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

While owning a home 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.