Closing Costs for the Buyer | Manhattan Condo/Townhome
Important note: Many developers of new condos in the Manhattan area are now offering to pay some closing costs in the wake of the market collapse. Check with your agent and the sales manager of your development. It never hurts to ask.
When buying in new developments the purchaser pays both the developer's closing costs as well as their own. These costs usually include the following charges:
| Item | Expense |
| Buyer's Attorney | Varies - Starts at $1,600 |
| Bank Fees | $750 |
| Application Fee | $500 |
| Appraisal Fee | $400 - $2000 (depending on sales price) |
| Credit Report Fee | $30 single/$60 joint |
| Bank Attorney | $750 - $1000 |
| Tax Escrow | 2 to 6 months |
| Recording Fees | $250 - $750 |
| Mortgage Tax | 1.8% of mortgage on loans under $500K; or 1.925% on amounts over $500K |
| Fee Title Insurance | Approx. $450 per $100K of sales price under $1M + 15% on $1M or more |
| Mortgage Title Insurance | Approx. $130 per $100K of mortgage amount |
| Municipal Search | $350 - $500 |
| Mansion Tax | 1% of entire purchase where price is $1,000,000 or more. |
| Note: these are estimates used to give you a rough idea of what to be prepared for on closing costs. Consult your attorney for up to date information on current rates and fees, which may differ. Charges on co-ops are slightly different from those on condominiums because they involve stock transfer rather than real property. Again, consult your attorney. Revised: 12/09 | |
1501 Broadway
12th FL
New York
NY
10036
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