Closing Costs

Condominium Apartments/Townhouses
and 1-3 Family Dwellings

FOR THE SELLER:

Own Attorney Varies
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less
1.425% of purchase price if more than $500,000
NYS Transfer Tax 0.4% of purchase price
Reserve Fund Contribution (if applicable)† Determined by condominium board, payable by buyer unless otherwise stated
Payoff Bank Fees (if applicable) $250 and up
Managing Agent Fees† $650 and up
Move-Out Deposit† $500 & up (usually refundable if no damage)
Broker Commission 
6% of purchase price
E Tax Filing (ACRIS) $100
Property Condition Disclosure Statement 
Waiver Fee $500
NYS Capital Gains Tax Withholding
(Only applicable to non-NY residents)
8.82% of taxable gain on sale
(FIRPTA) Only applicable to foreign persons
Additional taxes on capital gain associated with the sale of real estate including Federal, State and 
the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance 
with all applicable tax regulations.
Buyer to withhold 10% of purchase price

FOR THE PURCHASER:

Own Attorney *Varies
Building Application $500 and up
Title Insurance, Title Search & Recording Fees 0.6% of purchase price and up
Title Closer Customary Fee $200
Mansion Tax 1% of total purchase price when price is 1 million or more
Move-in Deposit† $500 & up (usually refundable if no damage)
Common charges, property taxes, & Insurance premium Adjustments pro-rated as of closing

MORTGAGE ASSOCIATED FEES:

Origination Costs-points 0-3% value of loan
Application, Credit Check, etc $750 and up
Appraisal $425 and up
Bank Attorney $600 and up
Mortgage Recording Tax 1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes
Real Estate Tax Escrow 0-6 months, depending on lender requirements

EXCLUSIVE TO NEW DEVELOPMENTS:

NYC Real Property Transfer Tax† 1-1.425% of purchase price
NYS Transfer Tax

Transfer taxes are calculated and added to purchase price (for tax purposes only) 
and then recalculated based on the bulked up price.

0.4% of purchase price
Sponsor Attorney Fee $1,500 & up
Working capital fund contribution one time fee equal to 1 or 2 months common charges, 
depending on condominium
Mortgage Recording Tax 1.8% for all mortgages less than $500,000 & 1.925% for all mortgages of $500,000 or more, minus $30 for townhomes

Co-operative Apartments

FOR THE SELLER:

Own Attorney Varies
Stock Transfer Stamps $.05 per share
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less
1.425% of purchase price if more than $500,000
0.4% of purchase price
NYS Transfer Tax 0.4% of purchase price
UCC-3 Filing $75
Flip Tax (if applicable) Determined by co-operative building 
(unless otherwise stated or negotiated)
Payoff Bank Fees (if applicable) $250 and up
Managing Agent Fees† $650 and up
Move-Out Deposit† $500 & up (usually refundable if no damage)
Broker Commission 
6% of purchase price
Estate Fees Co-op may impose additional fees for estate sales
Lost Stock and Lease Fees $250 and up
E Tax Filing (ACRIS) $100
NYS Capital Gains Tax Withholding
(Only applicable to non-NY residents)
8.82% of taxable gain on sale
(FIRPTA) Only applicable to foreign persons
Additional taxes on capital gain associated with the sale of real estate including Federal, State and 
the specialized Medicare tax may apply. Please consult with your tax professional ensure compliance 
with all applicable tax regulations.
Buyer to withhold 10% of purchase price

FOR THE PURCHASER:

Own Attorney *Varies
Building Managing Agent Fee $500 and up
Move-in Deposit† $500 & up (usually refundable if no damage)
Mansion Tax 1% of total purchase price when price is 1 million or more
Lien Search $350
Maintenance Adjustment Pro-rated for month of closing

Mortgage Associated Fees:

Origination Costs – points 0-3% value of loan
Application, Credit Check, etc $500 and up
Appraisal $425 and up
Bank Attorney $600 and up
UCC-1 Filing $75 and up