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.
With a thoughtful understanding of each client’s needs, Ria ensures a seamless experience for both buyers and sellers, with particular expertise in townhomes, co-ops, and the board application process. Her integrity, experience, and market knowledge drive optimal results in every transaction. Clients consistently praise her professionalism and calm demeanor, along with her discretion and hands-on involvement at every stage of a deal.