| Condominiums / Townhouses | Estimated Costs |
|---|---|
| Buyer’s Attorney | $1,500 + |
| Origination Fees/Points | 0 to 3% of loan value |
| Application, Credit Check, etc. | $500 |
| Bank’s Attorney | $450 to $800 |
| Real Estate Tax Escrow | 2 to 6 months |
| Recording Fees | $150 |
| Mortgage Tax | 1.8% of mortgage on loans under $500,000, and 1.925% of mortgage on loans of $500,000 and over |
| Appraisal UCC-I Filing | $50 + |
| Title Insurance | Approx. 0.5% of purchase price |
| Building Search | $250 + |
| Managing Agent Fee | $250 to $500 |
| Common Charge Adjustment | Proration of one month |
| Real Estate Tax Adjustment | 1 to 5 months |
| Title Closer Fee | $100 to $150 |
| Mansion Tax | 1% of price when over $1 million |
| NYC Real Property Transfer Tax, if Purchase from Sponsor (New construction/conversions) | 1% of purchase price up to $500,000 1.425% of purchase price over $500,000 |
| NYS Transfer Tax | 0.4% of the purchase price |
| Sponsor’s Attorney Fee | $1,450 + |
| Co-operatives (Co-op) | Estimated Costs |
|---|---|
| Buyer’s Attorney | $1,450 + |
| Managing Agent Application Fee | $750 |
| Credit Report (on Each Applicant) | $50 to $75 + |
| Lead Paint Disclosure | $0 to $50 |
| Mansion Tax | 1% of price when over $1 million |
| Move-In Deposit | $500 to 1,000 (typically refundable if there are no damages to hallways, elevators, etc.) |
| Maintenance Adjustment | Proration of one month |
| Origination Fees/Points | 0% to 3% of loan value |
| Application, Credit Check, etc. | $500 |
| Bank Attorney | $450 to $800 |
| UCC-1 Filing | $50 + |
| Short-Term Interest | Up to one month |
| Recognition Agreement Fee | $250 |
| Lien Search | $250 |
This closing cost guide is prepared to give you the estimated costs associated with the purchase or sale of a condominium, cooperative or townhouse. Consult your real estate attorney for up to date information on current rates and fees.
