What are buyer closing costs in NYC?

Buyer closing costs typically include attorney fees, recording fees, title insurance, and the Mansion Tax (if applicable).

Do buyers pay broker fees?

In most NYC transactions, the seller pays the broker fee. However, some listing agents may charge a fee to the buyer, so it's important to clarify upfront.

How much is title insurance?

Title insurance is roughly 0.4% to 0.5% of the purchase price and protects your ownership rights.

BUYER CLOSING COST CALCULATOR

NYC Closing Costs Calculator

Calculate your estimated closing costs for buying a property in New York City, including taxes, attorney fees, and title insurance.

Property Details

Home Price

Down Payment

Property Type

Buyer's Attorney Fee

Building & Board Fees

Move-In Deposit

Board Application Fees

Move-In Fee

Building Questionnaire Fee

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Sponsor purchases carry transfer taxes, sponsor attorney fees, and working capital contributions that this calculator does not model.

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About NYC Closing Costs

Closing costs in NYC typically range from 2-5% of the purchase price. Co-ops generally have lower closing costs since they don't require title insurance or pay mortgage recording tax.

This calculator provides estimates for informational purposes only and is not legal, tax, or financial advice. Actual costs and requirements vary by property, contract, building, lender, and location and may change over time. Verify all figures with your attorney, lender, and closing agent before relying on them.

Buyer Closing Costs Note: Co-op vs condo/house costs differ significantly. Building/board fees, lender fees, and title/recording costs may vary and some items may not apply to your purchase. Transfer taxes are typically paid by the seller unless your contract shifts them (common in some new developments).

Estimated Closing Costs

$41,250

4.13% of purchase price

Total Cash Needed$241,250

Buyer Advantage−$15,000

Cash Needed After Illustrative Share$226,250

Illustrative only, based on a 3% buyer-broker commission. Régis shares 50% of the buyer-side commission he actually receives, so your figure follows the commission offered on your transaction and the terms of your buyer agreement. Closing costs and the Buyer Commission Share are separate. Nothing above changes: the taxes, fees and purchase price are unaffected. This line only shows what the share would offset. How it works

Purchase Price

$1.0M

Down Payment

$200K

Amount Financed

$800K

Estimated Closing Costs

$41K

Cash Needed After Advantage

$226K

Key Cost Drivers

Mansion Tax

$10,000

Applies to qualifying purchases of $1M or more.

Title Insurance

$4,500

Owner's policy, roughly 0.45% of price. Condo and house purchases only.

Mortgage Recording Tax

$15,400

Applies when financing a condo or house. Co-ops are exempt.

Attorney Fees

$4,000

Your own attorney, for contract review, title and closing.

Other

$7,350

Includes board application, move-in, title search, and other miscellaneous fees.

Detailed Breakdown

“Closing costs in NYC typically range from 2% to 5% of the purchase price depending on property type and financing.”

Fee TypeAmount

Mansion Tax$10,000

Buyer's Attorney Fee$4,000

Title Insurance - Owner's Policy$4,500

Total Estimated Closing Costs$41,250

Frequently Asked Questions

Fee Glossary

Attorney Fees

Your real estate attorney handles document preparation and provides legal advice throughout the purchase process.

NYC Mansion Tax

A progressive transfer tax on properties $1M+, ranging from 1% to 3.9% based on purchase price tiers.

Title Insurance

Protects against loss of ownership due to legal defects. Required for condos and townhouses with mortgages, not applicable to co-ops.

Mortgage Recording Tax

1.8% on mortgages under $500K, 1.925% above. Applies to condos and townhouses only, not co-ops.

Review Your Closing Costs Before You Make an Offer

Get private guidance on pricing, closing costs, and eligible Buyer Advantage structures before you move forward.

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