Closing Costs
In New York, both buyers and sellers are responsible for closing costs. Below are the typical closing costs for both buyers and sellers in New York and New York City. Talk to your lender or attorney to get a better idea of how much you'll be responsible for at the closing. The numbers will vary based on a number of factors including location, type of loan, points, and even the time of year.
These Apply to Single Family Homes, Condos, and Townhouses
Buyers
- Attorney Fees
- Bank attorney
- Bank fees
- Application fee
- Processing fee
- Appraisal fee
- Recording fees
- Fee title insurance
- Mortgage title insurance
- Municipal search
- Credit report fee
- Prorated Property Taxes
- NYC mansion tax: 1% of purchase (Sales $1M or more)
- NYC mortgage tax — paid by borrower
- Mortgage of up to $500,000
- Mortgage on other properties over $500,000
- Miscellaneous condominium fees
Potential fees for co-ops
- Lien search
- UCC-1 filing fee
- Recognition agreement fee
- Miscellaneous co-op charges
Sellers
- Broker Fees
- Attorney fee
- Processing fee
- New York City transfer tax
- Commercial
- Properties of up to $500,000
- Properties of $500,000 or more
- Residential
- Properties of up to $500,000
- Properties of $500,000 or more
- Commercial
- Administrative fee
- Residential deed transfers
- Commercial deed transfers
- New York State transfer tax
- New York State equalization fee
- Pickup or payoff fee
- UCC-3 filing fee
- Miscellaneous condominium fees
Potential fees for co-ops
- Co-op attorney
- Administrative fee for nondeed transfers
- Flip tax (if applicable)
- Stock transfer tax
- Move-out fee
- Miscellaneous co-op fees
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Broker does not guarantee the accuracy of room dimensions, square footage, lot size, or other information regarding the condition or features of the property provided by the seller or obtained from public records or other sources. Buyer is advised to verify that information through personal inspection with the appropriate professionals. Equal Housing Opportunity.
The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchises (who in turn supplied it to us), we can not represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and can not be verified by us. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.
