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

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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 broker you want when buying and selling in Manhattan"

"William Bolls is THE broker you want when buying and selling in Manhattan. He is a wealth of knowledge and really takes the time to make sure you understand the process and are getting exactly what you want. I can't recommend him highly enough, and send him to anyone I know looking to buy and sell, especially the UWS."

Sarah S.

"William was able to find me my perfect first apartment in Manhattan"

"William was able to find me my perfect first apartment in Manhattan and then 5 years later he guided me seamlessly through the sale. William was always friendly and responsive and he answered every one of my random texts! He is a genuine pleasure to work with!"

Edward H.

"“I can't imagine purchasing a property in New York City without William"

“I can't imagine purchasing a property in New York City without William. As an out-of-town buyer, we faced additional challenges when we decided to buy an apartment in the city. As cliched as it sounds, William truly made us feel like his only clients. It's not a simple process and we required a decent amount of hand-holding. He was there for us every step of the way, even anticipating a lot of our concerns. One of the most valuable characteristics of a good agent is responsiveness. Any time we contacted William--and it was often--he responded quickly and completely. William will definitely be our agent on future transactions.”

Tim M.

"The market was tough, but William stuck with it and brought it home"

“I worked with William over a lengthy period, trying to sell a lobby level doctor's office in a residential co-op building on the upper west side. The market was tough, but William stuck with it and brought it home. He showed patience and was always straightforward, honest and friendly throughout the process. Definitely 5 star.”

Matt R.

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