Closing Costs for Luxury Lofts & Luxury Condos & Co-ops in NYC
Please consult your NYC Real Estate Attorney for the most accurate numbers.
Condominiums

For the Seller
Broker: 6%
Own Attorney: 1600 and up or Hourly
Processing Fee: $450+
NYC Transfer Tax: 1% of price up to $500,000; or,
1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Miscellaneous Title Fees: $200-$500
Payoff Fee to Title Closer: $100-$300
Miscellaneous Condominium Charges: Vary by building

New Developments: Purchaser will pay Seller attorney fees as well as NY and NYC Transfer Taxes.
For the Purchaser
Buyer’s Attorney: 1600 and up or Hourly
Bank Fees: $750
Application Fee: $500
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Tax Escrows: 2 to 6 months
Recording Fees: $250-$750
Mortgage Tax: 1.80% of amount of mortgage on loans under $500,000; or 1.925% of amount of mortgage on loans of $500,000 and over
Fee Title Insurance: Approx. $450 per $100,000 of sales price under 1m - +15% on 1M or more
Mortgage Title Insurance: Approx. $130 per $100,000 of mortgage amount
Municipal Search: $350-$500
Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES
Common Charge Adjustment: Pro-rated for the month of closing
Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected


Co-ops
For the Seller
Broker: Typically 6%
Own Attorney:
1600 and up or Hourly
Co-op Attorney: $450+
Flip Tax: Typically 1% to 3% of price (if applicable)
Stock Transfer Tax: $0.05 per share
Move-out Deposit: Varies by building
NYC Transfer Tax: 1% of price up to $500,000; or 1.425% of price if $500,000 and over.
NY State Transfer Tax: $4 per $1,000 of price
Pick-up / Payoff Fee: $250-$500
UCC-3 Filing Fee: $100
For the Purchaser
MORTGAGE CLOSING COSTS
Buyer’s Attorney:
1600 and up or Hourly
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $280
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $9.80 single/$14.60 joint
Bank Attorney: $750-$850
Lien Search: $250-$350
UCC-1 Filing: $100
Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.

ADDITIONAL REAL ESTATE EXPENSES
Recognition Agreement Fee: $200+
Maintenance Adjustment: Pro-rated for the month of closing