Cost Of Closing

Corcoran's worksheet is pretty good. Note that the purchase of a condo from the sponsor is generally the highest cost transaction: your mortgage recording tax bill alone will be close to $10K. Transfer taxes will be around that level too, unless you negotiate to get the sponsor to pay them.
http://streeteasy.com/nyc/open_house_planner/search/uws-manhattan?criteria=price:900000-|open_house:20110311

Oops, wrong link.
http://www.corcoran.com/guides/index.aspx?page=ClosingCosts

condo's are pricey. budget for 5-6% of purchase price. you can always use the money later.

you need to find out who is paying for the seller's side of closing costs. in new condos the sponsor always tried to stick the buyer with them. if that's the case with you, add another 2% to typical closing costs.

thank you, this helps

I would say you need to budget about 3% of the purchase price assuming you're not paying any of the sponsor fees including transfer taxes. And 5% if you are paying the transfer taxes. The bulk of your closing costs is going to be mortgage tax which is 1.8% of your loan amount. 2nd largest cost is title. sunny.hong@bankofamerica.com