Closing Costs- Condominium Apartments, Townhouses, and 1-3 Family Dwellings

While owning real estate is priceless, closing costs can add up.
If you are planning to buy or sell a Condo or Townhouse, read on...
and know what to expect.

Cooperative apartments are different. Co-Ops more your thing?
Click Here for Co-Op Closing Costs.

For the Seller

Own Attorney .......................................................................................................................................... $1,600 and up*
NYC Real Property Transfer Tax ........................................................................ Sales under $500,00 - 1% of purchase price
................................................................................................................ Sales over $500,000 - 1.425% of purchase price
New York State Real Property Transfer Tax ................................................................................... 0.4% (.004) of sales price
UCC-3 Filing ................................................................................................................................................. $75 and up
Payoff Bank Fees (if applicable) ............................................................................................................................. $450*
Managing Agent Fee ................................................................................................................................... $250 - $750
Broker Commission .................................................................................. $500 - $1,000 (usually refundable if no damage)
Move-Out Deposit .......................................................................................................................... 6% of purchase price
E Tax Filing (ACRIS) .................................................................................................................................................. $50
Gains Tax Withholding (out of state seller) ...................................................................................................... 7.7% of gain
Non-US Resident (FIRPTA) .................................................................................................... 10% of price withheld or paid

For the Purchaser

Own Attorney ........................................................................................................................................... $1,600 and up*
Managing Agent Fee .................................................................................................................................... $250 - $500
Credit Report Fee ....................................................................................................................... $50 - $100 per applicant
Lead Based Paint Disclosure Fee ........................................................................................................................... $0-$50
Mansion Tax ............................................................................................ 1% of purchase price where $1 million and over
Move-in Deposit ...................................................................................... $500 - $1,000 (usually refundable if no damage)

Mortgage-Associated Fees

Origination Costs - Points ................................................................................................................... 0 - 3% value of loan
Application, Credit Check, etc...................................................................................................................... $500 and up
Appraisal ................................................................................................................................................... $275 and up
Bank Attorney ............................................................................................................................................. $500 and up
UCC - 1Filing ................................................................................................................................................ $50 and up
Mortgage Recording Tax ............................................................................................. up to $500,000 - 1.8% of mortgage
................................................................................................................................ over $500,000 - 1.925% of mortgage
Title Insurance, Title Search, and Recording Fees ...................................................... approximately 0.5% of purchase price
Building Searches ......................................................................................................................................... $200 - $400
Recording Charge .................................................................................................... $17 per document plus $5 per page
Real Estate Tax Escrow ................................................................................................................................. 2 - 6 months

If Purchased Directly from Sponsor (i.e: new construction)

NYC Real Property Transfer Tax .................................................................................. 1% of purchase price up to $500,000
.......................................................................................................................... 1.425% of purchase price over $500,000
NYS Transfer Tax ...............................................................................................................$4 per $1,000 of purchase price
Sponsor's Attorney Fee ......................................................................................................................................... $1,500
*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 trasfer tax forms (TP584). These are only estimate. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.