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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. No representation is made as to the accuracy of the potential costs described below.
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For the Purchaser |
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Your Attorney: |
Approx. $1,750+ |
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| Mortgage Bank Fees: |
Points: 0% to 3% of loan amount |
Mortgage Fees:
(Credit Report, Appraisal, Application) |
$500 - $1,000+ |
| Mortgage Bank Attorney: |
$400+ |
| Short Term Interest: |
One month (maximum) |
| Tax Escrow: |
2 to 6 months |
| Recording Fees: |
$200 - $300 |
| Mortgage Tax: |
1.75% of amount of mortgage for loans under $500,000. 1.875% 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 once the sale exceeds $1,000,000. |
| Move-in Deposit: |
$250 - $1,000 (Refundable after move-in if there is no damage.) |
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For most new developments and other apartments purchased directly from a sponsor, the purchaser usually pays the:
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| 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 |
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For the Seller |
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Your Attorney: |
Approx. $1,750+ |
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| 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: |
Approx. $200 |
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For the Purchaser |
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Your Attorney: |
Approx. $1,750+ |
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| Mortgage Bank Fees: |
Points: 0% to 3% of loan amount |
Mortgage Fees:
(Credit Report, Appraisal, Application) |
$500 - $1,000 |
| 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. |
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For the Seller |
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Your Attorney: |
Approx. $1,750+ |
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| 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 |
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An equal housing opportunity. 
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All information furnished regarding New York City property for sale,
rental or financing is from sources deemed reliable, but no warranty or
representation is made as to the accuracy thereof and same is submitted
subject to errors, omissions, change of price, rental or other
conditions, prior sale, lease or financing or withdrawal without
notice. All dimensions are approximate. For exact dimensions, you must
hire your own architect or engineer.
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