CLOSING COSTS ESTIMATES
FOR THE PURCHASER |
ESTIMATED COST |
MY APPRX. COST |
Purchaser’s Attorney |
Varies. $1,500 - $2,500+ |
$ |
Building Application |
$500+ |
$ |
Move-in Deposit |
$500 - $1,000+ (usually refundable if no damage) |
$ |
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 $1M or more |
$ |
Common Charges, Property Taxes & Insurance Premium |
Adjustments pro-rated as of closing |
$ |
Points - Origination Costs |
0 to 3% of loan value |
$ |
Application, Credit Check, etc. |
$750+ |
$ |
Appraisal |
$425+ |
$ |
Bank Attorney |
$650 - $1,000+ |
$ |
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 townhouses |
$ |
Real Estate Tax Escrow |
0 to 6 months, depending on lender requirements |
$ |
FOR NEW DEVELOPMENT:
NYC Real Property Transfer Tax |
1 – 1.425% of purchase price |
$ |
NYS Transfer Tax (Transfer taxes are calculated and added to purchase price (for tax purposes) and then recalculated based on the bulked up price.) |
0.4% of purchase price |
$ |
Sponsor Attorney |
$1,500+ |
$ |
Working Capital Fund Contribution |
One-time fee equal to 1 or 2 months on common charges, depending on condo |
$
|