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Closing costs

Started by Aptbuyer1
over 12 years ago
Posts: 20
Member since: Mar 2013
Discussion about
Closing this week. Bank sent us an estimate of $36k in closing costs. Cannot tell if that includes mansion tax. Does anyone know whether the $36k includes the mansion tax? Our loan is $625k but sale is a little over one million. Does that sound like a lot?
Response by NWT
over 12 years ago
Posts: 6643
Member since: Sep 2008

http://www.elliman.com/reports-and-guides/guides/new-york-city/closing-costs

$10,000+ in mansion tax, $12,000+ in mortgage tax if it's a condo, $0 if a co-op loan. Start adding on all the odd thousands, and it sounds right.

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Response by Aptbuyer1
over 12 years ago
Posts: 20
Member since: Mar 2013

So do you think $36k is inconclusive of mansion tax?

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Response by NWT
over 12 years ago
Posts: 6643
Member since: Sep 2008

I'd be guessing. Call the bank tomorrow and ask.

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