New York Real Estate Closing Costs

Closing costs in New York real estate transactions can vary significantly based on factors such as property value, location, financing type, and specific terms of the sale. However, here are some common costs that buyers and sellers typically incur:

Buyer Closing Costs

• Mortgage-related fees:

  • Application fees

  • Appraisal fees

  • Credit report fees

  • Underwriting fees

  • Origination fees

  • Discount points (if applicable)

• Title fees:

  • Title search fees

  • Title insurance premiums

• NYS taxes:

  • NYS mortgage tax

  • NYS Mansion Tax

• Attorney fees:

  • Legal fees for reviewing documents and representing the buyer

• Property taxes:

  • Prorated portion of property taxes for the year

• Homeowners insurance premiums:

  • First year's premiums

• Condominium or HOA fees:

  • Prorated portion of monthly fees

Seller Closing Costs

• Attorney fees:

  • Legal fees for reviewing documents and representing the seller

• Transfer taxes:

  • NYC and NYS transfer tax (NYC transfer tax is only applicable if property is located within the five boroughs)

  • County transfer tax (if applicable)

• Real estate agent commissions:

  • Commissions paid to both the buyer's and seller's agents

• Property taxes:

  • Prorated portion of property taxes for the year

• Mortgage Payoff

The above is not an exhaustive list of all potential closing costs. It's essential to consult with your realtor, your lender, and a real estate attorney to get a detailed breakdown of the specific costs you'll be responsible for. Call or email The Donaldson Law Firm for more information.