When purchasing a co-op in New York City, buyers should budget for several categories of closing costs. These can vary by building and transaction type, but here are the typical expenses:
For the Purchaser
- Real Estate Attorney: $1,500 – $3,000+
- Mansion Tax: 1% of purchase price (applies to purchases of $1 million or more)
- Managing Agent Application / Processing Fees: $500 – $1,000+
- Credit Report Fee: $50 – $100+ per applicant
- Move-In Deposit / Fee: $500 – $1,000+ (varies by building)
- Maintenance Adjustment: Pro-rated for month of closing
- Short-Term Interest: Interest due for the balance of the closing month
- Miscellaneous Co-op Charges: Varies by building
- Flip Tax (if applicable): Building-specific
If Purchasing Directly From a Sponsor
- NYC Real Property Transfer Tax:
- 1% of purchase price if $500,000 or less
- 1.425% if over $500,000
- NYS Transfer Tax: 0.4% of purchase price
- Sponsor’s Attorney Fee: $1,500 – $3,000+
- Reserve Fund Contribution: Typically equal to 2+ months of maintenance
Mortgage-Related Fees
- Origination Fees / Points: 0% – 3%+ of mortgage amount
- Mortgage Application, Credit Check & Processing: $500 – $1,000+
- Appraisal: $400 – $600+
- Bank Attorney: $500 – $750+
- Recognition Agreement Fee: $200+
- Lien Search Fee: $250 – $500+
- UCC-1 Filing Fee: $100+
- Miscellaneous Fees: Lead paint disclosure, filing fees, co-op charges, etc.
💡 Tip: Valeo Realty Group can cover part of your closing costs when you work with us as your Buyer’s Broker. Call 212-706-8883 to learn more.
