FOR THE PURCHASER
Mortgage Closing Costs
Consult your attorney ( $1000-$1800 approx)
$300â€“$1,500 (depending on sales price)
Credit Report Fee:
$10.10 single/$15.20 joint
May also be a flat fee of $50-$75.
UCC-1 Filing Fee:
1% of entire purchase price where price is $1,000,000
or more, if applicable.
ADDITIONAL REAL ESTATE EXPENSES
Miscellaneous Co-op Charges
Vary by building ($500-$1200 approx).
Recognition Agreement Fee:
Pro-rated for the month
Short Term Interest:
Equal to interest for balance of month in which you close.
I hope is is of some help to you. If you require any additional information or if you are not currentlly working with a Broker, I would like to offer my services to you. Be aware that you don't pay me, the seller does.
Joseph C. Hastings
Prudential Douglas Elliman real Estate
The majority of closing cost in a co-op purchase are determined by the lender. Generally speaking, most lenders charge an application/appraisal fee, lien search, and a bank attorney fee. Some also charge a processing fee, or an underwriting fee. The loan officer of the lender wioth whom you are interested in doing business should be able to give you a rough estimate of the bank fees.
In addition, there are co-op fees as well. Co-ops usually charge an application/credit search fee when applying to the Board and the co-op transfer agent charges a fee for reviewing certain loan documents if financing is applicable. These fees vary from Board to Board.
A ballpark estimate of all charges would be $3,500 to $4,000. Please feel free to call my office for a no-obligation consultation or see my website.