CONTACT US
 

Level Group


370 Lexington Avenue, 24th Floor
New York, NY 10017

Phone 212.994.9965
Fax 212.994.9967
Email info@levelgroup.com
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Closing Costs

 
CLOSING COSTS FOR CONDOMINIUMS & TOWNHOUSES
 
Whether buying or selling real property, you must account for closing costs. For your convenience, we have compiled some information concerning these costs associated with the purchase of property in New York City. PLEASE NOTE - these are general guidelines and are not meant to be accounting or legal advice. All persons should consult their own attorney or financial advisor for more information.  While believed to be accurate, no representation or warranty is made with respect to any of the information presented below.

 
COSTS TO THE PURCHASER
Personal Attorney Fees
Approx. $1,750 +
Mortgage Bank Fees
0% to 3% of the loan amount (points)
Credit reports, applications and appraisal
$500 - $1,000 +
Mortgage Bank Attorney
$400 +
Real Estate Tax Escrow
2 to 6 months of tax amount
Mortgage Recording Fees
$200 - $300
Mortgage Recoding Tax
Up to $500,000 is 1.8% of the mortgage
Over $500,000 is 1.925% of the mortgage
Title Insurance, Title Search and Recording Fees
Approx. 0.5% of the purchase price
Managing Agent Fee
$250 - $500
Common Charge Adjustments
pro-rated for the month of closing
Mansion Tax
1% of the total purchase price if over $1 million
Move-In Deposit
$500 - $1,000 (usually refundable if no damage)
For Sponsor Sales and New Developments, purchaser usually pays the following:
 
NYC Real Property Transfer Tax
 
1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
NY State Real Property Transfer Tax
0.4% of the total purchase price
Sponsor’s Attorney Fee
$1,500 +
 
 
COSTS TO THE SELLER
Personal Attorney Fees
Approx. $1,750 +
NYC Real Property Transfer Tax
 
1% of the total purchase price if $500 K or less
1.425% of the total purchase price if over $500 K
NY State Real Property Transfer Tax
0.4% of the total purchase price
Mortgage Payoff Fees (if applicable)
$450 +
Managing Agent Fee
$250 - $750
Move-Out Deposit
$500 - $1,000 (usually refundable if no damage)
Broker Commission
6% of purchase price
Miscellaneous Filing Fees
$100 +