Closing Costs

Listed below is general information concerning closing costs associated with the purchase of an apartment in Manhattan. Please note that these are general guidelines and are not meant to be exact figures. All buyers and sellers should consult their own attorney or financial advisor for more specific information. In general, total closing costs will be anywhere from 3%-5% of the purchase price. However, no representation is made as to the accuracy of the potential costs described below.

  • Real Estate Broker's Fee: Usually 5%–6% of the sale price, though rates are negotiable. Your listing agent's fee and any buyer's agent commission are now agreed upon separately.

    Attorney’s Fee: Approximately $2,500-$5,000+

    Condo Processing Fee: $450+

    Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)

    Your Mortgage Company or Bank Attorney’s Fee: $500–$1,000+

    New York City Transfer Tax: 1% of sale price up to $500,000; 1.425% of sale price from $500,000 to $2,999,999; plus a $25 administrative fee. An additional 0.25% applies to residential sales of $3,000,000 or more.

    New York State Transfer Tax: 0.4% of the sale price for most transactions. An additional 0.25% surcharge applies to residential sales over $3,000,000, bringing the total NYS rate to 0.65% on those transactions.

    Miscellaneous Title Fees: $200

    Payoff Fee to Title Closer: $250–$500

    Flip Tax: Varies by building — confirm with the managing agent. 

  • Attorney’s Fee: Approximately $2,500–$5,000+

    Bank Fees: Points: 0% to 3% of loan value

    Application Fee (Credit Check, Processing Fee): $500+

    Property Appraisal: $300+

    Your Mortgage Company or Bank Attorney’s Fee: $500+

    Short Term Interest: One month

    Tax Escrows: 2 to 6 months

    Recording Fees: $300

    Mortgage Recording Tax: 1.8% of the mortgage amount for loans under $500,000; or 1.925% for loans of $500,000 and over. (Combined NYC and New York State rate.)

    Fee Title Insurance: Approx. $450 per $100,000

    Mortgage Title Insurance: Approx. $200 per $100,000

    Title Search: $275+

    Managing Agent Fee: $250+

    Common Charge Adjustment: Pro-rated for the month of closing

    Real Estate Tax Adjustment: 1 to 6 months

    “Mansion Tax”: New York State’s tax upon buyers for 1% of entire purchase price when the residential property costs $1,000,000 or more. Rate increases on a sliding scale for purchases above $2,000,000 — consult your attorney.

    Building Fees: Move-in fees and board application fees (common in condos/co-ops). Price subject to building.

    New York City Real Property Transfer Tax: 1% of purchase price up to $500,000; 1.425% of purchase price over $500,000 (Note: Buyer pays this only if the unit is purchased directly from the developer). An additional 0.25% applies to purchases of $3,000,000 or more.

    New York State Transfer Tax: $4 per $1,000 of purchase price or .4% of the purchase price (Note: Buyer pays this only if the unit is purchased directly from the developer). However, can be negotiable depending on the market.

    Buyer's Agent Commission: Varies. Since 2024, buyers must sign a Buyer Representation Agreement before touring properties, and the buyer's agent fee is negotiated separately from the seller's commission. In many NYC transactions sellers continue to offer a buyer's agent concession, but this is not automatic — confirm the arrangement with your agent early in the process.

  • Real Estate Broker's Fee: Usually 5%–6% of the sale price, though rates are negotiable. Your listing agent's fee and any buyer's agent commission are now agreed upon separately.

    Attorney’s Fee: Approximately: $2,500–$5,000+

    Cooperative Attorney Fee: ~$450–$1,000 (varies by building).

    Managing Agent Fee: $450+

    Move-out Deposit: $250 – $1,000 (Refundable after move-out if there is no damage.)

    Mortgage Bank Attorney: $500–$1,000+

    NYC Transfer Tax: 1% up to $500,000; 1.425% from $500,000 to $2,999,999; an additional 0.25% for sales of $3,000,000 or more; plus a $25 administrative fee.

    NY State Transfer Tax: 0.4% of the sale price (or $4.00 per $1,000). An additional 0.25% surcharge applies to residential sales over $3,000,000, bringing the total NYS rate to 0.65% on those transactions.

    Miscellaneous Title Fees: $200

    Payoff Fee to Title Closer: $250–$500

    UCC-3 Filing: $75–$150

    Flip Tax: Depends on building

    Stock Transfer Tax: $0.05 per share

  • Attorney’s Fee: Approximately $2,500–$5,000+

    Mortgage Bank Fees: Points: 0% to 3% of loan amount

    Mortgage Fees: (Credit Report, Appraisal, Application) $500+

    Mortgage Bank Attorney Fee: $900–$1,500. This fee is paid by the buyer to the lender's attorney, who represents the bank's interests at closing. It is a separate out-of-pocket cost and is not included in your mortgage.

    Lien Search: $200–$500

    UCC-1 Filing: $100–$200

    Short Term Interest: Equal to interest for balance of month in which you close

    Move-in Deposit: $250 – $1,000 (Refundable after move-in if there is no damage.)

    Recognition Agreement Fee: $200–$400

    Maintenance Adjustment: Pro-rated for the month of closing

    Mansion Tax: 1% of entire purchase price once the sale exceeds $1,000,000. Rate increases on a sliding scale for purchases above $2,000,000 — consult your attorney.

    Building Fees: Move-in fees, board application fees (common in condos/co-ops). Price subject to building.

    Buyer's Agent Commission: Varies. Since 2024, buyers must sign a Buyer Representation Agreement before touring properties, and the buyer's agent fee is negotiated separately from the seller's commission. In many NYC transactions sellers continue to offer a buyer's agent concession, but this is not automatic — confirm the arrangement with your agent early in the process.