NYC Condo Closing Costs Calculator
Broker Commission (%)
Buyer/Seller Attorney Fee Both buyer and seller are responsible for engaging their respective attorneys and negotiating legal fees. Real estate attorneys in NYC typically operate on a flat fee basis depending on the complexity of the transaction.
Building Flip Tax Specify the condo flip tax payable by the seller, if applicable. This closing cost is often referred to as a transfer fee or resale fee, and it varies by building. The majority of condo buildings in NYC do not levy a flip tax.
Capital Contribution Fee Specify the buyer capital contribution fee payable to the condominium, if applicable. A building may levy both a seller flip tax and buyer capital contribution fee, one or the other, or neither.
NYC Condo Closing Costs FAQ
How much are condo buyer closing costs in NYC?
Condo buyer closing costs in NYC are approximately 4% if you’re financing and 2% if you’re paying cash. New development closing costs are slightly higher. You can reduce your buyer closing costs in NYC by requesting a commission rebate.
How much are condo seller closing costs in NYC?
Condo seller closing costs in NYC are 8% to 10%. Closing costs include a traditional 6% broker fee, NYC & NYS Transfer Taxes of 1.4% to 2.075%, building closing fees and attorney expenses. Save up to 6% when selling with Hauseit Agent Assisted FSBO or consider 1% Full Service.
How much are condo new development closing costs in NYC?
New development buyer closing costs in NYC are 4% to 6%. Closing costs are higher for new construction condos because it’s customary for the buyer to pay NYC & NYS Transfer Taxes, sponsor attorney expenses and building fees. New construction closing costs are often negotiable, and you can also save money by requesting a commission rebate.