These co-op buyer’s closing cost estimates provide an idea of how much additional funds are needed at the actual closing. The buyer’s attorney will provide a worksheet with numbers closer to the actual cost prior to the closing of the co-op unit.
Learn how a buyer rebate can help offset some of the co-op buyer’s closing cost.
|For the Buyer of Co‑ops
|Buyer’s Attorney||$1,000 – $2,500+|
|Managing Agent / Processing Fee||$500+|
|Recognition Agreement Fee||$200+||Co-op recognizes that the bank has a loan on the property|
|Move-in Fee||Varies by building||Refundable if no damage during move|
|Mansion Tax||1% of price if purchase is over $1 million dollars|
|Maintenance Adjustment||Pro-rated for month of closing||To ensure no interruption of co-op unit’s monthly maintenance fees|
|Mortgage – Bank Attorney||$500 – $1000+||Represents the lender|
|Mortgage – Points origination costs||0 to 3% of loan amount||Paying points up front decrease monthly mortgage amount|
|Mortgage – Administrative fees||$500+||Bank fee, application fee, processing fee, credit check|
|Mortgage – Appraisal||$400+||Lender orders appraisal for co-op unit to ascertain that collateral value|
|UCC1 Filing||$100||Legal form to indicate lender has lien on buyer’s stock certificate and proprietary lease|
|Short Term Interest||Interest for the balance of month on closing||Lender gets paid the interest from date of closing to end of the month|