closing costs

Closing costs vary between co-op and condos, also your mortgage lender's closing costs will vary. I've created a spreadsheet to track them as we are in the buying process at the moment. I'm not sure if the co-ops fees are technically considered closing costs, but I define them anyway --

Co-op related fees: move-in bond (refundable); non-refundable application processing fee; non-refundable credit check fee

Lender fees, in our case Chase: application processing fee; underwriting fee; Flood Certification LOL fee; mortgage + interest until the end of the month (will be less if you close later on in the month); points; NY attorney and legal fee (this is the bank's attorney not your attorney). Chase does not have a separate fee for the appraisal, they told me it's included as part of the application and underwriting fees.

Your lawyer's fee

Other fees: UCC-1 filing fee; co-op lien search fee

Your inspector's fee (optional)

Moving costs

Hope this helps!

I just discovered a new fee - Buyers Flip Tax.

I'm looking at a co-op building which charges buyers the flip tax.

All the rules of a co-op....and closing costs like a condo !

Ouch.

Thank you - this is all very helpful.

Oh right the flip tax, but in a buyers market it is typically paid by the seller. There are no hard and fast rules about who pays the flip tax. It is a point of negotiation if you are being asked to pay it.

The big additional cost of buying a condo is the mortgage recording tax which I think is 1.5%. You don't have this tax when you buy a co-op.

dont forget the mortgage tax...mine is close to 20k

mortgage recording tax is around 1.85 in NYC

siegels5 is considering purchase of a co-op, and there is no mortgage recording tax for co-ops.

What about closing costs for a townhouse?