Home Buying in Queens>Question Details

Joice_ong, Home Buyer in Great Neck, NY

Buyer pays for seller's co-op fees when it's an estate sale?

Asked by Joice_ong, Great Neck, NY Thu May 2, 2013

I'm purchasing an estate sale co-op property. A public administrator is acting as the seller since the owner was deceased. We're in the contract signing phase and they are asking me to pay for seller's move-out fee and processing fee as well as seller's attorney's travel fee if closing location is at the co-op management office. All these was not mentioned to me when we were negotiating the sales price. Is this a common practice that buyer pays for seller's fees in an estate sales?

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No, it is not common practice-but is done-The administrator has a fiduciary duty to get the most money for the estate(sellers behalf). It is up to your agent and your attorney to negotiate on your behalf.....maybe you can meet in the middle, especially if you are getting a great price?? or not give in at all. Terry 718-614-3167 TKorahais@elliman.com
0 votes Thank Flag Link Thu May 2, 2013
What is your agent, and or attorney suggesting....If the fees were not disclosed beforehand, ask that the seller pay the fees, or ask your agent to try to negotiate them now, or depending on the amount, move on plenty of units to choose from....
0 votes Thank Flag Link Thu May 2, 2013
Hello Joice,

Those sound minor to me (in the scheme of things) but should have been negotiated, or disclosed by the listing agent as part of the bidding process. While it makes sense that the administrator would ask you to pay those fees, since they were not disclosed, you should ask that they be paid by the seller.
0 votes Thank Flag Link Thu May 2, 2013
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