Every line on the
closing statement
Between 3 and 6% of the price, depending on the building, the financing, and whether the seller is a sponsor.
Before you read on
- Order-of-magnitude figures for 2026. Your attorney produces the exact schedule before you sign.
- Reinvent NY works in New York real estate. Brokerage is provided through R New York.
Part 1The taxes
| Charge | Who pays | Amount |
|---|---|---|
| Mansion tax | Buyer | 1.00% from $1m, in eight bands, to 3.90% at $25m |
| Mortgage recording tax | Buyer | 1.80% under $500k, 1.925% at or above, less the lender's 0.25% |
| NYC transfer tax | Seller — buyer on sponsor sales | 1.425% above $500,000, 1.00% below |
| NY State transfer tax | Seller — buyer on sponsor sales | 0.40%, 0.65% at $3m residential |
| Flip tax | Usually seller | Set by the building, often 1–3% or a share of profit |
Mansion tax steps on the whole price rather than tiering, so $1,999,999 attracts $20,000 and $2,000,000 attracts $25,000. Where a negotiation lands close to a band, the five thousand dollars is worth arguing about.
The recording tax is charged on the loan, not the price, and only where a mortgage is recorded. A co-op purchase records no mortgage, so it never applies — one of several reasons a co-op closes for less.
Part 2Professional and building fees
| Charge | Condominium | Co-op | House |
|---|---|---|---|
| Your attorney | $3,000–6,000 | $3,000–6,000 | $3,500–7,000 |
| Title insurance | ≈0.45% of price | None | ≈0.45% of price |
| Title search and recording | $1,000–2,000 | None | $1,200–2,200 |
| Application and processing | $500–1,500 | $1,000–2,500 | — |
| Move-in deposit | $500–1,000, refundable | $500–1,000, refundable | — |
| Appraisal | $600–1,500 | $600–1,500 | $700–1,800 |
| Inspection | $400–900, optional | $400–900, optional | $800–2,000, essential |
| Managing agent fees | $500–1,000 | $800–1,500 | — |
| Lender fees and points | $2,000–5,000 | $2,000–5,000 | $2,000–5,000 |
Part 3Two situations that cost materially more
On a new development the buyer customarily pays both transfer taxes — 1.825% under $3m, 2.075% at or above — plus the sponsor's attorney fee, often $2,500 to $4,000. On a $3,000,000 purchase that is roughly $65,000 more than the same apartment as a resale. It is negotiable when the building has unsold inventory.
The recording tax, the lender's title policy, points, prepaid interest and the escrow reserve only exist because there is a loan. Together they routinely add 2% of the price. A cash buyer at the same number closes for about half the total.
Part 4Two worked examples
| Line | $2m condo, $1.2m loan | $2m co-op, cash |
|---|---|---|
| Mansion tax | $25,000 | $25,000 |
| Mortgage recording tax | $21,000 | — |
| Title insurance and search | $10,000 | — |
| Attorney | $5,000 | $5,000 |
| Appraisal and inspection | $2,000 | $1,200 |
| Building and managing agent | $2,000 | $3,000 |
| Lender fees | $3,000 | — |
| Total | $68,000 — 3.4% | $34,200 — 1.7% |
The gap is not a discount on the co-op. It is the recording tax and title insurance, which exist because a condominium transfers a deed and takes a recorded mortgage. What the co-op costs instead is a board approval you may not clear.
Almost everything settles on the closing day, from funds you have wired to your attorney in advance. The appraisal and the inspection are paid earlier, when the work is done.
Not the taxes. Some lender fees can be rolled into the loan, which raises the recording tax slightly. Budget for closing costs in cash.
Usually the seller, but the building's rules govern and some charge the buyer. Your attorney will find it in the offering plan during due diligence.
The taxes are exact once the price is fixed. The professional fees are quotes and vary by firm and complexity. Ask for the estimate in writing before you engage anyone.
Let’s talk first
Send us the price band and whether you are financing, and we will produce the closing schedule before you make an offer.
RELATED GUIDES
Recent transactions
A sample of the sales, purchases and rentals we acted on in 2025 and 2026.
Real estate brokerage services are provided through R New York.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.