Attorney Fees
Hiring a real estate attorney in NYC typically costs between $3,000 and $4,000, but fees can go up to $5,000 for more complex transactions, like new developments.
- Attorney fees are usually paid at closing as part of your closing costs.
- Some lawyers may require an upfront deposit, with the remainder due at closing.
If you’re purchasing a new construction (sponsor unit), it’s common for buyers to cover the seller’s attorney fees and transfer taxes—which is the opposite of a regular resale transaction, where sellers pay their own costs.
Move-In Deposits & Fees
Most condos and co-ops charge a refundable move-in deposit along with a non-refundable move-in fee. These amounts vary by building and are listed in the resale application (also called the board application).
- These fees are usually non-negotiable, as they are set by the building’s management agreement.
Board Application Fees
Buying a co-op or condo? Expect to pay a non-refundable board application fee when you submit your application.
- This fee is paid along with move-in and move-out deposits.
- Check which payment methods are accepted—even if personal checks are allowed, we recommend using certified checks to avoid processing delays.
- If your application is denied, the fee is not refundable.
Mortgage-Related Fees
When applying for a mortgage, expect these typical costs: - Application Fee: $500 $1,000 (may be waived for premium clients with significant deposits at the bank).
- Appraisal Fee: Around $750 (banks hire third-party appraisers and usually don’t cover this cost).
- Mortgage Recording Fee: Roughly $200.
Mortgage Recording Tax
If you’re taking out a mortgage in NYC, you’ll need to pay a Mortgage Recording Tax (MRT). The tax rate depends on your loan amount: - 1.8% for mortgages under $500,000
- 1.925% for mortgages $500,000 or more
This tax applies only to mortgages, not co-op purchases (since co-ops are structured as shares rather than real estate).
Want to lower this tax? You can negotiate a Purchase CEMA (Consolidation, Extension, and Modification Agreement) with the seller to reduce the amount subject to MRT.
