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Closing Costs-Is this an accurate representation?

Started by smooshie
almost 16 years ago
Posts: 25
Member since: Dec 2008
Discussion about
I'm planning to buy into a co-op in Brooklyn and am using this corcoran closing cost breakdown as a guide. I know that my bank will give me a cost estimate when I apply for the loan but I wanted to hear from people here at SE. Is this corcoran guide pretty accurate? Are there any costs that aren't listed here, but routinely come up in closings? Those who've had experience with closings, are there any questions I should ask about that process ahead of time? Thanks!
Response by ab_11218
almost 16 years ago
Posts: 2017
Member since: May 2009

it's accurate what they have listed there. just remember the + can be double of what they state.

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Response by smooshie
almost 16 years ago
Posts: 25
Member since: Dec 2008

Thanks. I meant to link to the guide in my post:

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

But if its accurate, how can closing costs be double?

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Response by ab_11218
almost 16 years ago
Posts: 2017
Member since: May 2009

attorney - $1600 to 3K
appraisal - $275 (never heard that number) more like $350-450
bank attorney - $500 to $800
Managing Agent Application Fee - $750 to $1K then they sometimes charge you for the use of the facilities for the closing $500 - 1500

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Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008

The corcoran guide is accurate as to the kind of closing costs you will incur, but not as the amounts (other than the fixed % ones).

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Response by smooshie
almost 16 years ago
Posts: 25
Member since: Dec 2008

Oh, I see. That makes sense. Thank you.

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