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Old 07-15-2013, 01:50 PM
 
39 posts, read 64,004 times
Reputation: 11

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Okay, I made an all cash offer for a coop, I want to know what's the closing cost associate with it?
I didn't use a buyer agent, and there is not flip taxes on that building.

Seller agent told me that since that's cash offer, there is not closing cost. Is it true?

When I do a little research, I found out that there are still other fees such as title research and title insurance. Seller agent told me that I have to pay for it. Can I ask the seller to party these fees also?

How about the sales taxes in NYC?

Thanks!
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Old 07-15-2013, 02:38 PM
 
Location: Manhattan
506 posts, read 839,738 times
Reputation: 251
You're paying cash? I hope it's a small proportion of your net worth! Wouldn't want to be at the mercy of the housing market.
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Old 07-15-2013, 02:45 PM
 
Location: Upper East, NY
1,144 posts, read 2,536,870 times
Reputation: 561
* Attorney fee- $1000-3000 depending on which borough / how ritzy the area is.

* Attorney fee may or may not bundle in the title/lien search and various expenses he incurs - FedEx costs, survey costs - like $100 per

* Filing fees with the city- like $75 if there is no mortgage (which adds more filings)

* Various managing agent costs that amount to ransom payments - application to the co-op, move-in fee, bed bug inspection fee, alteration fee if you plan to renovate- could be $1000-2000.

* Mansion tax - 1% of the sale price if the sale price is over $1 million

* The co-op may require you to purchase HO6 homeowners insurance and provide proof of it at closing- one may or may not count that as a closing cost.
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Old 07-15-2013, 02:46 PM
 
39 posts, read 64,004 times
Reputation: 11
Thanks so much!!!

Quote:
Originally Posted by crescent22 View Post
* Attorney fee- $1000-3000 depending on which borough / how ritzy the area is.

* Attorney fee may or may not bundle in the title/lien search and various expenses he incurs - FedEx costs, survey costs - like $100 per

* Filing fees with the city- like $75 if there is no mortgage (which adds more filings)

* Various managing agent costs that amount to ransom payments - application to the co-op, move-in fee, bed bug inspection fee, alteration fee if you plan to renovate- could be $1000-2000.

* Mansion tax - 1% of the sale price if the sale price is over $1 million

* The co-op may require you to purchase HO6 homeowners insurance and provide proof of it at closing- one may or may not count that as a closing cost.
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Old 07-17-2013, 04:11 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9026
Why does one need a title search for a co-op. All you actually OWN is a stock certificate issued to you by the corporation, and can that ever be liened?
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Old 07-17-2013, 07:02 AM
 
Location: Upper East, NY
1,144 posts, read 2,536,870 times
Reputation: 561
Yes, they can be liened against. Title insurance is usually not necessary as title cannot be transferred without permission of the corporation so you don't have to worry about a fraudulent transfer, but lien searches are normal for co-op transactions.
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Old 07-17-2013, 07:38 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9026
Thank you, crescent. In my very best Johnny Carson: "I did not KNOW that."


Can people get a lien against your corporate stock holdings? Weird concept.
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