7.7% of gain
  • Non-US Resident (FIRPTA): 10% of price withheld or paid
  • Misc. Co-op fees: Vary by building
Seller Closing Costs: Condominium Apartments / Townhouses
  • Own Attorney: $2000+.
  • NYC Real Property Transfer Tax: Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • UCC-3 Filing: $100
  • Payoff Bank Fees: (if applicable) $450+
  • Managing Agent Fee: $250 – $750
  • Move-Out Deposit: $500 – $1,000 (usually refundable if no damage)
  • Broker Commission: 6% of purchase price
  • Residential Deed Transfer: $75
  • NYS Equalization Fee: $75
  • Gains Tax Withholding (out of state seller): 7.7% of gain
  • Non-US Resident (FIRPTA): 10% of price withheld or paid
  • Misc. Condominium Fees: Vary by building