Bank closing cost estimate

If you are buying a sponsor unit in a co-op then you may indeed be paying the transfer taxes, if not then the seller should be paying. That said it should all be in the contract you signed or the deal sheet that went out prior to the contract.

And also the bank estimate could be completely wrong, would not be the first time. I would certainly check with your attorney as well.

It gets listed as your expense for some reason on the banks GFE, but is most likely being paid by the seller. For some reason this is how the banks write the estimates. Just check with your attorney to confirm who is paying.

Keith Burkhardt
TBG

Ah got it. I will check with my attorney. Thanks for the help.

Just seems like a weird practice to put that in the GFE when in general you wouldn't pay it

GFE is designed to overestimate your costs. Everything is in response to the subprime crisis. If they do not list it on the GFE, they cannot collect it from you (the bank will be responsible). Therefore anything that you could possibly pay is listed on the GFE and your final costs will likely be less. With transfer tasks, it should be easy to figure out if you or seller has to pay it.

The bank is required to disclose any "possible" fees associated with your co-op purchase.The mortgage banker should have advised you of this. The bank will follow whatever the is written in the purchase contract.

How much is the unit?

Does the bank include flip tax (if your paying it) in the transfer tax?

Does the bank gross up the transfer tax (all of them) so they are safe with their disclosures?