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Closing Costs for Condominiums

Attorney $1,600 and up*
Managing Agent Fee $250 - $500
Credit Report Fee $50 - $100 per applicant
Lead-Based Paint Disclosure Fee $0 - $50
Mansion Tax %1 of purchase price ($1 million and above)
Move-In Deposit $500 - $1,00 (usually refundable if no damage)
Mortgage Associated Fees:  
Origination Costs - points 0 - 3% value of loan
Application, Credit Checks, etc. $500 & up
Appraisal $275 & up
Bank Attorney $500 & up
UCC-I Filing $50 & up
Mortgage Recording Tax Up to $500,000 is 1.75% of mortgage; over $500,000 is 1.875% of mortgage
Title Insurance, Title Search & Recording Fees Not more than 0.5% of purchase price
Building Searches $200 - $400
Recording Charge $17 per document plus $5 per page
If purchased Directly from Sponsor (i.e. New Construction)  
NYC RPT Tax 1% of purchase price up to $500,000; 1.475% of purchase rpice over $500,000
NYC Transfer Tax $4 per $1,000 of purchase price

* Check with bank/mortgage broker for additional fees.
New York Law requires a written letter of engagement if the legal fee will exceed $3,000. Non-New York State residents should procure exemption for state transfer tax forms (TP584). These costs are provided only as estimates. Please confirm closing costs for specific transactions with your attorney.

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