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
Estimated Cost Notes
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
Lien Search $350
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
Categories: Closing Cost

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