Who Covers the Cost?
Buyer and seller are both responsible for specific closing costs in New York City real estate deals. Neither party absorbs all closing costs, but sellers generally pay the most in closing costs.
What Buyers in NYC Should Expect
- Mortgage Recording Tax: 1.8% to 1.925%
- Title insurance: 0.4% to 0.45%
- Mortgage related fees
- Buyer’s attorney fee
Total buyer closing costs in NYC are between 1.5% to 6% of the purchase price.
What Sellers in NYC Should Expect
- Broker commissions : 6%
- NYC & NYS Transfer Taxes: 1.4% to 2.075%
- Building flip tax (if applicable)
- Seller’s attorney fee
- Loan payoff fees
Seller closing costs in New York City are between 8% to 10% of the sale price.
