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 |
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