These condominium buyer’s closing cost estimates provide an idea of how much additional funds are needed at the actual closing. The buyer’s attorney will provide a worksheet with numbers closer to the actual cost prior to the closing of the condominium unit.
Learn how a buyer rebate can help offset some of the buyer’s closing cost.
| For the Buyer of Condominiums and Single Family Homes |
Estimated Cost | Notes |
| Buyer’s Attorney | $1,000 – $2,500+ | |
| Building Application Fee | $500+ | May apply to some condominiums |
| Move-in Fee | Varies by building | Refundable if no damage during move |
| Title Insurance, Search and Recording Fees | 0.6% of purchase price and up | $3,750 for every $1 million being insured, search fees include municipal searches of NYC departments to verify no liens, judgements, encumbrances against title of unit |
| Title Closer Fee | $200 | Refundable if no damage during move |
| Mansion Tax | 1% of price if purchase is over $1 million dollars | |
| Common Charges | Pro-rated adjustments | Pro-rated for the month of closing |
| Property Taxes | Pro-rated adjustments | Depends on when tax is collected |
| Insurance Premium | Pro-rated adjustments | |
| Mortgage – Bank Attorney | $500 – $1000+ | Represents the lender, prepares bank documents for closing |
| Mortgage – Points origination costs | 1% to 3% of loan amount | Paying points up front decreases the interest rate of the loan |
| Mortgage – Administrative fees | $500+ | Bank fee, application fee, processing fee, credit check |
| Mortgage – Appraisal | $400+ | Lender orders appraisal for co-op unit to ascertain that collateral value |
| Short Term Interest | Interest for balance of closing month | Lender orders appraisal for co-op unit to ascertain that collateral value |
| NYC Mortgage Tax | 1.8% for mortgages less than $500,000 and 1.925% for all mortgages more than $500,000 | |
| Mortgage Title Insurance | Varies | Protects the lender up to the amount of the mortgage, for approximation example $1,250 per $1 million of a mortgage |
| Real Estate Tax Escrow | 2 to 6 months | Lenders requires buyer to maintain reserves to pay homeowners insurance premiums and property taxes |
| * New Development (ND) – NYC Real Property Transfer Tax | 1% if less than $500,000 and 1.425% if more than $500,000 | |
| * ND – NYS Transfer Tax | 0.4% of purchase price | |
| * ND – Sponsor Attorney | $1,500+ | |
| * ND – Working Capital Fund Contribution | 1 to 2 months of common charges |
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