In general, if you’re buying either a condo or co-op, you’ll need to pay attorney fees ($1,800+), mortgage fees ($500-$1,000), mortgage bank attorney costs ($400+), short-term interest (depends on loan amount) and a move-in deposit ($250-$1,000). You might also be asked to “tip the title closer” ($200-$500).
Additionally, if you’re buying a condo, you can expect to pay tax escrow (two to six months), recording fees ($200-$300), mortgage tax (depends on loan amount), fee title insurance (approximately $450 per $100,000), mortgage title insurance (about $200 per $100,000), municipal search ($300+), managing agent fee ($250 – $500), real estate tax adjustment (one to six months), and common charge adjustment (pro-rated for month of closing).
If you’re purchasing a co-op, your closing fees will instead include a UCC-1 filing charge ($50), recognition agreement fee ($200), and a maintenance fee (pro-rated for month of closing).If you’re paying more than $1 million for your condo or co-op, you’ll also be assessed a mansion tax (1 percent of purchase price). If you’re buying in a new development or directly from sponsor, you may also need to pay New York state and city tax on the transfer of property.Lenders must give borrowers an estimate of their closing costs within three business days after receiving a loan application. That document, called the Good Faith Estimate, lists various mortgage fees and third-party expenses. Banks are liable for the difference if they grossly underestimate the costs that consumers can expect to pay.