Closing Costs
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.
| For the Purchaser | Closing Costs for Condominiums | Closing Costs for Co-ops |
|---|---|---|
| Your Attorney | Approx. $1,750+ | Approx. $1,750+ |
| Mortgage Bank Fees | Points: 0% to 3% of loan amount | Points: 0% to 3% of loan amount |
| Mortgage Fees: Credit Report, Appraisal, Application |
$500 - $1,000 | $500 - $1,000+ |
| Mortgage Bank Attorney | $400+ | $400+ |
| Lien Search | $250 - $350 | |
| UCC-1 Filing | $50 | |
| Short Term Interest | 1 month | Equal to interest for balance of month in which you close |
| Tax Escrow | 2 to 6 months | |
| Recording Fees | $200 - $300 | |
| Mortgage Tax | .75% of amount of mortgage for loans < $500,000 1.875% of amount of mortgage for loans > $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 | Series of graduated tax levies, paid by the buyer, starting at 1%, added to all NYC apartments selling for $1 million or more, and as high as 4.15% on apartments selling for $25 million or more. | Series of graduated tax levies, paid by the buyer, starting at 1%, added to all NYC apartments selling for $1 million or more, and as high as 4.15% on apartments selling for $25 million or more. |
| Move-in Deposit | $250 - $1,000 Refundable | $250 - $1,000 Refundable |
| Recognition Agreement Fee | $200 | |
| Maintenance Adjustment | Pro-rated for the month of closing | |
| For most new developments and other apartments purchased directly from sponsor, the purchaser might pay New York state and city tax on the transfer of property. | ||
| 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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