NYC Closing Cost Guide: Condos, Coops & Townhouses
CONDOMINIUM CLOSING COSTS
CLOSING COSTS PAID BY THE SELLER
PROFESSIONAL FEES
Broker Commissions: 6% of purchase price
Seller’s Attorney’s Fee: Varies
TAXES & GOVERNMENT FEES
- New York City Real Property Transfer Tax:
Rates
Purchase price of $25,000 or less:None
Single residential condo for $500,000 or less: 1% of purchase price
Single residential condo for more than $500,000: 1.425% of purchase price
Other transfers for $500,000 or less:1.425% of purchase price
Other transfers for more than $500,000: 2.625% of purchase price
Filing Fee
When no return required: $100
Qualifying residential property:$125
Other property: $165
- New York State Real Estate Transfer Tax:
Rates
Purchase price of $500 or less: None
Purchase price of more than $500:$2.00 per $500 or part thereof
- Form RP-5217-NYC Filing Fee:
1- to 3-family homes and residential condos: $125
Other property: $250
- Nonresident Real Property Est. Income Tax Withholding:8.82% of estimated gain
- FIRPTA Withholding:
Rates
Purchase price of $300,000 or less:None
Purchase price of $300,000 – $1 million: 10% of purchase price
Purchase price of more than $1 million: 15% of purchase price
OTHER EXPENSES
Processing Fee: $450 or more
Pick Up/Payoff Fee: $250 or more per mortgage
Misc. Condo Fees (e.g., Move-Out Fees): Varies
CLOSING COSTS PAID BY THE BUYER
BANK FEES
Application & Processing Fees:$700 or more
Appraisal Fee: $300 – $1,500
Bank Attorney’s Fee: $650 – $1,000
Bank Fee: $350 – $750
Credit Report Fee: $25 – $100 per individual
Fee Title Insurance: Varies
Mortgage Title Insurance: Varies
Municipal Search: $300 – $500 or more
Origination/Points: 0% – 3% of loan amount
Tax Escrows: 2 – 6 months
CONDOMINIUM FEES
Common Charge Adjustment: Pro-rated for closing month
Real Estate Tax Adjustment: Pro-rated for tax period
PROFESSIONAL FEES
Buyer’s Attorney’s Fee: Varies
TAXES & GOVERNMENT FEES
- Mansion Tax:
Rates
Purchase price of $1 million or less:None
Purchase price of more than $1 million: 1% of purchase price
- New York State Real Estate Transfer Tax:
Rates
Purchase price of $500 or less: None
Purchase price of more than $500:$2.00 per $500 or part thereof
- New York State & New York City Mortgage Recording Tax:
Rates
Loan amount less than $500,000:2.05% of loan amount
Loan amount more than $500,000:
Single 1-3 family residence – 2.175% of loan amount
Other property – 2.8% of loan amount - Recording Fees: $250 – $750
SPONSOR’S CLOSING EXPENSES IN NEW CONSTRUCTION:
When buying a condo in a new development, the buyer will typically have to pay the sponsor’s closing expenses, such as the sponsor’s attorney’s fees and transfer taxes.
COOPERATIVE CLOSING COSTS
CLOSING COSTS PAID BY THE SELLER
PROFESSIONAL FEES
Broker Commissions: 6% of purchase price
Seller’s Attorney’s Fee: Varies
CO-OP FEES
Co-op Attorney’s Fee: $450 or more
Flip Tax: 1-3% of purchase price
Move-Out Deposit or Fee: $500 or more
Misc. Other Co-op Fees: Varies
TAXES & GOVERNMENT FEES
- New York City Real Property Transfer Tax:
Rates
Purchase price of $25,000 or less:None
Single residential unit for $500,000 or less: 1% of purchase price
Single residential unit for more than $500,000: 1.425% of purchase price
Other transfers for $500,000 or less:1.425% of purchase price
Other transfers for more than $500,000: 2.625% of purchase price
Filing Fee
When no return required: $100
Qualifying residential property:$125
Other property: $165
- New York State Real Estate Transfer Tax:
Rates
Purchase price of $500 or less: None
Purchase price of more than $500:$2.00 per $500 or part thereof
- Form RP-5217-NYC Filing Fee:
1- to 3-family homes and residential condos: $125
Other property: $250
- New York State Stock Transfer Tax: $0.05 per share
- UCC-3 Filing Fee: $100
- Nonresident Real Property Est. Income Tax Withholding:8.82% of estimated gain
- FIRPTA Withholding:
Rates
Purchase price of $300,000 or less:None
Purchase price of $300,000 – $1 million: 10% of purchase price
Purchase price of more than $1 million: 15% of purchase price
OTHER EXPENSES
Pick Up/Payoff Fees: $250 or more per mortgage
CLOSING COSTS PAID BY THE BUYER
PROFESSIONAL FEES
Buyer’s Attorney’s Fee: Varies
BANK FEES
Application & Processing Fees:$700 or more
Appraisal Fee: $300 – $1,500
Bank Attorney’s Fee: $650 – $1,000
Bank Fee: $350 – $750
Credit Report Fee: $25 – $100 per individual
Lien Search: $250 – $500
CO-OP FEES
Maintenance Adjustment: Pro-rated for closing month
Move-In Deposit: $500 or more
Recognition Agreement Fee: $150 or more
Misc. Other Fees: Varies
TAXES & GOVERNMENT FEES
