One of the most common questions people ask when buying or selling real estate in New York City is simple:

“What are the closing costs?”

The answer depends largely on the type of property involved. In NYC, the three most common property types are co-ops, condominiums, and townhouses, and each comes with different fees and taxes.

Below is a simple guide to help buyers and sellers understand what to expect.

Buyer Closing Costs in NYC

Buying a Co-op

Co-ops generally have the lowest closing costs in NYC because buyers are purchasing shares in a corporation rather than real property.

Typical buyer costs include:

• Attorney fees (approximately $2,500–$5,000+)
• Bank fees if financing (application, appraisal, loan points)
• Board package processing fees ($500–$2,000)
• Credit check fees
• Move-in fees and deposits
• Mansion tax (starting at 1% for purchases over $1M)
• Buyer’s agent commission per Buyer Representation Agreement (often, but not always, paid by the seller)

Because co-ops do not require title insurance or deed recording, they usually have lower closing costs than condos or townhouses.

Typical estimate:
2%–3% of the purchase price
(plus buyer agent commission if not covered by the seller)

Buying a Condominium

Condo buyers typically have higher closing costs because they are purchasing real property with a deed transfer.

Typical buyer costs include:

• Attorney fees ($2,500–$5,000+)
• Title insurance (approximately 0.45% of the purchase price)
• Mortgage recording tax if financing
• Bank application and appraisal fees
• Condo board application and move-in fees
• Mansion tax (starting at 1% for purchases over $1M)
• Buyer’s agent commission per Buyer Representation Agreement (often, but not always, paid by the seller)

Buyers purchasing new development condos may also pay NYC and New York State transfer taxes that sellers typically pay in resale transactions.

Typical estimate:
4%–6% of the purchase price
(plus buyer agent commission if not covered by the seller)

Buying a Townhouse or Multi-Family Home

Townhouses and multi-family homes have closing costs similar to condos because buyers are purchasing real property.

Typical buyer costs include:

• Attorney fees ($2,500–$5,000+)
• Title insurance
• Mortgage recording tax if financing
• Bank application and appraisal fees
• Mansion tax (starting at 1% for purchases over $1M)
• Recording and municipal search fees
• Buyer’s agent commission per Buyer Representation Agreement (often, but not always, paid by the seller)

Some transactions may also require surveys or additional due diligence depending on the property.

Typical estimate:
4%–6% of the purchase price
(plus buyer agent commission if not covered by the seller)

Seller Closing Costs in NYC

Seller closing costs are typically higher than buyer costs because sellers usually pay broker commissions and transfer taxes.

Selling a Co-op

Typical seller costs include:

• Broker commission (per listing agreement)
• Attorney fees ($2,500–$5,000+)
• NYC transfer tax
• NY State transfer tax
• Managing agent closing fees
• Administrative fees
• Move-out deposits and fees
• Possible flip tax, depending on the building

Some co-ops charge a flip tax of 1–3% of the sale price or a fee per share.

Typical estimate (excluding commission):
2%–4% of the sale price

Selling a Condominium

Typical seller costs include:

• Broker commission
• Attorney fees
• NYC transfer tax
• NY State transfer tax
• Managing agent closing fee ($500–$1,000)
• Move-out fees and deposits
• Bank payoff fees
• Compass flat transaction commission ($195)

Typical estimate (excluding commission):
2%–3% of the sale price

Selling a Townhouse or Multi-Family Property

Typical seller costs include:

• Broker commission
• Attorney fees ($2,500–$5,000+)
• NYC transfer tax
• NY State transfer tax
• Bank payoff fees
• Filing and recording fees
• Compass flat transaction commission ($195)

Typical estimate (excluding commission):
2%–3% of the sale price

Quick NYC Closing Cost Rule of Thumb

For a quick estimate when planning a transaction:

Buyers

• Co-ops: 2%–3%
• Condos / Townhouses: 4%–6%
• Plus buyer agent commission if not covered by the seller

Sellers

• Approximately 2%–4% of the sale price before broker commission

Final Thoughts

Closing costs are a critical part of planning a real estate transaction in New York City. Because NYC has unique ownership structures, taxes, and building rules, working with an experienced real estate agent and attorney can help ensure there are no surprises at the closing table.

If you are considering buying or selling a co-op, condo, or townhouse in New York City, understanding these costs upfront will make the process significantly smoother.