Buyers & Sellers
Closing costs to expect
Besides the down payment, buying a home in New York City comes with taxes, legal and title fees, and lender costs. Enter your price, down payment and property type to see an estimate of what you will need at closing. Mena Realty buyers use it to plan before making an offer, and your agent can fill in the actual taxes and building fees for any home you are considering.
Your purchase
Estimated closing costs
Estimate only. Taxes use current New York rates; fees marked “est.” are typical amounts and vary by attorney, lender, title company and building. Lender points, prepaid property taxes, insurance and escrow deposits are not included — your Loan Estimate shows those. New construction and sponsor sales can carry extra costs.
What each cost is
- Mansion tax. A New York State tax the buyer pays on homes that cost $1,000,000 or more. It is charged on the full price, starting at 1% and rising in steps to 3.9% for purchases of $25 million or more.
- Mortgage recording tax. Charged when your mortgage is recorded on a 1–3 family house or a condo: 1.8% of the loan for loans under $500,000 and 1.925% for $500,000 or more. Co-op loans are not charged this tax.
- Title insurance. A one-time premium that protects you, and your lender, against claims on the ownership of the property. Your title company quotes the exact amount.
- Attorneys. In New York, your own attorney reviews the contract, checks the property and represents you at closing. If you take a mortgage, you also pay the fee for the lender’s attorney.
- Building fees. Condo and co-op buildings charge application and move-in fees. Co-op purchases also need a lien search and, with a loan, a recognition agreement.
- Mortgage fees. Appraisal, application and credit report. Lender charges such as points appear on your Loan Estimate.
Not included in the estimate
- Prepaid interest, and the property tax and insurance deposits your lender may collect for an escrow account.
- Your first year of homeowner’s insurance, the home inspection and moving costs.
- Extra costs on new construction and sponsor sales, where the buyer may also pay the transfer taxes.
How Mena Realty helps
Mena Realty Homes Corp. is a licensed real estate brokerage in the Bronx, helping buyers and sellers across New York City since 2001. Our team speaks English and Spanish.
- We go over likely closing costs with you before you make an offer, so you know how much cash you will need.
- We negotiate the price and terms for you.
- We work with your attorney, lender and title company to keep your closing on schedule.
Ready to talk about buying?
Send us a quick message and a Mena Realty agent will contact you.
Common questions
Who pays the transfer taxes?
On most resales, the seller pays the New York City and New York State transfer taxes. On new construction and sponsor sales, the contract often shifts them to the buyer.
Can the seller help with my closing costs?
You can negotiate a seller credit toward closing costs. Your lender sets a limit on how much credit it allows.
When will I know my exact costs?
Your lender sends a Loan Estimate within 3 business days of your application, and a Closing Disclosure at least 3 business days before closing. Compare the two and ask about any differences.
Is closing on a co-op cheaper?
Usually. Co-op buyers do not pay mortgage recording tax or title insurance, but they pay board fees, and the co-op may require more cash down.
Learn more
Buyers & Sellers: (347) 766-6362 · Mon–Fri 10–5