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Need an Apartment To Rent in Manhattan?

Do you wish to Buy or Sell a Coop or Condo in the city?


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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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