Closing Costs in NYC
Closing costs in New York City typically range from 2-5% of the purchase price for buyers and 8-10% for sellers. Buyer costs include mortgage recording tax (1.8-1.925% on loans over $500K), title insurance, attorney fees ($2,000-$4,000), and lender fees. Sellers pay transfer tax (1-1.425%) and broker commission. On a $750,000 two-family home in Queens, a buyer using an FHA loan should expect approximately $20,000-$35,000 in closing costs before any credits.
Additional Details
The NYC mansion tax applies to purchases of $1 million or more, starting at 1% and increasing to 3.9% for properties over $25 million. First-time buyers may qualify for the mortgage recording tax exemption on the first $500,000 of their loan.
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