Costs associated w/buying a CO OP (Deposit: sale, broker)

[Ragazza89]

Hi Everyone,

I know there's a bunch of people on here who have experience with purchasing Co ops. After looking and looking for the year and half I finally had an offer accepted on a 1bdrm unit. As I'm getting deeper and deeper into the process, I'm learning of all of these fees and costs associated with buying...it's definitely a lot more than I anticipated, but I wanted to get some feedback on here to see what others have paid to get their co-op...

Here's what I'm looking at so far:

Buyers Agent: $4,000 (the Co Op is FSBO, so I have to pay the commission)
Lawyer: $1,200 ish
Closing: $3,500 ish
Building Application: $335
Management Co. Questionaire: TBA

Deposits:
SONYMA: 1% of sale price (to come back to me at Closing)
Good Faith Deposit (Bank) $400 ( to come back to me at Closing)
Move In Deposit for building - $1,500


To me, this sounds like a lot for a tiny 1 bdrm co cp...but is this the norm? I can only imagine what it must be for a house!

[Jdawg8181]

I didn't have to pay broker fee b/c the seller paid that. I also had no application fee for my building nor any of those other "deposits" you have listed. Should have bought my old one when I told you about it being available.

Anyway, every board is different, so if that's what is required, that's what is required.

[Ragazza89]

Originally Posted by Jdawg8181

I didn't have to pay broker fee b/c the seller paid that. I also had no application fee for my building nor any of those other "deposits" you have listed. Should have bought my old one when I told you about it being available.

Anyway, every board is different, so if that's what is required, that's what is required.

Thanks Jdawg. I think you mentioned a studio that you had. It would have been too small for 2 people + cat.