Are you trying to pin down what you’ll actually pay at the closing table in NoMad? You’re not alone. NYC has unique buyer fees, and they change depending on whether you buy a co-op, a condo, or a townhouse. In this guide, you’ll learn what each cost covers, how NoMad price points can affect your bottom line, and what real examples look like at common neighborhood budgets. Let’s dive in.
Understanding NYC buyer closing costs
Closing costs fall into several buckets. Exact amounts depend on your purchase price, mortgage, and building rules. Your attorney and lender will confirm the final numbers.
Government taxes and fees
- Mansion tax: Applies on purchases of $1,000,000 or more. Commonly calculated at 1% of the price (confirm the current statute and any graduated rates).
- Mortgage recording tax: Charged when a mortgage is recorded in NYC. Amount depends on your loan size; your lender will quote this.
- Recording and clerk fees: A few hundred dollars for deed and mortgage documents.
- Transfer taxes: Typically a seller cost in condo and townhouse sales; treatment differs for co-ops. Your attorney will confirm.
Lender and loan costs
- Origination or application fee: Varies by lender; either a flat fee or a small percentage of the loan.
- Appraisal: Usually required; common Manhattan range is a few hundred to over a thousand dollars, depending on complexity.
- Credit report and underwriting: Small fixed fees.
- Rate-lock and points: Optional; you may pay to lock a rate or buy down your rate.
- Private mortgage insurance (PMI): If required for low down payments, as monthly or single-premium at closing.
Title and closing fees
- Title insurance: A lender’s policy is required if you finance; many buyers also choose an owner’s policy. Premiums follow regulated schedules and scale with price.
- Title search and settlement: Fixed administrative and escrow fees.
Attorneys and closing professionals
- Buyer’s attorney: Standard in NYC. Expect a flat fee that varies by property type and complexity.
- Title company disbursement/escrow: Sometimes listed separately.
Building and application fees
- Co-op application and move-in fees: Processing, background checks, and deposits; often several hundred to a few thousand dollars.
- Condo application, transfer, and estoppel fees: Vary by building; move-in deposits are common.
- Flip tax: Often a seller cost in co-ops, but confirm bylaws and your contract.
Inspections and reports
- Home inspection: Typical for condos and townhouses.
- Specialized reports: Engineering or roof inspections for townhouses or unique properties.
Prepaids and escrows
- Property taxes and homeowners insurance: First-year insurance is often paid at closing; lenders may collect several months of escrows.
- Common charge or maintenance adjustments: Prorated amounts based on closing date.
Miscellaneous
- Recording fees: For deed and mortgage documents.
- Courier, wire, and overnight fees: Small but common line items.
- Moving deposits/elevator reservations: Often required by buildings.
NoMad price patterns to know
NoMad has a mix of prewar co-ops, renovated condos, and luxury new developments. Price points range from sub–$1M one-bedrooms to multi-million-dollar luxury condos. Why that matters:
- Purchases below $1M avoid the mansion tax threshold.
- Many NoMad condos transact at $1M or more, which can add a meaningful mansion tax line item.
- Percentage-based costs like title insurance scale with the price.
Co-op vs condo vs townhouse costs
Co-op specifics
- You purchase shares in a corporation rather than real property.
- Co-op application fees, move-in deposits, and a board package are standard.
- If you finance, you’ll see lender fees and mortgage recording tax. Title insurance needs differ from deeded properties, though title searches and related fees still apply.
- Flip taxes are common and often paid by sellers, but confirm building rules.
Condo specifics
- You receive a deed to the unit.
- Expect title insurance (owner and lender policies), mortgage recording tax, and condo application/estoppel fees.
- In typical NYC practice, sellers pay real property transfer taxes, but always confirm your contract.
Townhouse specifics
- Closings resemble suburban transactions with full title insurance, possible surveys, and more extensive inspections.
- Transfer taxes are typically a seller cost in NYC sales; confirm with your attorney.
NoMad buyer examples
These examples are illustrative ranges only. They show common line items and how price and property type affect totals. Always confirm with your attorney, lender, and title company.
Example A: Co-op at $850,000 (20% down, $680,000 mortgage)
- Mansion tax: Not applicable under $1M.
