Closing Costs

Townhouse & Condominium Closing Costs

Seller Costs
Own attorney
Cost varies.
NYC Real Property Transfer Tax
1% of purchase price if $500,000 or less. 1.425% of purchase price if more than $500,000
NYS Transfer Tax
0.4% of purchase price
Reserve Fund Contribution (if applicable)*
Determined by condominium board, payable by buyer unless otherwise stated
Payoff Bank Fees (if applicable)
$250 and up
Managing Agent Fees*
$650 and up
Move-Out Deposit*
$500 & up (usually refundable if no damage)
Broker Commission
6% of purchase price
E Tax Filing (ACRIS)
$100
Property Condition Disclosure Statement 
Waiver Fee
$500
NYS Capital Gains Tax Withholding (Only applicable to non-NY residents)
8.82% of taxable gain on sale.
(FIRPTA) Only applicable to foreign persons. Additional taxes on capital gain associated with the sale of real estate including Federal, State and 
the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance 
with all applicable tax regulations.
Buyer to withhold 15% of purchase price
Buyer Costs
Own attorney
Cost varies.
Building Application
$500 and up
Title Insurance, Title Search & Recording Fees
$200
Title Closer Customary Fee
1% of total purchase price when price is 1 million or more
Mansion tax
.80% of loan amount
Move-InDeposit*
$500 & up (usually refundable if no damage)
Common Charges, property taxes and insurance premium
Adjustments pro-rated as of closing
Additional Costs for Mortgages
Origination Costs-points
0-3% value of loan
Application, Credit Check, etc
$750 and up
Appraisal
$425 and up
Bank Attorney
$600 and up
Mortgage Recording Tax
1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes
Real Estate Tax Escrow
0-6 months, depending on lender requirements
Additional Costs for New Developments
NYC Real Property Transfer Tax*
1-1.425% of purchase price
NYS Transfer Tax Transfer taxes are calculated and added to purchase price (for tax purposes only) 
and then recalculated based on the bulked up price.
0.4% of purchase price
Sponsor Attorney Fee
$1,500 & up
Working capital fund contribution
One time fee equal to 1 or 2 months common charges, 
depending on condominium
Mortgage Recording Tax
1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes

Coop Closing Costs

Sellers Costs & Fees
Own attorney
Cost varies.
Stock Transfer Stamps
1% of purchase price if $500,000 or less. 1.425% of purchase price if more than $500,000
NYC Real Property Transfer Tax
0.4% of purchase price
NYS Transfer Tax
Determined by condominium board, payable by buyer unless otherwise stated
UCC-3 Filing
$100 and up
Flip Tax (if applicable)
$650 and up
Payoff Bank Fees (if applicable)
$500 & up (usually refundable if no damage)
Managing Agent Fees*
6% of purchase price
Move-Out Deposit*
$100
Broker Commission
5-6%
Estate Fees
8.82% of taxable gain on sale.
Lost Stock and Lease Fees
Buyer to withhold 10% of purchase price
E Tax Filing (ACRIS)
"NYS Capital Gains Tax Withholding (Only applicable to non-NY residents)"
8.82% of taxable gain on sale.
(FIRPTA) Only applicable to foreign persons. Additional taxes on capital gain associated with the sale of real estate including Federal, State and 
the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance with all applicable tax regulations.
Buyer to withhold 15% of purchase price
Buyer Costs & Fees
Own attorney
Cost varies.
Building Mangement Agent Fee
$500 and up
Move-InDeposit*
$500 & up (usually refundable if no damage)
Mansion tax
1% of total purchase price when price is 1 million or more
Lien Search
$350
Maintenance Adjustment
Pro-rated for month of closing
Additional Costs for Mortgages
Origination Costs-points
0-3% value of loan
Application, Credit Check, etc
$500 and up
Appraisal
$425 and up
Bank Attorney
$600 and up
UCC-1 Filling
$75 and up