closing cost estimates for the buyer
Consult your attorney: $2,500—$5,000+
Points: 0—3% of the loan value
Bank Application, Credit Check, etc: $400—$600
Bank Attorney: $900—$1,500
Appraisal: $300—$1,500
Tax Escrow: 2 to 6 months of property taxes
Mortgage Recording Tax:
1.8% of mortgage amount < $500,000
1.925% of mortgage amount > $500,000+
Mortgage Origination Fee: 0—3% of loan amount
Board Package Processing Fees: $500—$2,000
Move-in Fee: $250—$1,000
Move-in Deposit: $500—$1,500 (refundable)
Common Charges Adjustment: Pro-rated during the month of closing
Credit/Background Check: $125—$500 per buyer
Recording Fees: $250
Title Insurance: 0.45% of purchase price
Municipal Searches: $350—$500
Real Estate Tax Adjustment: Pro-rated amount depends on when the tax is collected
Mansion Tax:
$1M to < $2M: 1.00% $10M to < $15M: 3.25%
$2M to < $3M: 1.25% $15M to < $20M: 3.50%
$3M to < $5M: 1.50% $20M to < $25M: 3.75%
$5M to < $10M: 2.25% $25M or more: 3.90%
Residential Deed Transfers Title: $75
Fee Closer: $100—$500
Lenders Policy Title Insurance: Rates may vary
Buyer Agent: In 99% of deals, the seller will pay the agent commissions. If this is not the case, please refer to your Buyer’s Representation Agreement and discuss with your agent.
*The figures provided are general estimates and not guaranteed. Fees may vary based on a variety of factors. This information is provided without warranty, and you are encouraged to consult your attorney to discuss your specific situation and verify costs.