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Buying a home in New York City is expensive, and encountering a lot of fees is to be expected. However, many buyers are surprised to learn there are even more expenses involved with closing the deal, known as closing costs. They’re paid by both buyers and sellers, and can equal up to 10% of the home’s purchase price. Here are some estimates of how much buyer closing costs run for co-ops, condos, and townhouses.

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Estimated Co-Op Closing Costs (Buyers)

Legal

Real estate attorney$2,500 – $5,000
Lien search $350 – $450

Bank

Points (optional)0.5% – 3% of loan value
Application fee and credit check$350 – $1,000
Bank attorney$1,000 – $1,500
Mortgage origination fee0.5% – 3% of loan value
UCC-1 filing fee$20 – $40
Appraisal fee$500 – $1,500

Building

Miscellaneous co-op chargesVaries by building
Recognition agreement fee$250
Maintenance adjustmentPro-rated for month of closing
Flip taxVaries by building

Estimated Condo Closing Costs (Buyers)

Real estate attorney$2,500 – $5,000

Bank

Points (optional)0.5% – 3% of loan value
Application fee and credit check$350 – $1,000
Bank attorney$1,000 – $1,500
Mortgage origination fee0.5% – 3% of loan value
Appraisal fee$500 – $1,500
Tax escrow2 – 6 months of property taxes
Mortgage recording tax1.8% of mortgage amount <$500,000
1.925% of mortgage amount >$500,000

Building

Common charges adjustmentPro-rated for month of closing
Transfer tax (NYC)*1% of mortgage amount <$500,000
1.425% of mortgage amount >$500,000
Transfer tax (NY State)*0.4% of transactions <$3M
0.65% of transactions >$3M

*New developments only

Other

Recording fee$250
Title insurance0.45% of purchase price
Municipal searches$350 – $500
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