- Attorney: Approximately $2,000 to $4,000.
- Co-op application and move-in: About $500 to $2,000.
- Appraisal: About $400 to $900 if required.
- Mortgage recording tax: Applicable; expect several thousand dollars.
- Title/search fees: Title insurance needs differ, but search and related fees apply.
- Prepaids and escrows: Approximately $2,000 to $8,000.
- Estimated buyer closing costs (excluding down payment): roughly $8,000 to $20,000+.
Example B: Condo at $1,200,000 (25% down, $900,000 mortgage)
- Mansion tax: 1% of price, about $12,000 (confirm current rate schedule).
- Attorney: Approximately $2,500 to $5,000.
- Title insurance (owner and lender): Percentage-based; budget several thousand dollars.
- Mortgage recording tax: Buyer-paid; a few thousand dollars depending on loan amount.
- Appraisal, credit, inspection: About $500 to $2,000.
- Prepaids and escrows: Several thousand dollars.
- Estimated buyer closing costs (excluding down payment): roughly $25,000 to $55,000+.
Example C: Luxury condo at $4,000,000 (50% down, $2,000,000 mortgage)
- Mansion tax: About 1% or $40,000 (confirm current rate schedule).
- Attorney: Approximately $3,000 to $7,000.
- Title insurance (owner and lender): Scales with price; budget multiple tens of thousands.
- Mortgage recording tax: Significant for large loan amounts.
- Appraisal, inspections, prepaids: Several thousand to tens of thousands.
- Estimated buyer closing costs (excluding down payment): easily $80,000 to $200,000+.
Timeline and how to prepare
- Condos: Many close in 30 to 60 days after contract signing, depending on your lender and the board’s processing time.
- Co-ops: Add time for the board package and interview. Start early and follow the building’s checklist to avoid delays.
- Lender: Appraisal and underwriting can take weeks. Ask for your Loan Estimate and, later, your Closing Disclosure as soon as they are available.
- Final walk-through: Confirm the unit’s condition and utilities, and review wire instructions with your attorney in advance.
Ways to reduce surprises
- Ask your lender for a detailed Loan Estimate early and update it if anything changes.
- Get quotes from multiple attorneys and title companies. Scope and service levels vary.
- Discuss seller concessions with your agent. In some cases, the seller may cover certain buyer costs.
- For co-ops, confirm move-in deposits, application fees, flip tax responsibility, and any special assessments before you sign.
- Consider purchasing an owner’s title policy at closing. It is often more efficient than trying to add coverage later.
- Build a buffer. Many buyers set aside an extra 2 to 3 percent as a conservative cushion for unexpected charges, then adjust based on NYC realities for your price point and property type.
What to bring to closing
- Government-issued photo ID.
- Certified or bank checks as instructed by your attorney and lender, or pre-confirmed wire transfers.
- Proof of homeowners or condo insurance if required by your lender.
- Any final documents your lender or attorney requests, including updated bank statements.
Next steps
Closing costs in NoMad depend on price, property type, and financing. With the right prep, you can budget accurately and avoid last-minute stress. If you want a tailored estimate for your target building and price range, connect with an advisor who works these details every day. Reach out to Darya Goldstein to map your numbers, timing, and next steps with confidence.
FAQs
How much should a Manhattan buyer budget for closing costs?
- For a smaller co-op under $1M, a rough range is about $8,000 to $20,000+. For condos in the $1M to $2M range, $25,000 to $55,000+ is common, with higher totals at luxury price points.
Who pays the New York State mansion tax on NoMad purchases?
- The buyer typically pays the mansion tax on purchases of $1,000,000 or more; confirm current law and rate schedule with your attorney.
Do co-op buyers in NoMad pay the same transfer taxes as condo buyers?
- Co-op share transfers often do not trigger the same real property transfer taxes as condo or townhouse sales, but the specifics vary by building and deal; your attorney will confirm.
Is title insurance required for NYC buyers using a mortgage?
- A lender’s policy is required if you finance. An owner’s policy is optional but commonly recommended to protect your equity.
Can a NoMad seller contribute to my closing costs?
- Yes. Seller concessions are negotiable and must be written into your contract. Your agent and attorney will guide the structure.
