A Quick Guide to Buyer Closing Costs in NYC

Buyer closing costs in NYC are between 1.5% to 6% of the purchase price. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments (also known as sponsor sales). The largest buyer closing costs in NYC include the Mortgage Recording Tax (1.8% to 1.925%) and the Mansion Tax (1%) on purchases of $1 million or more. Other large buyer closing costs include Title Insurance for condos and houses, real estate attorney fees as well as lender, building and miscellaneous fees.

Mortgage Recording Tax: 1.8% to 1.925%

What is the Mortgage Recording Tax (MRT) in New York City? (2019) | How Much is the MRT in NYC?

Mansion Tax: 1%

What is NYC’s Mansion Tax? New York City Mansion Tax — Info and FAQ (2019)

Title Insurance: ~0.4% to 0.5%

Attorney Fees: ~$2,000 to $3,000

What Is the Average Real Estate Attorney Fee in NYC? (2019) | Hauseit® NYC

Building Fees: ~$2,000

Bank Fees: ~$3,000

--

--

Save money when buying and selling real estate in NY and FL with Hauseit. Available in NYC, Long Island, the Hudson Valley and South Florida. www.hauseit.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Hauseit

Save money when buying and selling real estate in NY and FL with Hauseit. Available in NYC, Long Island, the Hudson Valley and South Florida. www.hauseit.com