Understanding closing costs is essential for any condo buyer in New York City. The total cost of purchasing a condo extends well beyond the purchase price, and the closing cost structure differs significantly depending on whether you are buying a new construction unit from a sponsor or a resale unit from an individual owner.
| Item | Estimated Cost |
|---|---|
| Attorney Fee | $2,000 - $3,500 |
| Title Insurance (Owner's + Lender's) | Varies by purchase price |
| Title Search & Recording | $800 - $1,500 |
| Mortgage Recording Tax | 1.8% (under $500K) / 1.925% ($500K+) |
| Mansion Tax | 1%+ (purchases $1M+) |
| NYC Transfer Tax (paid by buyer)* | 1% (under $500K) / 1.425% ($500K+) |
| NYS Transfer Tax (paid by buyer)* | 0.4% / 0.65% ($3M+) |
| Sponsor's Attorney Fee* | $2,000 - $3,000 |
| Working Capital Fund | 2 months of common charges |
* In new construction, sponsors often shift transfer taxes and their attorney fees to the buyer.
| Item | Estimated Cost |
|---|---|
| Attorney Fee | $2,000 - $3,500 |
| Title Insurance (Owner's + Lender's) | Varies by purchase price |
| Title Search & Recording | $800 - $1,500 |
| Mortgage Recording Tax | 1.8% (under $500K) / 1.925% ($500K+) |
| Mansion Tax | 1%+ (purchases $1M+) |
In a resale transaction, the seller typically pays the NYC and NYS transfer taxes.
These are general estimates. Actual closing costs vary based on purchase price, financing terms, and the specific terms of the purchase agreement or offering plan. Always consult with your attorney for a personalized closing cost estimate.
Contact Huang & Associates, P.C. for a detailed closing cost estimate for your condo purchase.