Home Buying in Hewlett>Question Details

Alvy, Home Buyer in Wantagh, NY

Do co-op's usually require closing costs? If so, what would closing costs be for a $250k co-op?

Asked by Alvy, Wantagh, NY Sat Jun 21, 2008

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Its less expensive as there is no mortgage tax to pay
0 votes Thank Flag Link Mon Jun 23, 2008
Prepare for 4-5% of the sales price for closing costs and smile when you walk away with some of that still in your pocket.

Please get a breakdown of closing expenses from your mortgage broker. If you don't have a good mortgage broker, contact me off line at Gail@GailGladstone.com and I will give you the contact info of some I trust.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Jun 22, 2008
Yes, there will probably be closing costs for a co-op. Closing costs are a fact of life for any real estate transaction. They are not paid to the seller, but to the lender (to cover loan origination, appraisal and of the fees), to the county and/or local government (to pay for deed registration, taxes, assessments, etc), to the closing company (for ensuring that your title will be clean, and for dealing with all the transfers of funds), and to the real estate agent(s) for commissions. A Realtor in your area could give you a reasonable estimate of closing costs - they vary wildly from state to state.
0 votes Thank Flag Link Sat Jun 21, 2008
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