Understanding Closing Costs in NYC

What are Closing Costs?

Closing costs are fees associated with your home purchase that are paid at the closing of a real estate transaction. Closing is the point in time at which the title of the property is transferred from the seller to the buyer.

Common NYC Closing Costs for Buyers:

• Attorney Fees
• Title Insurance
• Mortgage Recording Tax
• Mansion Tax (if applicable)
• Appraisal Fees
• Inspection Fees
• Bank Fees

Understanding these costs upfront is crucial for budgeting your NYC home purchase effectively.