buyers

Closing Costs for Buyers

This is a general guideline to closing costs. Consult your attorney for complete break out of the costs.

Condominiums

For the Purchaser
     
  • Buyer’s Attorney: 1600 and up Flat fee or hourly Fee
  • Bank Fees: $700 - $800
  • Application Fee: $30 - $400
  • Processing Fee: $300 - $400
  • Appraisal Fee: $300-$1,500 (depending on sales price)
  • Bank Attorney: $600 - $700
  • 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 $1,000,000 or more.
  • NYC Mortgage Tax:
     a. Mortgage less than $500,000 = 1.80% 
     b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925%
  • 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

For New Development buyer pays NYS and NYC transfer tax for the seller – 1.825% combined

Co-ops

For the Purchaser
     
  • MORTGAGE CLOSING COSTS
  • Buyer’s Attorney: Consult your attorney
  • Bank Fees: $300-$8000
  • Application Fee: $300 - $400
  • Processing Fee: $300 - $400
  • Appraisal Fee: $300-$1,500 (depends on sales price)
  • Bank Attorney: $600 - $700
  • Lien Search: $200-$400
  • UCC-1 Filing: $100
  • Mansion Tax: 1% of entire purchase price $1,000,000 or more.

Townhouses and Single Family Homes

For the Purchaser
     
  • MORTGAGE CLOSING COSTS
  • Buyer’s Attorney: Consult your attorney
  • Bank Fees: $750
  • Application Fee: $300 - 400
  • Processing Fee: $300 - 400
  • Appraisal Fee: $300-$1,500 (depends on sales price)
  • Bank Attorney: $600 - $700
  • Tax Escrows: 2 to 6 months
  • Recording Fees: $200-$800
  • 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