Buyer Closing Costs 
 

Hudson Valley Houses 

 

Own Attorney varies

Title Insurance, Title Search & Recording Fees Approx. $4 per 1,000 of purchase price

Mansion Tax  1% for purchases of $1,000,000 or more. 

           Mortgage-Associated Fees:

Origination Costs – points 0 – 3% value of loan

Application, Credit Check, etc. $500 + up

Appraisal $275 + up

Mortgage Recording Tax 0.5% of mortgage amount 

Recording Charge $17 per document plus $5 per page

Real Estate Tax Escrow varies

For NYC Cooperative, Condominium & Townhouse Ownership, the Mansion Tax increases incrementally according to purchase price: 

$1M   to less than $2M                  1.00%

$2M   to less than $3M                  1.25%   

$3M   to less than $5M                  1.50% 

$5M   to less than $10M                2.25%

$10M to less than $15M                3.25%   

$15M to less than $20M                3.50% 

$20M to less than $25M                3.75%   

$25M+                                              3.90%

NYC Condominium & Townhouse Ownership 

 

Own Attorney varies

Managing Agent Fee $250 + up

Credit Report Fee $50 + up per applicant

Title Insurance, Title Search & Recording Fees Approx. $4 per 1,000 of purchase price

Lead Based Paint Disclosure Fee $75 + up

Move-in Deposit $500 + up (usually refundable if no damage)

Move- in Fee $250+ up (non-refundable)

Common charges, real estate taxes, and insurance premium Adjustments pro rated as of closing

 

           Mortgage-Associated Fees:

Origination Costs – points 0 – 3% value of loan

Application, Credit Check, etc. $500 + up

Appraisal $275 + up

Bank Attorney $600 + up

Mortgage Recording Tax up to $500,000 is 1.8% of mortgage less $30; over $500,000 is 1.925% of mortgage less $30

Building Searches $200 – $400

Recording Charge $17 per document plus $5 per page

Real Estate Tax Escrow 2 – 6 months

 

           If Purchased Directly From Sponsor (Most often new construction): 

NYC Real Property Transfer Tax 

Transfer taxes are calculated and added to purchase price (for tax purposes only) and then

NYS Transfer Tax recalculated based on the bulked up price

Sponsor’s Attorney Fee $1,800 + up

Working capital fund contribution one time fee equal to 1 or 2 months common charges

 

NYC Cooperative Ownership 

 

Own Attorney varies

Managing Agent (Recognition Agreement Fee) $250 + up

Credit Report Fee $50 + up per applicant

Move-in Deposit $500 + up (usually refundable if no damage)

Move- in Fee $250+ up (non-refundable)

Lien Search $250 – $350

 

          Mortgage-Associated Fees:

 

Origination Costs – points 0 – 3% value of loan

Application, Credit Check, etc. $500 + up

Appraisal $275 + up

Bank Attorney $600 + up

UCC-1 Filing $75 + up

Maintenance Adjustment Prorated for month of closing

           If Purchased Directly From Sponsor:

NYC Real Property Transfer Tax 

Transfer taxes are calculated and added to purchase price (for tax purposes only) and then

NYS Transfer Tax recalculated based on the bulked up price

Sponsor’s Attorney Fee $1,800 + up