We came across a sponsor unit (in Westchester)- it is a rental building recently converted into a condo. I understand there might be additional fees

Asked by Latexbunny, Hastings-on-Hudson, NY Fri Oct 11, 2013

for the buyer(transfer tax, attorney fees). What else should we be mindful of? Also, would using a buyers agent be necessary in this case? Thank you!

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Robert Grana…, Agent, Bronxville, NY
Fri Oct 11, 2013
A buyer's agent is protection for you, and will be working only in your best interests. The sponsor (or his agent) is not required to disclose information that could be detrimental to your new home's future value . . .future building project that may be in the planning stage for one. Cell tower, halfway house for pedophiles. Adult entertainment (Strip club) Night club with outdoor space, the beat goes on.
0 votes
Thank you for the answer.
Flag Fri Oct 11, 2013
Christopher…, Agent, Tarrytown, NY
Fri Oct 11, 2013
Hi, It always helps to have a buyers agent representing you in terms of negotiating and navigating through the laws, paperwork, and process. In NY, unless the property is a foreclosure, the seller pays the NY State transfer tax of $4 per every thousand of the transaction. Condos do have application fees that vary, some have capital improvement fund contributions required (I've seen up to 3 months at closing), and there may be some other unique fees due. As a buyers agent I always call the management company to inquire about all fees associated, protocol, and if there are any assessments. You can plan on closing costs being around 3%-3.5% of the purchase price. I hope this helps!


Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
0 votes
Thanks for your reply. How will the buyer's agent fee be handled in this case?
Flag Fri Oct 11, 2013
Rey Hollings…, Agent, White Plains, NY
Fri Oct 11, 2013
A buyers agent will help you ...
1) View the home with you and provide comparative analysis. The agent can also refer you to expert professionals who’ll provide more in-depth analysis and advice.
2) Help you explore your financing options so you make the best possible mortgage decision.
3) Negotiate the best possible price for you and take care of all the documentation details.
4) Assist you, if necessary, in finding any home-related services you need.

If you need additional assistance...@AskReynet.

Visit AskRey.net for 100% of the MLS Listings!

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
Web Reference:  http://Askrey.net
0 votes
Thank you!
Flag Fri Oct 11, 2013
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