March 2015 Newsletter
The Cooperator published an article in January 2014 describing the role of attorneys for cooperative or condominium corporations. A cooperative and condominiums attorney’s role should be keeping litigation at bay and making sure all organizational and contractual documents are negotiated and executed properly. The goal is to find an attorney who will manage legal matters…
TYPICAL NEW YORK CITY COOPERATIVE AND CONDOMINIUM CLOSING COSTS FOR PURCHASER Typical Co-Op Closing Costs Typical Condo Closing Costs FOR THE PURCHASER FOR THE PURCHASER Own Attorney: Consult your attorney Own Attorney: Consult your attorney Bank Fees: Points: 0% to 3% of loan value Bank Fees: Points: 0% to 3% of loan value Application Fee: $500+ (Credit Report, etc) Application…
TYPICAL NEW YORK CITY COOPERATIVE AND CONDOMINIUM CLOSING COSTS FOR SELLER Typical Co-Op Closing Costs Typical Condo Closing Costs FOR THE SELLER FOR THE SELLER Broker: Typically 6% depending upon size and marketing Broker: Typically 6% depending upon size and marketing Own Attorney: Consult your attorney Own Attorney: Consult your attorney Co-op Attorney: $500+ Processing Fee: $450+ Flip Tax: 1% to 3%…
SOME NEW YORK CITY COOPERATIVES ARE ALLOWING LLCs TO PURCHASE As New York real estate values soar, some New York City co-op boards have begun to allow residents to purchase their units with limited liability corporations (LLCs). In additions, some boards are allowing residents to change their ownership from individual to family trust. Boards are…
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