Buyer Closing Costs in Manhattan
A Breakdown Of What You Can Expect To Pay
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Call: (212) 405-1468
Email: wkb@corcoran.com
Visit: 888 Seventh Avenue, 39th Floor New York, NY 10106
Co-Op Closing Costs
Own Attorney
- Varies
* 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). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
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
Condo & Townhouse Closing Costs
Own Attorney
- Varies
* 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). These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
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 (Not applicable to townhouses)
Common charges, property taxes, & Insurance premium
- Adjustments pro-rated as of closing
Exclusive to New Developments
NYC Real Property Transfer Tax
- 1 % to 1.425% of purchase price
* Rate is 2.625% for multiple units purchased by single purchaser if deemed a “bulk sale”.
NYS Transfer Tax
- 0.4% of purchase price
* Transfer taxes are calculated and added to purchase price (for tax purposes only) and then recalculated based on the bulked up price.
Sponsor Attorney Fee
- $1,500 & up
Mortgage Associated Fees
Co-Op
Origination Costs – points
- 0-3% value of loan
Application, Credit Check, etc
- $500 & up
Appraisal
- $425 & up
Bank Attorney
- $600 & up
UCC-1 Filing
- $75 & up
Condo & Townhouse
Origination Costs – points
- 0-3% of loan
Application, Credit Check, etc
- $750 & up
Appraisal
- $425 & up
Bank Attorney
- $600 & 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
- 0-6 months, depending on lender requirements
"William Bolls is the best!! My husband and I worked with him on our recent purchase of a co-op in Manhattan. He's smart, super knowledgeable and gives great, thoughtful guidance. We strongly recommend William to everyone!"
Dana M.“I woke up the day after my last closing with overwhelming gratitude to have had an agent like William. We have worked together on both sides of the process — as both buyer and seller — and if you are looking for a resolute professional with a knack for excellence, clarity and efficiency along every step of the way, William is your man.”
Kevin R."For the absolute best broker to guide your home finding and buying experience I recommend William. He is the consummate professional who can offer and match you with the home you’ve yearned for."
Kater D.“We highly recommend William. His experience with the New York City real estate market was clearly evident throughout the sale of our apartment, including setting the right sale price, finding the buyer quickly, and making the entire process seamless. William surpassed our expectations by independently staging our apartment to show its full potential.”
Jim D. & Scott L.Start Your Search Today
The Corcoran Group is dedicated to personally delivering the best guidance in real estate world. For the finest Upper West Side expertise contact William Bolls.