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The following guide will give you general closing costs associated with the purchase or sale of a cooperative or condominium. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Importantly, we do not represent that these are the entirety of potential costs, but are only to be used as a guide.
Typical Estimated Closing Costs: Cooperative Apartments for the Buyer:
- Own Attorney: Consult your attorney
- Bank Fees: $350 - $750
- Application Fee: $350.00
- Processing Fee: $280
- Appraisal Fee: $300-$1,500 (depending on sales price)
- Credit Report Fee: $9.80 single/$14.60 joint
- Bank Attorney: $750
- Lien Search: $250-$350
- UCC-1 Filing Fee: $100
- Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
ADDITIONAL REAL ESTATE EXPENSES
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Miscellaneous Co-op Charges: Vary by building
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Recognition Agreement Fee: $200+
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Maintenance Adjustment: Pro-rated for the month of closing
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Short Term Interest: Equal to interest for balance of month in which you close.
Note: Closing Costs may vary, therefore, please consider this only an estimate of charges.
Typical Estimated Closing Costs: Condominium Apartments for the Buyer
MORTGAGE CLOSING COSTS
- Buyer’s Attorney: Consult your attorney
- Bank Fees: $350-$750
- Application Fee: $350
- Appraisal Fee: $300-$1,500 (depending on sales price)
- Credit Report Fee: $9.80 single/$14.60 joint
- Bank Attorney: $750
- Tax Escrows: 2 to 6 months
- Recording Fees: $200-$500
- Mortgage Tax: 1.80% of amount of mortgage on loans under $500,000; or 1.925% of amount of mortgage on loans of $500,000 and over
- Fee Title Insurance: Approx. $400 per $100,000 of sales price
- Mortgage Title Insurance: Approx. $200 per $100,000 of mortgage amount
- Municipal Search: $350
- Mansion Tax: 1% of entire purchase where price is $1,000,000 or more.
ADDITIONAL REAL ESTATE EXPENSES
- Common Charge Adjustment: Pro-rated for the month of closing
- Real Estate Tax Adjustment: Pro-rated depending on when the tax is collected
- Miscellaneous Condominium Charges: Vary by building
- Short Term Interest: Equal to interest for balance of month in which you close
Note: Closing costs may vary; therefore, please consider this only an estimate of charges. |
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