Closing Costs

I don't but Ali ("frontporch") may have something like that--maybe she'll weigh in. Coop closing costs are pretty minimal compared to say, new condos. There is a 1% mortgage recording tax, a real estate transfer tax, and then the minimal fees to lawyers, management company and misc.

Here's a good one. Hope it helps.

http://media.halstead.com/doc/HalsteadClosingCosts.doc

Buyer%u2019s Attorney: Consult your attorney
Bank Fees: $350-$750
Application Fee: $350
Processing Fee: $330
Appraisal Fee: $300-$1,500 (depending on sales price)
Credit Report Fee: $10.10 single/$15.20 joint
Bank Attorney: $650-$750
Lien Search: $250-$350
UCC-1 Filing: $100

ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges: Vary by building
Recognition Agreement Fee: $200
Maintenance Adjustment: Pro-rated for the month of closing
Short Term Interest: Equal to interest for balance of month in which you close

sophia.anzaroot@elliman.com

10% of sale for broker and fees

manhattanfox, I think the OP was asking from the perspective of a buyer. Buyers don't pay brokers' fees. The real expensive items are the real property transfer taxes and the mortgage recording taxes if you consider those closing costs, versus generic transactions costs. Regardless of what you consider them, it is money you have to pay to own a place.

Appraisals and other bank fees such as bank attorneys are sometimes waived by the lender. I paid virtually no bank fees last summer with the lender waiving them all including appraisal and attorney costs and search fees.

About $8-10K. Details here:

http://www.frontporchllc.com/2006/05/im-buying-for-the-first-time-how-badly-am-i-going-to-get-socked-on-closing-costs/

The real variable is buying down the interest rate on your loan, i.e., "paying points' -- and with current mortgage rates, it most probably make sense to do that. Consult with your mortgage lender, but my $8K-$10K estimate includes the cost of one point on a $420K loan, which would be $4,200.

The other thing that's not mentioned in the Elliman quote (but is in the Halstead one, and is in my numbers) is the idea that when you move into a co-op, you're going to get charged both a fee and a deposit to move into the building. Those aren't "true" closing costs, but they are checks you're going to need to write, so I think you might as well count 'em.

ali r.
{downtown broker}

front_porch:

I'm in the process of buying a condo ($450k - 2br). I know there is a mortgage recording tax, but doesn't the seller pay the transfer tax in the case of a condo if it's not a sponsor unit?

hypnotik: yep. Everything's negotiable, but seller generally pays RETT on condo resales.

ali r.
{downtown broker}