Typical closing costs for New Condo

it depends who pays the transfer fees. in the past it was the buyer, but some new construction have started paying those fees like they should have in the first place.

4-5% is without those fees.

I usually estimate about 5% for under 1M and 6% for over 1M purchase. That includes any transfer taxes.
But here's how the taxes are broken down:

Mortgage Tax:
1.8% for loan amounts less than 500k
1.925% for loan amounts 500k or higher

City and State Transfer Taxes:
1.4% on purchase prices up to 500k
1.825% on purchase price above 500k

Then there is mansion tax on purchase prices above 1M. Or technically, there is mansion tax on purchase prices higher than 982,077 where buyer is paying transfer taxes. Mansion tax is calculated by adding the transfer tax (when buyer pays for it) to the purchase price. If it exceeds 1M then buyer has to pay mansion tax. So, when the buyer pays the transfer taxes and buyer is trying to avoid mansion tax by making the price 999,999, you will still be hit with it.

sunny.hong@bankofamerica.com

good numbers sunny...now throw in the re brokerage...legal fees...mtge app fees....points....call it 12-14% on a million+ condo..dont forget to count these numbers twice when you do your rent vs buy calc for whatever time horizon youre using...in out transaction costs can easily be 25%....who pays dont matter...

cmon dawn...lighten up...cant surf in the dark...kinda sharky in the darky

Developers try to assign you "there" costs(lawyer fees & transfer tax to name two. These are two good reasons against buying directly from the Sponsor. During the last few years of the housing bubble local gov't got very greedy(read mansion tax & mortgage recording tax). These can add up..

throw in points and then you have a really good day at closing

Cute trick to make closing costs tax deductible.

1) obtain rate assuming zero points
2) add closing costs back into mortgage
3) add points to get the payment back to the zero point payment from step 1

I've never done this, but was told this, and it seems legit.

working out #'s with closing costs, seems like new construction has very high cc. the buyer pays the developers costs at purchase.then when the buyer sells he pays them again.seems like a double hit. of course unless the developer pays some of the cc

Mine were about 6-7% on a no points, almost no fee mortgage.