Closing costs for a co-op vs. condo

closing costs used to be higher for new construction condo because the developers would make the buyers pick up RETT -- real estate transfer taxes -- which on resales are typically paid by the seller.

However, in the softening market, new development sellers will often pay RETT now, so you can negotiate for that.

For more details on closing costs, go to www.frontporchllc.com and type "closing" into the search box on the right.

ali r.
{downtown broker}

Today, try to negotiate closing cost at no cost from you.

lookinginnyc, Corcoran has a good page on this:

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

Closing costs are usually higher for new construction, though depending on the building, you may now be able to get the sponsor to pay some or all of those costs.

Generally, closing costs for condo (new or old) are higher than coops because of mortgage tax alone (1.8%-1.925% based off loan amount) and title insurance alone. Coops do not have mortgage tax nor title insurance (just a lien search and UCCs). Banks fees are the same whether its a condo or coop. With new development condos there miht be the addition of transfer tax (1.4%-1.825% based off purchase price). Hope this explains. If you would like specific scenarios, please feel free to email me at sunny_hong@countrywide.com.