Closing Costs

Estimated Closing Costs for Cooperative Buyers

• Buyer’s attorney (this varies): $2,500+
• Bank fees (if financing: application, credit reports, appraisal, bank attorney, etc.): $2,500+
• Mansion tax: 1% of entire price when the purchase price, inclusive of any transfer taxes paid by purchaser on behalf of seller, exceeds $1 million
• Lien search and UCC filing: $425+
• Managing agent or co-op attorney: $750+
• Maintenance adjustment: up to one month*
• Short-term interest adjustment: up to one month*
• Move-in deposit or fee: $1,000+
• Flip tax (if any): generally around 2%** *Prorated for month of closing. | **Flip taxes vary in amount and by whom they are payable (buyer or seller).

Estimated Closing Costs for Condominiums & Townhouse Buyers

• Buyer’s attorney (this varies): $2,500+
• Bank fees (if financing: application, credit reports, appraisal, bank attorney building questionnaires, etc.): $2,200+
• Recording fees: $200+
• Mortgage tax: 1.8% of amount of mortgage on loans under $500,000 or 1.925% of entire amount of mortgage on loans over $500,000
• Mortgage title insurance: approximately $200 per $100,000 (if financing)
• Title insurance fee: approximately $450 per $100,000
• Mansion tax: 1% of entire price when price exceeds $1 million
• Miscellaneous title charges: $500+
• Managing agent’s fee: $500+
• Common charge adjustment: up to one month*
• Real estate tax adjustment: one to six months**

*Prorated for month of closing. | **Expect to pay eight months’ real estate taxes combined between buyer and seller as an adjustment and escrow established by lender. | NOTE: When purchasing in a new development from a sponsor, the purchaser will typically be required to pay New York City and New York State transfer taxes (1.825%) as well as the sponsor’s attorney’s fee.

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This guide is designed to provide you with a general overview associated with the purchase or sale of a cooperative, condominium, condop or townhouse property. Please note that these are general guidelines and estimates and that potential buyers and sellers should consult their real estate attorney, tax specialist or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential items to consider while purchasing, but are only to be used as a guide. All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.