Finance

Understanding Closing Costs in New York: What Buyers Really Pay

Closing costs surprise many New York buyers. Here is a clear breakdown of the fees, taxes, and expenses you should plan for before you sign.

The purchase price is not the only number that matters when buying a home in New York. Closing costs can add thousands of dollars.

Common closing costs

These usually include mortgage recording tax, title insurance, attorney fees, appraisal fees, and, for condos and co-ops, application and move-in fees.

The mansion tax

If your home costs $1 million or more, New York applies an additional mansion tax starting at 1%.

How to prepare

Ask your agent and attorney for an estimated closing statement early.