Transaction Costs:  Manhattan Condominium 

By Wei Min Tan


For The Buyer (in order to significance, estimated)


Mansion Tax (only for property $1 million or higher):
Mansion tax:  1% of property price

Title Insurance:
Title insurance fee:  0.5% of property price
Market value rider:  $250

Mortgage Related Fees (not applicable to all-cash buyers):
Mortgage tax:  1.925% of loan 
Origination points:  This is a variable used to buy down interest rate, from 0.5% of loan to 4% of loan
Bank application:  $1,000
Appraisal:  $500

Board Package Fees:
Managing agent:  $1,000 
Credit report fee: $200 per applicant
Lead based paint disclosure:  $50

Closing Services:
Purchaser's attorney:  $2,500 
Title closer service fee: $200
Disbursements:  $125

Misc Charges:
Municipals:  $400 
Bankruptcy search: $100
Patriot search:  $100
Sales tax: $50

Recording Fees:
Rec Mortgage:  $300 
Rec Deed: $200
RP5217NYC filing fee:  $125
Condo unit power of attorney: $150

Additional:
Condo insurance:  $400 to $1500,  an annual expense hence not specifically related to closing 
Real estate tax : Will be pro-rated back to seller based on what seller has already paid for post closing period.

New York City Transfer Tax:  1.425% of price  (only when buying brand new from developer)
New York State Transfer Tax:  0.4% of price (only when buying brand new from developer)




For The Seller  (estimated)


Transfer Tax:
New York City Transfer Tax:  1.425% of price 
New York State Transfer Tax:  0.4% of price 

Broker Fee:  Typically 6% of price

Seller's Attorney:  $2,000

Condo Move-Out Fee:  $750

Satisfaction of Mortgage:  $200

Pickup/payoff fee: $500 





Wei Min Tan is a Manhattan, New York condominium broker specializing in investment apartments and foreign buyers.  He is often interviewed by the media including CNN, The Wall Street Journal and The New York Times on the subject of foreign buyers of Manhattan property.  He can be reached at tan@castle-avenue.com, +1.212.380.6134

Copyright Castle Avenue Team at Rutenberg
127 E 56 ST, 4TH FL, NEW YORK, NY 10022 USA212.682.8494hello@castle-avenue.com

Castle Avenue Team      
at Rutenberg
127 East 56 St, 4th fl, New York, NY 10022        tan@castle-avenue.com        +1.212.380.6134                                                            Property Blog
Manhattan, New York residential condominium specialist focusing on investors and international buyers