How much cash you need to buy an apartment in NYC depends on whether you are buying a co-op or condo, the size of your mortgage, and your desired down payment amount. As a general rule of thumb, you need to have 21% to 22% of the purchase price in cash to buy a co-op (assuming 20% down) and 22% …
The Mortgage Recording Tax in NYC is a buyer closing cost levied on all new mortgages funded. The tax ranges from 2.05% to 2.80% and consists of both a New York City and New York State component. The Mortgage Recording Tax is paid by buyers. The Mortgage Recording Tax Does Not Apply to Co-ops The Mortgage Recording Tax in NYC …
Buyer closing costsin NYC are lower for co-ops than condos because co-ops are not considered to be ‘real property.’ Condos have two additional buyer closing costs as a result of being considered real property (like houses and land). These additional closing costs are the NYC & NYS Mortgage Recording Tax as well as Title Insurance. To estimate your buyer closing …