NYC BUYER PRIMARY CLOSING COST ESTIMATES (up to 9% of purchase price comprised as follows):
CONTACT US:
Steven Kalachman LLC
Licensed Real Estate Broker
steve@nycrealestatebuyersbroker.com
(p) 646-285-3493
- Broker Fee: $0
- Buyer's Attorney: $3,000±
- Bank Origination Fees: about .5%-1% of loan amount (may include administrative costs, bank attorney, application fee, etc.)
- Bank Discount Fees: percentage of loan amount, typically applicable only if buying down the rate and/or requesting extending lock terms.
- Flip Tax (condos and coops): Building specific and often does not apply. When there is a flip tax a a figure of 1% of sales price may be about average and depending on building may be paid by buyer or seller.
- Appraisal Fee: $650±
- Mortgage Tax (condos and townhouses only): 2.05% of loan amount for loans less than $500,000; 2.175% of loan amount for loans exceeding $500,000 for 1-3 family house and individual condos; 2.8% of loan amount for all other loans, including commerical mortgages.
- Total Mortgage and Owners Title Insurance (condos and townhouses only): .75%± of purchase price (assuming 80% financing)
- Title Search: $250+
- Recording Fee: $200+
- Managing Agent Fee: $750+ including credit report
- Mansion Tax: >= $1MM and <$2MM - 1% of purchase price; >=$2MM and <$3MM - 1.25% of purchase price; >=$3MM and <$5MM - 1.5% of purchase price; >=$5MM and <$10MM - 2.25% of purchase price; >= $10MM and <$15MM - 3.25% of purchase price; >= $15MM and <$20MM - 3.5% of purchase price; >= $20MM and <$25MM - 3.75% of purchase price; >= $25MM - 3.9% of purchase price.
- Real Estate Taxes Escrow (condos and townhouses): 1-6 months
- Maintenance/Common Charges Escrow: one month
- Interest Escrow: one month
- Move-In Fee (condos and coops): $500-$1,000 (may be partly or fully refundable)
- Recognition Agreement Fee (coops only): $250
- Engineers report (full townhouse): $1,750+
CONTACT US:
Steven Kalachman LLC
Licensed Real Estate Broker
steve@nycrealestatebuyersbroker.com
(p) 646-285-3493