Closing costs for co-op buyer

Assuming you are getting a mortgage, maybe $6,000- $3500 bank fees+co-op fees, $2500 lawyer.

the cost of the coop doesn't go into the closing costs unless you are paying points. you can assume about $10K.

Read "The New York Co-Op Bible" by Sylvia Shapiro. Best one-stop reference for the co-op buying process, including all the hidden costs that you might not be aware of.

Titlevest.com has a very good closing costs calculator.

Keith Burkhardt
TBG

Second the Shapiro book recommendation. Strand probably has an inexpensive used copy.

Your lawyer (remember how much people love attorneys on this board?) should be figuring this out for you.

One reason is that if you look at most online closing cost "lists," they include charges that are indeed closing costs, but that you've already paid for pre-closing (e.g. the appraisal).

Another reason is that it's tough to boilerplate, as some of the charges you're going to see are going to be specific to the building you're purchasing in. For example, many of the closing cost calculators online don't take into account the fact that you'll probably have to write two move-in checks to the building, one for a deposit (which you'll get back if your movers don't put a hole in the hallway halls) and one for a fee (which is a number that should be mentioned part of your purchase application.)

All that said, ab's number of $10K will probably cover most situations where you find yourself spending $450K on a co-op.

ali r.
DG Neary Realty

The Titlevest calculator is the same one your attorney will use. as Ali said there may be some building specific fees, add them in. It will generate a HUD 1, Title bill and Closing statement. It may not be to the penny, but it will get you cose. You do have to sign up for an account, that will also give you access to offering plans (not always complete, but it's a start).

$450k coop purchase assuming 80% LTV? Wld be arnd $8,600 give or take.

Play around with this calculator yourself:

https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

Come on JR. It is a 7 year old thread. Be a little more honorable in promoting Hauseit. Just buy some ads in Streeteasy and pay them some money. Who owns Hauseit anyway? Who is the CEO? The website does not show any ownership or management.