Closing Cost for NYC apartments
Condominiums, co-ops, Brownstones and Townhouses
About Closing Costs
Closing costs for nyc apartments vary depending on many factors. Are you a buyer or a seller. Are you buying a cooperative, a condominium or a house. Closing cost for nyc apartments are listed on the tables above, to give you a guide of what you can expect, depending on the type of NYC apartments closing cost will have more or less fees. For instance condominiums will have a title search fee, while coops will have a lien search fee.
2 different type of properties with two different type of ownership search fees. In the end we recommend that you spea to your real estate attorney in regards to closing cost for nyc apartments. Remember also to hire an attorney that specializes in New York city real estate as opposed to hire a family friend who is an attorney and handling divorce cases. New York city real estate is a very complex transactions, that requires a specialized real estate attorney, that understand the intricacies of a NYC coop and condos.
Let me give you an example. Years ago I was buying a coop sponsor unit in queens. The coop sponsor was issuing coop unsold shares to me as a buyer. That meant that I did not have to go in front of the board of directors of the building, like all the other buyers. Furthermore as long as I did not move into the unit, I could rent the unit to anyone without the need of board approval. Unfortunately the attorney I hired to represent my purchase, never heard or unsold shares in a coop and did not understand how could I purchase a unit in a coop and not have to go through board approval.
Since this was a not a primary residence and only an investment for me, the attorney recommended not to purchase the unit. Thanks to my many years spent selling real estate, I decided to fire this attorney and hire a New York real estate attorney that was familiar with unsold share units in coops. Years later I am glad I knew enough not to pass on a great investment and switch attorneys immediately.
Facts about Closing Cost
It is very important to hire an attorney expert in New York city real estate that have done many deals in NYC. Dont make the same mistake I made and waste time with an attorney that is not familiar with New York city real estate, even if this is a close friend or even a relative. A lot of money is at stake in perhaps the biggest transaction of a lifetime. Your home!
Also is important to remember that the price of the apartment is a factor on how you will be paying for closing cost for nyc apartments. If you are spending any amount of a million dollars, you will have to pay what is called the mansion tax
Closing cost for nyc apartments may be higher depending on how are you using the property your are buying. Will this be a primary residence or a second home. We now may have what is called pied-à-terre tax
Consider as well that if you are buying a home from an individual you will have standard closing cost. On the other hand if you are buying a new unit from a developer, you will also have to pay the closing costs for nyc apartments, known as the transfer tax.
We hope you realize now how important to have a very experienced real estate broker and real estate attorney both specializing in New York city real estate. Let us know if we can help assist you in your purchase.
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