- Mansion Tax:
Rates
Purchase price of $1 million or less:None
Purchase price of more than $1 million: 1% of purchase price
- UCC-1 Filing Fee: $100
TOWNHOUSE CLOSING COSTS
CLOSING COSTS PAID BY THE SELLER
PROFESSIONAL FEES
Broker Commissions: 6% of purchase price
Seller’s Attorney’s Fee: Varies
TAXES & GOVERNMENT FEES
- New York City Real Property Transfer Tax:
Rates
Purchase price of $25,000 or less:None
Single residential unit for $500,000 or less: 1% of purchase price
Single residential unit for more than $500,000: 1.425% of purchase price
Other transfers for $500,000 or less:1.425% of purchase price
Other transfers for more than $500,000: 2.625% of purchase price
Filing Fee
When no return required: $100
Qualifying residential property:$125
Other property: $165
- New York State Real Estate Transfer Tax:
Rates
Purchase price of $500 or less: None
Purchase price of more than $500:$2.00 per $500 or part thereof
- Form RP-5217-NYC Filing Fee:
1- to 3-family homes and residential condos: $125
Other property: $250
- New York State Stock Transfer Tax: $0.05 per share
- UCC-3 Filing Fee: $100
- Nonresident Real Property Est. Income Tax Withholding:8.82% of estimated gain
- FIRPTA Withholding:
Rates
Purchase price of $300,000 or less:None
Purchase price of $300,000 – $1 million: 10% of purchase price
Purchase price of more than $1 million: 15% of purchase price
OTHER EXPENSES
Pick Up/Payoff Fee: $100 – $500
Misc. Other Fees: $200 or more
CLOSING COSTS PAID BY THE BUYER
BANK FEES
Application & Processing Fees:$700 or more
Appraisal Fee: $300 – $1,500
Bank Attorney’s Fee: $650 – $1,000
Bank Fee: $750
Credit Report Fee: $25 – $100 per individual
Fee Title Insurance: Varies
Mortgage Title Insurance: Varies
Municipal Search: $300 – $500 or more
Origination/Points: 0% – 3% of loan amount
Tax Escrows: 2 – 6 months
PROFESSIONAL FEES
Buyer’s Attorney’s Fee: Varies
TAXES & GOVERNMENT FEES
- Mansion Tax:
Rates
Purchase price of $1 million or less:None
Purchase price of more than $1 million: 1% of purchase price
- New York State & New York City Mortgage Recording Tax:
Rates
Loan amount less than $500,000:2.05% of loan amount
Loan amount more than $500,000:
Single 1-3 family residence – 2.175% of loan amount
Other property – 2.8% of loan amount - Recording Fees: $250 – $750
NOTES
1. Broker Commissions. When the buyer is represented by a real-estate agent, the 6% commission paid by the seller is split between the seller’s and buyer’s agents.
2. New York City Real Property Transfer Tax. For more information about the Real Property Transfer Tax, see our service page for Real Property Transfer Tax Appeals.
3. Nonresident Real Property Estimated Income Tax Withholding. When the seller of New York real estate lives outside of the state, the buyer is required to withhold an amount equal to 8.82% of the seller’s estimated gain from the sale and remit that amount to the state.
4. Foreign Investors in Real Property Transactions Act (FIRPTA). When the seller of New York real estate is a nonresident alien, FIRPTA requires the buyer to withhold an amount equal to 10% (if the purchase price is over $300,000 but no more than $1,000,000) or 15% (if the purchase price exceeds $1 million) of the gross purchase price and remit that amount to the IRS.
For more information about FIRPTA and how foreign sellers can minimize the amount withheld, see How Foreign Investors Can Reduce or Eliminate FIRPTA Withholding Upon Sale of U.S. Real Estate.
RESOURCES
- NYC Real Property Transfer Taxes
- NYS Real Estate Transfer Tax
- Foreign Investment in New York Real Estate: Tax & Legal Guide
- ACRIS Property Transfer Tax Calculator
- Title Insurance Rate Calculator
- NYS Income (Withholding Tax) Tax for Foreign Sellers
- New York Source Income of Nonresident Individuals: Real Estate
- How Foreign Investors Can Reduce or Eliminate FIRPTA Withholding Upon Sale of U.S. Real Estate
- Before You Buy a Co-Op or Condo
- Rules governing FIRPTA Withholding
DISCLAIMERS
This closing cost guide is provided for your convenience and does not constitute legal advice. The information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Prior results do not guarantee a similar outcome.
Tax Disclaimer: The information contained herein is general in nature and based on authorities that are subject to change. We do not guarantee neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. We assume no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations.
Circular 230 Disclosure: This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
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