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
Categories: Closing Cost

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