NYC Closing Cost Components
NYC closing costs are higher than most US markets — typically 4–6% buyer-side and 8–10% seller-side. Here's what goes into each.
Buyer Closing Costs (NYC)
| Item | Typical Range |
|---|---|
| Mortgage Recording Tax (NY) | 1.8% under $500K loan / 1.925% on $500K+ |
| Mansion Tax | 1–3.9% on $1M+ purchases (tiered) |
| Title Insurance (lender + owner) | ~0.5–0.8% of purchase price |
| Buyer's Attorney | $1,500–$3,500 |
| Lender Fees (origination, points, application) | 0.5–1.5% of loan |
| Inspection | $500–$1,000 |
| Appraisal | $400–$800 |
| Recording Fees | $300–$500 |
| Property Tax / Insurance Escrow | 2–6 months prepaid |
Seller Closing Costs (NYC)
| Item | Typical Range |
|---|---|
| NYC Real Property Transfer Tax (RPTT) | 1% under $500K / 1.425% on $500K+ |
| NY State Transfer Tax | 0.4% of sale price |
| Real Estate Commission | Negotiable; commonly 4–6% (split buyer + seller side) |
| Seller's Attorney | $1,500–$3,500 |
| NYC Equalization Fee (some condos) | ~$200 |
| Co-op Flip Tax (if applicable) | 1–3% of sale (varies by building) |
| Pickup / Payoff Fee | $200–$300 |
Long Island vs NYC
Long Island purchases skip NYC RPTT but still owe NY State transfer tax + mortgage recording tax. Total LI closing costs typically run 1–2% lower than NYC equivalent.