• Residential Closing Costs

    Buying or selling your home in the New York City area? You should know in advance what your expenses will be.
    Below is a list of estimated closing costs. Please contact our office for a more accurate list of closing costs for your particular transaction.

    Selling a Co-op Apartment

    New York City Real Property Transfer Tax (RPT):
    —  if sales price is less than $500,000
    —  if sales price is $500,000 or greater


    1% of the sales price
    1.425% of the sales price

    New York State Transfer Tax (TP-584)

    . 4% of the sales price

    Transfer Agent Fee

    from $750

    Pay Off Lender's Attendance Fee

    from $400

    UCC-3 Financing Statement Filing Fee

    from $75

    New York State Stock Stamp

    $.05 per share

    Flip Tax

    varies (check with your co-op)

    Move Out Fee and Move Out Deposit

    varies (check with your co-op)

    Real Estate Broker's Commission

    6%

    Buying a Co-op Apartment

    Application and Credit Report Fee to Co-op

    from $500

    Application, Appraisal and Credit Report Fee to Lender (if financing)

    from $800

    Mansion Tax (if purchase price is $1,000,000 or greater)

    1% of the purchase price

    Lien Search

    $250

    UCC-1 Financing Statement Filing Fee (if financing)

    from $75

    Financing Fee to Co-op or Management Company (if financing)

    from $250

    Lender's Attorney's Fee (if financing)

    from $600

    Move In Fee and Move In Deposit

    varies (check with co-op)

    First Month's Mortgage Payment

    pro-rated for the month in which you close

    Maintenance Fees

    pro-rated for the month in which you close

    Selling a Condominium Unit or Single Family Home

    New York City Real Property Transfer Tax (RPT):
    —  if less than $500,000
    —  if $500,000 or greater


    1% of the sales price
    1.425% of the sales price

    New York State Transfer Tax (TP-584)

    . 4% of the sales price

    Recording Fee for Satisfaction of Mortgage

    from $100 per outstanding mortgage

    Move Out Fee and Move Out Deposit

    varies (check with your condominium)

    Title Closer's Pick-Up Fee

    from $200 per outstanding mortgage

    Real Estate Broker

    6%

    Buying a Condominium or Single Family Home

    Engineer's Inspection

    from $750

    Application, Appraisal and Credit Report Fee to Lender

    from $800

    Title Insurance:
    — Owner's Coverage
    — Lender's Coverage

      

    Searches (title, bankruptcy, and departmental searches)

    from $400

    Recording Fees:
    — Deed Recording
    — Mortgage Recording
    — Unit Owner's Power of Attorney **


    from $150
    from $200
    from $100

    Mortgage Tax
      New York City for mortgages:
       —  Less than $500,000
       —  $500,000 or greater
      Westchester County:
       — All except Yonkers
       — Yonkers
      Nassau, Suffolk & Orange Counties



    2.05% of the mortgage amount *
    2.175% of the mortgage amount *

    1.30% of the mortgage amount *
    1.80% of the mortgage amount *
    1.05% of the mortgage amount *

    Peconic Bay Tax (for properties in the Suffolk County
    towns of Riverhead, Southold, Shelter Island,
    Southampton and East Hampton)

    2% of the purchase price ***

    Title Closer Gratuity

    from $200

    Real Estate Taxes

    up to six months' worth

    Home Owner's Insurance

    first year's premium (plus additional 2 months to be deposited in escrow with lender, if financing)

    First Month's Mortgage Payment

    pro-rated for the month in which you close

    Lender's Attorney's Fee

    from $600

        *  Lender will typically pay .25% of the mortgage tax, and borrower typically pays the balance.
       **  Applies to condominiums only
      ***  For Towns of Shelter Island, Southampton and East Hampton, exemption of $250,000 for improved property and $100,000 of unimproved property; Towns of Southold and Riverhead exemption is $150,000 for improved property and $75,000 for unimproved property.