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Closing Cost Calculator for Buyer in NYC

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Estimated Closing Costs

Move-In Deposit
Title Search - Other Charges
Survey Fees
Move-In Fee
Title Search - Endorsements
Deed Recording Fees
Credit Check

New Construction Related Costs

NY State Transfer Tax
Sponsor's Attorney Fee
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Glossary

Mansion Tax

The New York City Mansion Tax is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales valued at $1 million or more. The Mansion Tax itself consists of 8 individual tax brackets, with the lowest rate of 1% applying to purchases at or above $1 million and less than $2 million. The highest Mansion Tax rate of 3.9% applies to purchases of residential property valued at $25 million or more. Prior to the 2019 update, the Mansion Tax was a fixed rate of 1% for all purchases of $1 million or more.

Title Insurance

Title insurance is an insurance policy against any defects or future claims against the title for issues which were unknown at the time of purchase when the original title search was conducted. This means you’ll be protected if a previous owner comes out of the woodwork ten years after your purchase, and claims that there was a mistake in the chain of title and that he never sold the property to the seller of your property, which means the seller of your property didn’t have a right to sell it to you.

Title insurance comes in the form of an owner’s policy (which protects your home equity based on the purchase price) and a lender’s policy which insures your mortgage lender from any title-related losses on your loan’s principal balance. You can also purchase an additional insurance policy called a ‘Market Value Rider’ which will automatically step-up the amount of your Title Insurance policy coverage to match appreciation in the market value over time.

Attorney Fees

The average real estate attorney fee for a purchase transaction in NYC is $2,000 to $3,000. The flat fee rates you are quoted will vary based on the complexity of your real estate transaction. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. Real estate attorney fees are typically taken at closing and will be part of the closing costs mentioned in your lawyer’s closing statement. Some lawyers may negotiate for half or some other portion of the fee to be paid upfront, with the remainder to be paid at closing.

If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. Keep in mind that sponsor closing costs are negotiable.

Move-In Deposit & Fees

Most condos and co-ops in NYC charge buyers a refundable move-in deposit in addition to a non-refundable move-in fee. Exact fees vary by building, and they are usually listed in the resale application (also know as board application). Keep in mind that these fees are usually non-negotiable, as they are contractual based on the underlying management agreement in place between a condo or co-op building and the managing agent.

Board Application Fees

Most condos and co-ops in NYC charge buyers a non-refundable board application fee. The fee is customarily collected upon submission of your board application along with move-in fees & deposits from the buyer and move-out fees & deposits from the seller. Always check your specific coop purchase application to see what forms of payment are accepted. Even if personal checks are permitted, we always suggest sending certified checks because it will eliminate the processing time associated with waiting for your checks to clear the bank. Keep in mind that this fee is non-refundable, meaning you won’t receive any money back if you’re unfortunate enough to be rejected by the co-op board.

Mortgage Recording Tax

The NYC Mortgage Recording Tax is a buyer closing cost which is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The amount of the Mortgage Recording Tax is based on the amount of new loan being underwritten. This means your MRT bill will continue to go down as you increase the size of your down payment. You can reduce the amount of the Mortgage Recording Tax by negotiating a Purchase CEMA with the seller.

Mortgage Related Fees

The typical mortgage application fee in NYC is $500 to $1000. Some banks will waive this fee for their preferred clients who have above $100k to $250k on deposit with the bank. The average appraisal fee is ~$750. Banks usually will not offer to cover this, as they have to hire and pay a 3rd party appraiser. Other mortgage-related expenses include a Mortgage Recording Fee of ~$200.

Disclaimer: Hauseit’s Closing Cost Calculator for Buyer in NYC provides estimates that are meant to be illustrative and used for reference purposes only. Exact closing costs in NYC will vary per transaction. Please consult the closing statement your real estate attorney will provide you for your exact buyer closing costs in NYC. Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).