Buying in Queens comes with more than the purchase price. The final wire you send at closing includes taxes, lender and legal fees, building charges, and a few line items that surprise many first-time NYC buyers. You want clean numbers before you make an offer so you can negotiate confidently and avoid last‑minute stress.

This guide breaks down typical buyer closing costs in Queens by property type, highlights the biggest drivers of variability, and shows you how to budget with simple, real‑world examples. You will also get a pre‑offer checklist and a quick timeline for when cash is due. Let’s dive in.

Quick budget rule of thumb

• Co‑ops: budget about 1%–3% of the purchase price.
• Condos: budget about 2%–5% of the purchase price.
• New developments or sponsor resales: budget about 2%–6% of the purchase price.

These are planning ranges. Your totals may be higher if you have a large loan, a high purchase price, or sponsor fees. Confirm exact numbers with your attorney and lender.

What closing costs cover

Purchase taxes and transfer charges

• State transfer or documentary tax may apply. Who pays is negotiated in the contract, so budget for it unless it is clearly assigned to the seller.
• NYC Real Property Transfer Tax can be a material line item on condo transactions and some co‑op deals, depending on structure and contract terms.
• Co‑op specifics: co‑ops transfer shares and a proprietary lease, not a deed. That can change how taxes apply and who pays. Contract language controls.

Mortgage and lender costs

• Mortgage Recording Tax applies if you finance and record a mortgage. It is assessed on the loan amount and can be several thousand dollars on typical NYC loans.
• Lender fees may include application, underwriting, processing, and a lender attorney fee.
• Appraisal usually ranges from about $400 to $1,200 depending on size and complexity.
• Small third‑party items include credit reports and flood determinations.

Title, recording, and searches (mostly condos)

• Title insurance includes owner’s and, if financing, lender’s policies. Premiums scale with price and loan amount and can run into the low thousands for many transactions.
• Recording fees for the deed and other documents are usually a few hundred dollars.
• Title search and closing agent charges vary by provider.

Attorney and closing agent

• Buyer’s attorney is customary in NYC. Fees vary by complexity and scope.
• If a title company acts as closing agent, a closing fee may apply.

Co‑op building items

• Board application and background check fees are common.
• Move‑in fees and elevator deposits vary by building.
• Flip taxes are typically paid by the seller but can be negotiated. If you agree to pay, it is a significant added cost.
• Co‑op purchases generally do not use traditional title insurance, since you are buying shares rather than a deed.

New development and sponsor items

• Sponsor attorney fee is often charged to the buyer and can be several thousand dollars.
• Sponsor processing or filing fees and move‑in fees may apply.
• Interim occupancy payments may be due before you receive title. These can be several thousand dollars per month until final closing.

Adjustments and prepaids

• Prorations for property taxes and common charges or maintenance reimburse the seller for prepaid amounts.
• Lenders may collect several months of reserves for taxes or common charges.
• Prepaid interest depends on your closing date.

Miscellaneous

• Optional items like home warranties.
• Courier or overnight fees for document handling.
• Escrow or impound reserves if your lender requires them.

Co‑op vs condo vs new development

Co‑ops in Queens

Co‑ops often have the lowest closing costs for buyers because there is no deed to record and traditional title insurance is not applicable. You will still budget for your attorney, co‑op application fees, move‑in items, and any lender costs if you finance. The largest swing factor is whether you take a mortgage.

• Example: $600,000 co‑op. At about 1%–3%, plan for roughly $6,000–$18,000 in closing costs. Line items typically include board fees, your attorney, appraisal and lender fees if financing, and prorations.

Condos in Queens

Condo purchases include deed recording, title insurance, and often a Mortgage Recording Tax if you finance. These add up to more than a comparable co‑op. Negotiations can shift who pays certain taxes, but you should budget assuming you will carry your share.

• Example: $1,000,000 condo. At about 2%–5%, plan for roughly $20,000–$50,000. Major components include title insurance, Mortgage Recording Tax if applicable, your attorney, appraisal and lender fees, recording charges, and prepaids.

New developments and sponsor resales

New developments often carry the highest buyer costs because sponsors may shift attorney and administrative fees to the buyer. Interim occupancy before condo conversion or final closing can add meaningful monthly outlay that sits on top of your closing budget.

