Closing Costs

 Closing Costs: Condominiums

For the Buyer
Attorney $1500-2500
Managing Agent Fee $250-$500
Credit Report Fee $50-100 per applicant
Lead Based Paint Disclosure Fee $0-$50
Mansion Tax 1% of total purchase price if $1 million and over
Move-In Deposit $500-$1000 (Usually refundable if no damage)
Common charges, real estate taxes
and insurance premiums 
Adjustments are pro rated as of the closing
If purchased directly from Sponsor
NYC Real Property Transfer Tax 1% of purchase price up to $500,000
NYS Transfer Tax $4 per $1,000 of purchase price
Sponsor's Attorney Fee $1,500 + up
Working Capital Fund Contribution An amount equal to 1 or 2 months common charges

Mortgage Associated Fees            Only if you have a mortgage
Origination Costs - Points 0-3% of value loan                                                
Application, credit check, etc. $500 + Up
Appraisal $275 + Up
Bank Attorney $500 + Up
UCC-1 Filing $75 + 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
Title Insurance, Title Search & Recording Approximately 0.5% - 0.8% of purchase price
Building Searches $200-$400
Recording Charge $17 per document plus $5 per page
Real Estate Tax Escroww 2-6 months

For the Seller


Seller's Attorney $1500-$2500
NYC Real Property Transfer Tax 1% of purchase price if $500,000 or less

1.425% of purchase price if over $500,000
NYS Transfer Tax 0.4% of purchase price
Payoff Bank Fees (if applicable) $250 + up
Managing Agent Fee $250-$750
Move-out Deposit $500-$1,000
Usually refundable if no damage 
Broker Commission 6% of purchase price
E Tax Filing (ACRIS) $50-$200

NYS Capital Gains Tax Withholding
(Out of state seller) 

7.7% of gain
Non-US Resident (FIRPTA) 10% of purchase price with held or paid

These are only estimates.  Please confirm closing costs for specific transactions with your attorney and/or mortgage specialist.