Buyer's Guide

• Co-op: about 1% to 3%. No mortgage recording tax or title insurance.
• Condo (resale): about 3% to 5%. Mortgage recording tax and title insurance.
• Townhouse: about 3% to 5%. Same as a condo, plus inspection and survey.
• New development: about 4% to 6%. The buyer usually pays the transfer taxes and the sponsor's attorney fees.
• Purchases of $1 million and up also pay the mansion tax, on every property type.

• Mansion tax: 1% to 3.9% on purchases of $1 million and up
• Your attorney's fee: usually a flat fee
• Lender fees: origination, appraisal, credit report and the bank attorney's fee, if financing
• Lien search: confirms the seller's shares are free of debts and judgments
• Building fees: board application, credit check, managing agent processing and move-in deposit
• Flip tax: a transfer fee some co-ops charge on a sale. It's the seller's cost, but sellers sometimes ask the buyer to cover it. Like everything else, it's negotiable.

• Mansion tax: 1% to 3.9% on purchases of $1 million and up
• Mortgage recording tax: 1.8% of the loan for loans under $500,000; 1.925% for $500,000 and up
• Title insurance: an owner's policy, plus a lender's policy if financing
• Recording fees for the deed and mortgage
• Your attorney's fee and lender fees
• Building fees: application, managing agent processing, move-in deposit and sometimes a working capital contribution

Same costs as a condo, plus:

• Home inspection: highly recommended for any townhouse
• Survey: often required by the title company or lender
• Adjustments: prorated real estate taxes, water and sewer charges, and fuel left in the tank

Same costs as a condo, plus the costs a seller would normally pay on a resale:

• NYC transfer tax: 1% of the price under $500,000; 1.425% at $500,000 and up
• NYS transfer tax: 0.4% of the price, or 0.65% at $3 million and up
• Sponsor's attorney fee: a flat fee set by the developer
• Working capital contribution: often one to two months of common charges
• Prepaid real estate taxes and common charges, in some buildings
• Some sponsors will cover the transfer taxes or offer closing credits. That's one of the first things I negotiate.

Paid by the buyer on co-ops, condos and townhouses, calculated on the full purchase price.

• Under $1M: none
• $1M to $1,999,999: 1.00%
• $2M to $2,999,999: 1.25%
• $3M to $4,999,999: 1.50%
• $5M to $9,999,999: 2.25%
• $10M to $14,999,999: 3.25%
• $15M to $19,999,999: 3.50%
• $20M to $24,999,999: 3.75%
• $25M and up: 3.90%

• Price just under a threshold. A $995,000 purchase pays no mansion tax. At $1,000,000, it's $10,000.
• Ask about a CEMA. On a condo or townhouse, assuming the seller's existing mortgage can reduce your mortgage recording tax.
• Negotiate sponsor concessions. On new development, transfer taxes and closing credits are often on the table.

Your monthly cost of ownership goes beyond the mortgage. Budget for these from day one:

• Co-op maintenance: your share of the building's operating costs, real estate taxes and the building's underlying mortgage
• Condo common charges plus real estate taxes: billed separately, so compare the two together against a co-op's maintenance
• Tax abatements: many newer buildings have abatements, such as 421-a, that lower taxes for a set number of years and then phase out. We'll look at what your taxes will be when they expire.
• Assessments: one-time or temporary charges for building projects, like a roof or facade repair. We'll review the building's minutes and budget for anything planned.
• Townhouses: real estate taxes, homeowner's insurance, water and sewer, utilities and upkeep you handle yourself

Rates current as of October 2026. Every purchase is different, so ask your attorney for an exact closing cost estimate before signing a contract.

It depends on your budget, financing and how you plan to use the home. Co-ops usually offer more space for the money. Condos offer more flexibility for financing, renting out and second-home use. I'll walk you through the trade-offs for your situation.

Some lenders allow as little as 10% down on a condo. Co-ops typically require 20% to 50% down, plus post-closing liquidity, often one to two years of mortgage and maintenance payments in reserve, and sometimes more.

New development timelines depend on construction, but if the building is complete, a closing can happen in as little as two weeks.

Yes. Condos are usually the most straightforward path for international buyers. Many co-ops require U.S.-based income or assets. I'll help you find buildings that fit your situation.

Before we tour, we'll sign a buyer agreement that spells out my compensation. In many cases it's paid by the seller or through the transaction, and I'll explain exactly how it works for each property before you make an offer.

An inspection is never required. It's always up to the buyer. For a townhouse, it's always highly recommended. For an apartment, it can be worth it, especially in an older building or if you're planning a renovation.

Co-op boards don't have to give a reason. Your contract will typically include a board approval contingency, so your deposit is returned if you aren't approved. A complete, well-presented package and good interview prep are the best ways to avoid that outcome.

It depends on the building. Condos usually allow LLC and trust purchases and gift funds. Each co-op has its own rules on gift funds, co-purchasing, and LLC or trust purchases. I'll confirm a building's rules before you make an offer.

A transfer fee some co-ops charge when an apartment sells, usually 1% to 3% of the price. It's the seller's cost, but sellers sometimes ask the buyer to cover it. Like everything else in the deal, it's negotiable.