• Example: $1,200,000 new development. At about 2%–6%, plan for roughly $24,000–$72,000, excluding any monthly interim occupancy payments. Add sponsor attorney fees and move‑in or filing fees where applicable.

Important: These examples are planning aids. Exact taxes and fees depend on your contract, loan structure, and building or sponsor policies. Always confirm with your attorney and lender.

How financing changes totals

• Larger loans increase the Mortgage Recording Tax and the lender’s title policy premium on condos.
• Some lenders collect several months of reserves for taxes or common charges, which raises cash needed at closing.
• Rate locks, points, or specialized loan products can add or shift costs. Ask for a preliminary Loan Estimate for a clearer picture.

New development nuances in Queens

• Interim occupancy means you may start paying the sponsor monthly before you receive a deed. This is separate from your mortgage and common charges and can last until conversion or final closing.
• Sponsors may require buyers to pay their attorney fee and certain filing or processing fees. These can be several thousand dollars and should be disclosed in the contract and offering materials.
• Assignment of a purchase contract can trigger additional sponsor fees if you plan to assign before closing. Confirm policies in writing.

Pre‑offer checklist

• Ask who pays each tax or fee. Clarify transfer taxes, sponsor attorney fees, flip taxes, and any concessions.
• If you plan to finance, request a preliminary Loan Estimate that shows lender fees, Mortgage Recording Tax, and cash to close.
• For co‑ops, confirm board application fees, move‑in rules and deposits, any flip tax, and whether there is an underlying building mortgage.
• For new developments, request documents that outline interim occupancy terms, expected conversion timing, and sponsor charges.
• Build a 10%–20% cushion over your estimate for prorations and small adjustments.

Simple budgeting worksheet

• Step 1: Choose your property type and price. Use the ranges above to set a ballpark percentage.
• Step 2: Add loan‑related items. If financing, include Mortgage Recording Tax, appraisal, lender fees, and lender’s attorney.
• Step 3: Add property‑type items. For condos, include title insurance and recording. For co‑ops, include board and move‑in fees. For new developments, include sponsor attorney and any stated sponsor fees.
• Step 4: Add prepaids and reserves. Include tax and common charge reserves and prepaid interest.
• Step 5: Add a cushion of 10%–20% for adjustments and negotiations.

When cash is due

• Contract deposit is typically due shortly after contract signing.
• Appraisal and certain lender fees are often paid during underwriting.
• Most closing costs, taxes, and remaining down payment are paid at closing by wire.
• Interim occupancy payments for new developments begin when you take occupancy and continue until final closing.

Common pitfalls to avoid

• Underestimating interim occupancy. Monthly sponsor payments can be significant and last longer than expected.
• Missing sponsor or building fees. Ask for a complete schedule of charges before you sign.
• Assuming co‑ops are fee‑free. Application, move‑in, and potential flip taxes can add up.
• Ignoring lender reserves. Escrows for taxes and common charges increase cash needed at closing.
• Relying on calculators without verification. Confirm current NYC and NYS tax schedules with your attorney and lender.

Verify exact numbers

Closing cost schedules and tax rates change. Your attorney, lender, and official NYC and New York State tax resources should confirm your exact totals for your specific transaction. Ask for written estimates and keep them updated as your deal progresses.

Ready to move forward with clarity and confidence in Queens? Reach out to the Thurber Team for tailored guidance on budgeting, negotiation strategy, and selecting the right property structure for your goals.

FAQs

What are typical buyer closing costs for a Queens co‑op?

• Plan for about 1%–3% of the purchase price, covering your attorney, co‑op application and move‑in fees, lender costs if you finance, and prorations.

How much should I budget for a Queens condo purchase?

• Budget about 2%–5% of the price, including title insurance, Mortgage Recording Tax if you finance, lender and attorney fees, recording fees, and prepaids.

Who pays NYC transfer taxes in Queens condo deals?

• It depends on the contract and negotiations. Some sellers cover them, but you should budget for them unless your agreement assigns them to the seller.

Do Queens co‑op buyers need title insurance?

• Traditional title insurance is generally not applicable to co‑op share purchases. Discuss search alternatives and risk mitigation with your attorney.

What makes new development closing costs higher?

• Sponsor attorney and administrative fees, plus potential interim occupancy payments before final closing, often push totals into the 2%–6% range or higher.