NYC Closing Costs
Call Thomas Ledger for any of your Real Estate needs!
Direct: 917-731-6547 |
Office: 718-273-7700 |
| For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Processing Fee: $450+ NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Pick-up/Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Condominium Charges: Vary by building Note: For condominiums in new developments, the Purchaser will pay costs normally paid by the Seller. These include Seller attorney fees as well as NY and NYC Transfer Taxes. |
For the Purchaser Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 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 where price is $1,000,000 or more. NYC Mortgage Tax (paid by borrower): a. Mortgage less than $500,000 = 1.80% b. Mortgage $500,000+ on 1-3 family residential dwelling = 1.925% c. Mortgage on all other property over $500,000.00 = 2.80% ADDITIONAL REAL ESTATE EXPENSES Common Charge Adjustment: Pro-rated for the month of closing Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected Miscellaneous Condominium Charges: Vary by building Short Term Interest: Equal to interest for balance of month in which you close |
| For the Seller Broker: Typically 6% Own Attorney: Consult your attorney Co-op Attorney: $450+ Flip Tax: Typically 1% to 3% of price (if applicable) Stock Transfer Tax: $0.05 per share Move-out Deposit/Fee: Varies by building NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75.00 Pick-up / Payoff Fee: $250-$500 UCC-3 Filing Fee: $100 Miscellaneous Coop Charges: Vary by building |
For the Purchaser MORTGAGE CLOSING COSTS Buyer’s Attorney: Consult your attorney Bank Fees: $350-$750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 Lien Search: $250-$350 UCC-1 Filing: $100 Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more. ADDITIONAL REAL ESTATE EXPENSES Miscellaneous Co-op Charges: Vary by building Recognition Agreement Fee: $200+ Maintenance Adjustment: Pro-rated for the month of closing Short Term Interest: Equal to interest for balance of month in which you close |
| For the Seller Broker: Typically 6% Own Attorney: Consult your attorney NYC Transfer Tax: Residential: Up to $500,000 = 1% $500,000+ = 1.425% Commercial: Up to $500,000 = 1.425% $500,000+ = 2.625% Admin. Fee: Non-Deed Transfers (i.e., Co-ops) = $50 Residential Deed Transfers= $75 Commercial Deed Transfers = $165 NY State Transfer Tax: $4 per $1,000 of price NYS Equalization Fee: $75 Miscellaneous Title Fees: $200-$500 Pick-up / Payoff Fee to Title Closer: $100-$300 |
For the Purchaser MORTGAGE CLOSING COSTS Buyer’s Attorney: Consult your attorney Bank Fees: $750 Application Fee: $350 Processing Fee: $330 Appraisal Fee: $300-$1,500 (depending on sales price) Credit Report Fee: $10.10 single/$15.20 joint Bank Attorney: $650-$750 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 Mortgage Tax - NYC (paid by borrower): 1-3 Family Home or Condo: If mortgage is less than $500,000: 1.80%. If mortgage is $500,00 or more: 1.925% of loan amount |