Closing Costs

http://www.corcoran.com/guides/index.aspx?page=ClosingCosts

Don't forget to add the misc. fees.

thanks VERY HELPFUL

Here are the fees from the hud on my last several coop closings.
$790 lender fee
$795 closing attorney
$575 appraisal fee (paid out of pocket)
$300 lien search
$75 filing ucc (paid out of pocket)
-$410 credit (average closing cost credit I gave borrowers)
Hope this helps. It shouldn't be much different from lender to lender.
sunny.hong@bankofamerica.com

Of course there are additional taxes (mortgage tax, mansion tax for units over $1MM), some attorneys charge more like $2500, the coop may include some nominal fees. In sum, I think closing costs for a typical coop are about 2% of purchase price.

thats a big differance in atty fees...790 vs 2500....do they usually charge a flat fee for soup to nuts service ..ie contract signing/closing, etc

I think the $795 is the bank's attorney fee.
Your own attorney will be about $2500

and your own attorney is probably the last area you want to bargain hunt...my atty for my current purchase is 3k

Is there a mortgage recording tax for a coop? If thought that was only for a condo.

There is no mortgage tax for coops. But there is mansion tax for a purchase price above 1M. Yes, the $795 is a bank attorney which is required in NY. Your own attorney fee will be determine between you and the attorney. And yes, the coop may charge their own fees but isnt isnt included on the hud. Those charges may be for the coop questionnaire, board application package, etc. sunny.hong@bankofamerica.com

So far....
Atty $2500
Coop App Fee $1500
Management Fee $ 350
PLUS comments above
Lender Fee $790
Closing Atty $795
Appraisal Fee $575
Lien Search $300
Filing UCC $75
TOTAL thus far $6885 OR 2% of purchase price...........Should i expect any other fees here? Mortgage app, etc?

Move-in fee and move-in deposit to the building -- maybe another $500-$750 each, you'll get one back, one you won't.

ali r.
DG Neary Realty