Buyers Cost

Closing Cost

Typical Estimated Closing Costs: Condominium Apartments

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For the Purchaser

Buyer’s Attorney: Consult your attorney

Bank Fees: $750–$1,000

Application Fee: $350–$650

Processing Fee: $330–$500

Appraisal Fee: $500–$2,000

Credit Report Fee: $45–100+

Bank Attorney: $650–$1,000

Tax Escrow: 2–6 months

Recording Fees - Nassau & Suffolk: Appr. $1,200-$1,700
Deed Fee (Nassau) - $200 verification fee + $355 per block
Deed Fee (Suffolk) - $200 per lot per document
Verification Fee (Nassau) - $355 per instrument, per block
Verification Fee (Suffolk) - $200 per instrument, per lot
Mortgage Fee (Suffolk) - $300 per mortgage or mortgage-type document

Recording Fees - NYC & Westchester: Appr. $250–$750

Fee Title Insurance: Variable by transaction

Mortgage Title Insurance: Variable by transaction

Municipal Searches: $350–500

Flip Tax: Varies building to building, consult your agent

Mortgage Tax

Mansion Tax is paid by purchaser on transactions that are 100% residential and the purchase price is $1M or above.3

Additional Expenses:

1Minus $30 for 1-2 Family.
2Four Family Residence requires MRT to be calculated at the commercial rate.
3See separate Mansion Tax sheet.
This closing-cost guide is designed to give you the general costs associated with the purchase or sale of a condominium property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Kindly note, we do not represent that these are the entirety of 
potential costs, but are only to be used as a guide. All transfer taxes and filing fees are subject to change by government agencies in each location.

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