Buyers
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Closing Costs for Condominiums
| 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 ($1 million and above) |
| Move-In Deposit |
$500 - $1,00 (usually refundable if no damage) |
| Mortgage Associated Fees: |
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| Origination Costs - points |
0 - 3% value of loan |
| Application, Credit Checks, etc. |
$500 & up |
| Appraisal |
$275 & up |
| Bank Attorney |
$500 & up |
| UCC-I Filing |
$50 & up |
| Mortgage Recording Tax |
Up to $500,000 is 1.75% of mortgage; over $500,000 is 1.875% of mortgage |
| Title Insurance, Title Search & Recording Fees |
Not more than 0.5% of purchase price |
| Building Searches |
$200 - $400 |
| Recording Charge |
$17 per document plus $5 per page |
| If purchased Directly from Sponsor (i.e. New Construction) |
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| NYC RPT Tax |
1% of purchase price up to $500,000; 1.475% of purchase rpice over $500,000 |
| NYC Transfer Tax |
$4 per $1,000 of purchase price |
* Check with bank/mortgage broker for additional fees.
New York 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 transfer tax forms (TP584). These costs are provided only as estimates. Please confirm closing costs for specific transactions with your attorney.
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