Buyer Closing Costs

A Breakdown Of What You Can Expect To Pay

Co-Op Closing Costs

Own Attorney

  • Varies

    * Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please con rm closing costs for specific transactions with your attorney and/or mortgage representative. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, New York, NY 10065. Information contained herein is obtained from sources deemed reliable. However, it should not be construed as legal or tax advice. Consult your accountant or tax advisor to confirm your tax obligations as associated with a sale.

Building Managing Agent Fee

  • $500 and up

Move-in Deposit

  • $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

Condo & Townhouse Closing Costs

Own Attorney

  • Varies

    * Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.

Building Application

  • $500 and up

Title Insurance, Title Search & Recording Fees

  • 0.6% of purchase price and up

Title Closer Customary Fee

  • $200

Mansion Tax

  • 1% of total purchase price when price is 1 million or more

Move-in Deposit

  • $500 & up, usually refundable if no damage (Not applicable to townhouses)

Common charges, property taxes, & Insurance premium

  • Adjustments pro-rated as of closing

Exclusive to New Developments

NYC Real Property Transfer Tax

  • 1 % to 1.425% of purchase price

    * Rate is 2.625% for multiple units purchased by single purchaser if deemed a “bulk sale”.

NYS Transfer Tax

  • 0.4% of purchase price

    * Transfer taxes are calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up 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 Associated Fees

Co-Op

Origination Costs – points

  • 0-3% value of loan

Application, Credit Check, etc

  • $500 & up

Appraisal

  • $425 & up

Bank Attorney

  • $600 & up

UCC-1 Filing

  • $75 & up

Condo & Townhouse

Origination Costs – points

  • 0-3% of loan

Application, Credit Check, etc

  • $750 & up

Appraisal

  • $425 & up

Bank Attorney

  • $600 & 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
  • 0-6 months, depending on lender requirements