04 · Closing Costs

Every line item, none of the surprises.

Buyer-side NYC closing costs vary by property type. Condos and townhouses pay mortgage recording tax and title insurance; co-ops have UCC-1, lien search, recognition agreement, and stock transfer instead. Townhouses add survey, inspections, and water/sewer searches. We model each correctly.

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Inputs

Property type

Purchase price

Down payment

Professional + lender

Attorney fee$2,500–$4,000+

Bank / lender feesorigination + appraisal + app

Title

Title search & exam$500–$1,500

Building / board

Condo application fee

Move-in feenon-refundable

Managing agent fee$500–$1,000

Move-in depositrefundable — excluded from total

Prorated adjustments at closing

Common charges adj.prorated

Real estate tax adj.prorated

UCC-1 filing (if applicable)~$75

Sponsor / new development unitBuyer typically pays the sponsor's NYC + NYS transfer taxes (~1.4% under $500K, ~1.825% $500K–$3M, ~2.075% $3M+) on new construction.

Total closing

Cash needed at closing

$44,855

Plus your 20% down payment of $240,000. Refundable move-in deposit of $1,000 is collected at closing but not included above.

Mansion tax

Progressive 1.0% → 3.9% on residential ≥ $1M. Paid by buyer. 1.00% tier · $12,000.

$12,000

Mansion tax effective rate

1.00% on full price = $12,000

1.00%

Mortgage recording tax

1.8% (<$500K) or 1.925% (≥$500K) of loan, less 0.25% the lender pays.

$16,080

Title insurance

~0.4–0.5% of price — protects your ownership.

$5,400

Mortgage title policy

$2,400

Title search & exam

$1,000

Attorney fee

$3,500

Bank / lender fees

Origination, appraisal, application.

$2,000

Condo application fee

$750

Move-in fee

Non-refundable

$500

Managing agent fee

$750

Common charges adjustment

Prorated at closing.

Real estate tax adjustment

Prorated at closing.

Recording fees

$250–$500.

$400

UCC-1 filing

If applicable (~$75).

$75

Move-in deposit (refundable)

Returned after move-in if no damage. Not added to total.

$1,000

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