At Greenberg & Wilner in Manhattan, we strive to provide clients with the information they need when purchasing a new home. That includes a full accounting of all the costs you can expect to pay as closing day approaches.
The following information details the amount you can expect to pay in closing costs:
Condominium And Townhouse Closing Costs
- Board application fee: $450 and up
- Title search/lien search: $500 and up
- Title insurance: $7 per each $1,000 of mortgage (not applicable for co-ops and condops)
- Move-in deposit/fee: $1,000 (refundable in most cases)
- Mansion Tax: 1 percent on sales price for purchases $1 million and up
- Real estate escrow: Two to six months of real estate taxes (not applicable in co-ops and condops)
- Adjustments: Up to one month of common charges, real estate taxes or maintenance fees
Mortgage-Associated Fees For Condos And Townhouses
- Lender origination fee: $1,000 and up
- Appraisal: $450 and up
- Mortgage points: Typically 0-3 percent of amount of the loan
- NYC mortgage tax: 1.80 percent on mortgages $500,000 or less, 1.925 percent on mortgages of $500,000 and up for one-to-three-family residences, 2.80 percent on mortgages of $500,000 and up for all other properties (excluding co-ops and condops)
- Mansion tax: 1 percent on sales price of $1 million or more
- Bank attorney: $850 or more
- Recording fee: $300 or more
Additional Fees For New Construction Purchases
- NYC transfer tax (residential): 1 percent of sales price up to $500,000 and 1.425 percent of sales price of $500,000 or more
- NYC transfer tax (commercial): 1.425 percent of sales price up to $500,000 and 2.625 percent of sales price of $500,000 or more
- New York state transfer tax: .4 percent of sales price
- Sponsor's attorney fees: $1,200 and up
- Reserve fund: Two months of common charges
Additionally, the buyer of new construction may pay costs normally paid by the seller. These may include the city and state transfer taxes and the sponsor's attorney fees.
Co-Op And Condop Closing Costs
The costs are the same as above, with the addition of the following:
- UCC filing fee: $125
- Recognition agreement fee: $200 and up
Please note that the NYC mortgage tax does not apply to cooperative loans, and title insurance is generally not required.
To learn more about closing costs and the amount you may be expected to pay, please contact Greenberg & Wilner by calling 212-953-2300 to schedule a consultation. Hablamos español.