Closing Costs - Coop

Most of the brokerage houses have an online list. E.g.,

http://www.elliman.com/reports-and-guides/guides/new-york-city/closing-costs

nycmusiclover, before we tell you about co-op closing costs, can you confirm you enjoy this music not in your apartment?

on a purchase...assuming you are getting a mortgage
appraisal - around $1000
mansion tax - 1% of TOTAL cost if over $1mn
Bank attorney -- about $900
flood fee - $19
credit check fee $25
Your attorney - $2,000 to $3,000
Bank application and processing fee (nonsense but still there) - $900 to $1000
points - up to you
Application to the coop board -- somewhere between $100 and $1000
move in fees -- depend on building, usually a few hundred.
Buying a coop is actually very cheap.
Expect another $500 to $1000 in random stupid fees that may crop up.
that's it/
A condo is a disaster with fees... coops much better

Do you have an attorney? They should be able to give you one or the bank if you have a loan.

Are you paying the transfer taxes?

No transfer taxes on coops

In the interest of keeping this forum from becoming completely useless because of all the erroneous advice;

CO-OP TRANSFER TAXES:

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000 = 1.425%

It's always too late.

jms8 may be thinking of the mortgage recording tax. Co-op share loans aren't mortgages, so don't pay that.