For Buyers: 10 Things to Know When Buying in New York 

1. Budget for closing costs on top of your down payment. In NYC, buyers typically pay 2–6% of the purchase price at closing, depending on whether it’s a co-op or condo and whether you’re financing. 

2. Know the Mansion Tax. Any residential purchase of $1 million or more triggers this progressive NY tax, ranging from 1% to 3.9% of price. It applies to condos, co-ops, and houses alike — there’s no way around it above the threshold. 

3. Factor in the Mortgage Recording Tax if financing. This runs about 1.8% on loans under $500K and 1.925% above that. Co-op buyers generally avoid it since they don’t take a mortgage on real property. 

4. Budget for title insurance (condos and houses only). Owner’s and lender’s policies together typically run 0.4–0.5% of purchase price. Co-op buyers skip this cost. 

5. You’ll need a real estate attorney. New York is an “attorney state” — attorney fees typically run $1,500–$6,000+ depending on complexity, and co-op deals often cost more due to board package review. 

6. Understand co-op vs. condo tradeoffs. Co-ops tend to have lower closing costs but require board approval, financial review, and sometimes a flip tax when you eventually sell. Condos cost more to close but offer more flexibility. 

7. Get pre-approved before you tour. In competitive NY markets, sellers expect a pre approval letter with any serious offer. 

8. Budget for building fees on co-ops/condos. Move-in deposits, application fees, and managing agent fees are common and generally non-negotiable. 

9. Don’t skip the inspection. Especially for condos, townhouses, and houses — this is your chance to catch issues before you own them. 

10. Sign a buyer representation agreement. Since 2024, buyers are required to have a written agreement with their agent before touring homes — your agent will walk you through this at your first meeting. 

A Few More Things Worth Knowing

You’ll receive a Property Condition Disclosure Statement (PCDS) before you sign. Read it closely — it reflects only what the seller knows and isn’t a substitute for your own inspection. 

Check FEMA flood zone maps yourself. Don’t rely solely on what’s disclosed — it’s worth a quick independent look, especially near the coast. 

For homes built before 1978, you’re entitled to a lead paint disclosure and a 10-day window to test for it before closing. 

Ask about open permits or Certificate of Occupancy issues. Long Island has a lot of finished basements and additions done without permits — worth confirming before you buy. 

Note: costs and thresholds above reflect 2026 NY figures and are for general guidance — always confirm exact numbers with your attorney for a specific transaction.