Closing costs vary depending on your role in the transaction and the type of property you are purchasing. The following general guidelines should help you understand the basics:

The seller's closing costs are basically the same for a co-op or a condo. The approximate costs are:

NYC Transfer Tax	1% of purchase price under $500K, 1.425% if over $500K and $25 filing fee
NY State Transfer Tax	.4% of the purchase price
Attorney Fees	$1,000 - $2,000 (depends on the attorney and the transaction)
Managing Agent Fee (co-op only)	$350 - $750 varies by building and management company
Flip Tax (co-op only)	Varies, not all co-ops have one.
Capital Gains Tax	Consult your accountant or tax professional
Brokerage Fee	Generally up to 6%

The closing costs for the purchase of a co-op are significantly less than that of a condo because there is no mortgage tax or title insurance (because a co-op is not considered real property). The approximate costs are as follows:

Board Application	$100 - $500 (not including move-in deposit/fee)
Lien Search	$275 - $300
Attorney Fee	$1,000 to $2,000 (depends on attorney and transaction)
Managing Agent Fee	If no financing, usually no fee.
If Financing	approximately $300
With Financing	Usual loan closing costs (consult with mortgage broker).
Mansion Tax	1% of the purchase price if $1,000,000 or more.

Closing costs on the purchase of a condo relate directly to the purchase price, the amount or mortgage taken by the purchaser and the county in which the property is located. For the purposes of this example, I will use a $600,000 condo with a $480,000 loan (80% financing). For this example the costs are as follows:

Title insurance premium (owner's policy)	$2,916
Title insurance premium (lender's policy)	$611
Endorsements	$100
Municipal Record Search Fee	$285
Bankruptcy Record Search Fee	$160
Document Recording Fee	$250
Mortgage Tax	$8,375
Title Closer Fee	$150
Attorney Fee	$1,000 - $2,000 (depends on the attorney and the transaction)
With Financing	Usual loan closing costs (consult with mortgage broker).
Mansion Tax	None in this example. 1% of the purchase price if $1,000,000 or more.

The purchase of a sponsor sold apartment (condo or co-op) is the purchase of the apartment from the developer of the building or from the owner of a rental building that is being converted to a co-op or condo.

In this transaction it is standard for the purchaser to pay certain closing costs that are ordinarily paid by the seller in addition to the purchaser's usual closing costs list above. The seller's costs paid by the purchaser in the sponsor transaction are:

NYC Transfer Tax	1% of purchase price under $500K, 1.425% if over $500K and $25 filing fee
NY State Transfer Tax	.4% of the purchase price
Sponsor's Attorney Fees	$1,000 - $2,000 (depends on the attorney and the transaction)

The purchaser's closing costs on a sponsor transaction are significantly high compared to a usual transaction. The payment of these costs by purchaser is negotiable, but most sponsors do not budge unless the apartments have not been selling and they are desperate. * Note: Additional filing, bank and financing fees vary between transactions.