Condo Closing Cost Sample

Below is a sample closing cost breakdown for a typical condo purchase in New York City. This example assumes a purchase price of $800,000 with a mortgage of $640,000 (80% financing).

Sample Buyer Closing Costs (Resale Condo, $800,000)

Item	Amount
Attorney Fee	$2,500
Title Insurance (Owner's Policy)	$3,200
Title Insurance (Lender's Policy)	$1,200
Title Search	$500
Recording Fees (Deed + Mortgage)	$600
Mortgage Recording Tax (1.925% of $640K)	$12,320
Bank Attorney Fee	$800
Appraisal Fee	$500
Property Tax Prorations	Varies
Common Charge Prorations	Varies
Estimated Total Buyer Costs	~$21,600 + prorations

Additional Costs for New Construction

Item	Amount
NYC Transfer Tax (1.425%)	$11,400
NYS Transfer Tax (0.4%)	$3,200
Sponsor's Attorney Fee	$2,500
Working Capital Fund (2 mo. common charges)	~$1,600
Additional New Construction Costs	~$18,700

Total Comparison

• Resale condo buyer: Approximately $21,600 + prorations (about 2.7% of purchase price)
• New construction condo buyer: Approximately $40,300 + prorations (about 5% of purchase price)

Note: These figures are estimates for illustration purposes only. Actual closing costs vary based on the specific property, purchase price, financing terms, and negotiations between the parties. Mansion tax applies to purchases of $1 million or more. Please consult with your attorney for a personalized estimate.

Contact Huang & Associates, P.C. for a detailed closing cost estimate tailored to your transaction.