Coop Closing, Details
Coop Closing Costs for a Buyer, all numbers approximate:
Coop Closing (Approximate)
| 1)
|
BANK APPLICATION AND CREDIT
REPORT(IF FINANCING): |
$ |
300.00 |
2)
|
Appraisal: |
$ |
600.00 |
3)
|
Your attorney: |
$ |
1800.00 |
4)
|
Lien Search and Filing: |
$ |
350.00 |
5)
|
Banks attorney (if financing): |
$ |
600.00 |
6)
|
Bank Underwriting fee (if financing):
|
$ |
400.00 |
7)
|
Other Lender fees: |
$ |
700.00 |
8)
|
Recognition Agreement: |
$ |
300.00 |
9)
|
Property Management Agent fee: |
$ |
500.00 |
10)
|
Board Application fee: |
$ |
400.00 |
11)
|
Move In fee: |
$ |
300.00 |
|
SubTotal 1: |
$ |
6,250.00 |
| Plus the following variable costs:
|
| 12)
|
Loan Points: Variable, often zero |
| 13)
|
Prepaid Mortgage Interest (if financing):
Variable |
| 14)
|
Pro Rata Maintenance: Variable |
15)
|
Move In Deposit (refundable): |
$ |
1000.00 |
| SubTotal 2:
the variable costs might typically be $2000 - $4000. |
Typical Total Coop Closing Costs: $8,250.00 to
$10,250.00
NOTE: if the purchase price is
$1,000,000 or greater, in addition to the above closing costs, you
have to pay a 1% mansion tax to the state.
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