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Buyer's Guide

Read below to learn about the buying process.

DIFFERENT TYPES OF OWNERSHIP

In New York City, there are four property types:

TIPS FOR OBTAINING A MORTGAGE

Since securing a mortgage can be overwhelming, it’s best to:
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CLOSING COSTS

Closing costs vary depending on whether you are purchasing or selling your home, and also depending on whether the property is a cooperative versus real property (e.g., condominium or single-family home). As closing costs can be significant, it is important to have an understanding of them as you plan for your purchase.

Title Insurance, Title Search & Recording Fees** Approximately 0.5% of purchase price.

Building Searches Recording Charge

Real Estate Tax Escrow

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If Purchased Directly from Sponsor

NYC Real Property Transfer Tax

NYS Transfer Tax Sponsor’s Attorney Fee

$200 - $400

$17 per document plus $5 per page 2-6 months (verify with bank)

1% of purchase price if $500,000 or less
1.425% of purchase price if over $500,000 of the entire amount 0.4% of purchase price
$2,500 + up *

* Check with bank/mortgage broker for additional fees. New York State Law requires a written letter of engagement if the legal fee will exceed $3,000. Non New York State residents should procure exemption for state transfer tax forms (TP584).

** These costs apply to real property only, not to cooperatives.
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative. Compass agents are here to ensure your experience is easy, seamless and positive. Enjoy!

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