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This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide.
It’s good to anticipate the costs related to a real estate closing well in advance to the actual meeting. Please keep in mind that that this list includes many typical closing costs, but not necessarily those that may apply to your closing. When your mortgage is approved, ask the lender and your attorney for full disclosure of all closing costs. On the day you close on your new home, you have the right to inspect the property and to review any improvements or corrections that were agreed to by the seller.
| Bank/Broker Fees | Range | Average |
|---|---|---|
| Underwriting | $650-$995 | $700 |
| Appraisal (based on loan size and property type) | $400-$750 | $450 |
| Bank Attorney | $850-$1100 | $950 |
| Tax Service | $75 | $75 |
| Flood Certification | $25 | $25 |
| Credit Report | $35 | $35 |
| Application | $0-$500 | $0 |
| Title Fees | Range | Average |
|---|---|---|
| Owner’s Title Insurance: See Chart Below | ||
| Lender’s Title Insurance: See Chart Below | ||
| Endorsements | $75-$100 | $75 |
| Municipal Searches | $300-$375 | $350 |
| Patriot Searches | $25-$75 | $50 |
| Survey(a. or b.) | ||
| a. New | $700-1200 | |
| b. Inspection (if existing survey) | $100-150 | $125 |
| Overnight Courier | $50 | $50 |
| NY - RPT Filing | $125 | $125 |
| Escrow Service | $50-$75 | $50 |
| Taxes and Recording Fees | Range | Average |
|---|---|---|
| Deed Recording | $150-$200 | $175 |
| Mortgage Recording | $200-$250 | $225 |
| Service Fees | $125 | $125 |
| Mortgage Tax: 1.04% of the mortgage amount (1.54% in Yonkers) | ||
| Mansion Tax: 1% ONLY for purchase prices over $1M |
| Pre-Paid Items and Escrows | Range | Average |
|---|---|---|
| Pre-paid Interest (from closing date to end of month) 1-30 days | ||
| Real Estate Taxes: 9 months (combination of escrow and reimbursement to the seller) | ||
| Pre-paid Insurance (1 year paid up at closing) | $750-$2400 | $1200 |
| Insurance Escrow: 1 month | $100 | |
| PMI Escrow (if applicable): 1 month |
| Owners Policy | Based on Purchase Price |
|---|---|
| 200K | $1,028 |
| 300K | $1,399 |
| 400K | $1,770 |
| 500K | $2,141 |
| 600K | $2,479 |
| 700K | $2,817 |
| 800K | $3,155 |
| 900K | $3,493 |
| 1M | $4,507 |
| 1.1M | $4,873 |
| 1.25M | $5,422 |
| Owners Policy | Based on Purchase Price |
|---|---|
| 100K | $196 |
| 200K | $305 |
| 300K | $414 |
| 400K | $523 |
| 500K | $633 |
| 600K | $732 |
| 700K | $831 |
| 800K | $930 |
| 900K | $1,030 |
| 1M | $1,129 |
| Seller Closing Costs in Westchester , NY | Buyer Closing Costs in Westchester, NY |
|---|---|
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