Genna, Home Buyer in Brooklyn, NY

condo closing fees

Asked by Genna, Brooklyn, NY Thu Jan 17, 2008

I would like to now what the different condo closing fees are?

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Ann Marie Kiernan’s answer
BEST ANSWER
Genna,
In addition to your general closing costs including attorney fees, insurance etc...a conominium board will usually require one month of common charges to be paid in advance and also may require the buyer to give the board power of attorney to make decision on behalf of the entire condominium. The fee for this is estimated at $25. Generally w/ new construction, a contribution of capital is put toward the condo boards general budget for operating expenses and usually is equal to two months of common charges.
It could vary depending on the complex and would be happy to discuss with you more in detail.
Ann Marie
1 vote Thank Flag Link Thu Jan 17, 2008
Genna -

I know the local Realtors will chime in and will have a more accurate answer.
For us here in California, normally there is a "document transfer fee" that the home association charges to publish the by-laws and related documents for the buyer and for the escrow/title company. Many times this is less that $100 but I have seen it as high as $250.

The HOA dues are prorated so depending on your closing date, those fees could be added into your closing costs.

CJ
1 vote Thank Flag Link Thu Jan 17, 2008
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