Buyer's Guide

For many, buying a home will be one of the biggest decisions made in their lifetime. While it is a very exciting time, in New York City the process can at times feel a little daunting as well. 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.


We encourage you to download our Buyer’s guide, which will educate you on the process of purchasing a home in NYC.

Buyer Closing Costs: Co-operative Apartments*
  • Own Attorney
  • Managing Agent Application Fee
  • Credit Report Fee
  • Mansion Tax
  • Move-in Deposit
  • Mortgage Associated Fees:
  • Origination Costs (i.e. points)
  • Application, Credit Check, etc.
  • Appraisal
  • Bank Attorney
  • UCC-1 Filing
  • Recognition Agreement Fee
  • Lien Search
  • Maintenance Adjustment
  • $2,000+
  • $500 - $750
  • $50 - $100 per applicant
  • 1% of purchase price when over $1 million
  • $500 - $1,000 (usually refundable if no damage)
  •  
  • 0 - 3% value of loan
  • $500 + up
  • $300-$1,500 (depending on sales price)
  • $500+
  • $100
  • $200+
  • $350
  • Pro-rated for month of closing
Buyer Closing Costs: Condominium Apartments / Townhouses*
  • Own Attorney:
  • Managing Agent Fee:
  • Credit Report Fee:
  • Mansion Tax:
  • Move-in Deposit:
  • Mortgage Associated Fees:
  • Origination Costs (ie points):
  • Application, Credit Check, etc.:
  • Appraisal:
  • Bank Attorney:
  • UCC-1 Filing
  • Mortgage Recording Tax:


  • Title Insurance, Title Search & Recording Fees:
  • Municipal Search:
  • Recording Fees:
  • Real Estate Tax Escrow:
  • If Purchased Directly from Sponsor: (ie: new construction or conversion):
  • NYC Real Property Transfer Tax:
  • NYS Transfer Tax:
  • Sponsor's Attorney Fee:
  • $2000+
  • $250 - $500
  • $50 - $100 per applicant
  • 1% of purchase price when $1 million and over
  • $500 - $1,000 (usually refundable if no damage)
  •  
  • 0 - 3% value of loan
  • $500+
  • $300-$1,500 (depending on sales price)
  • $500+
  • $100
  • 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
  • Approximately 0.5% of purchase price
  • $350-$500
  • $250-$750
  • 2-6 months
  •  
  • Up to $500,000: 1% of purchase price; $500,000+: 1.425% of purchase price
  • $4 per $1,000 (.4%) of purchase price
  • $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).
320 W. 37th Street, 301 New York, NY 10018 Phone: 212-206-9082  Fax: 646-537-2626 © 2011 RES Sales & Marketing Corp.