Buyer Closing Costs

For many, buying a home will be one of the biggest decisions made in their lifetime. Though exciting, the process can at times be daunting. Therefore, we encourage people to seek professional assistance to help them navigate through the New York City market. At RES, our goal is to make sure that the experience of buying a home is as smooth and seamless as possible every step of the way. When you choose RES to represent you, you are assured the utmost in market and neighborhood expertise, service excellence, an agent that is honest and trustworthy, and most importantly, one that is representing you and your interests unconditionally. Our seasoned professionals are dedicated to your vision and will help you make sound decisions.

Buyer Closing Costs: Co-operative Apartments*

  • Own Attorney $2,000+
  • Managing Agent Application Fee $500 – $750
  • Credit Report Fee $50 – $100 per applicant
  • Mansion Tax 1% of purchase price when over $1 million
  • Move-in Deposit $500 – $1,000 (usually refundable if no damage)

Mortgage Associated Fees:

  • Origination Costs (i.e. points) 0 – 3% value of loan
  • Application, Credit Check, etc. $500 + up
  • Appraisal $300-$1,500 (depending on sales price)
  • Bank Attorney $500+
  • UCC-1 Filing $100
  • Recognition Agreement Fee $200+
  • Lien Search $350
  • Maintenance Adjustment Pro-rated for month of closing

Buyer Closing Costs: Condominium Apartments / Townhouses*

  • Own Attorney $2000+.
  • Managing Agent Fee $250 – $500
  • Credit Report Fee $50 – $100 per applicant
  • Mansion Tax 1% of purchase price when $1 million and over
  • Title Insurance, Title Search & Recording Fees: Approximately 0.5% of purchase price
  • Move-in Deposit $500 – $1,000 (usually refundable if no damage)

Mortgage Associated Fees:

  • Origination Costs (ie points): 0 – 3% value of loan
  • Application, Credit Check, etc.: $500
  • Appraisal: $300-$1,500 (depending on sales price)
  • Bank Attorney: $500+
  • UCC-1 Filing: $100
  • Mortgage Recording Tax: If mortgage is less than 500,000: 1.8% of mortgage; If mortgage is over $500,000 on 1-3 family residential dwelling: 1.925% of mortgage; Mortgage on all other property over $500,000: 2.80% of mortgage
  • Municipal Search: $350-$500
  • Recording Fees: $250-$750
  • Real Estate Tax Escrow: 2-6 months

If Purchased Directly from Sponsor: ( ie: new construction or conversion)

  • NYC Real Property Transfer Tax: Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • NYS Transfer Tax: $4 per $1,000 (.4%) of purchase price
  • Sponsor’s Attorney Fee: $1,500

*All costs are estimates for informational purposes only. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative. Check with bank/mortgage broker for additional fees. New York State 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).