closing costs: Manhattan Closing Costs for Coops and Condos
- 02/26/08 08:46 AM
COOPERATIVE APARTMENTS CLOSING COSTS FOR THE SELLER: Broker NegotiableAttorney $1,800.00 and upCo-op Attorney $450.00Flip Tax 1% to 3% of price (if applicable)Stock Transfer Tax $.05 per shareMove-out Deposit $500.00 -$1000.New York City Transfer Tax 1% of price up to $500,000,plus $25.00 recording fee, and 1.425% of price over$500,000.New York State Transfer Tax $2.00 per $500.00 of sales priceBank Attorney Fee $300.00UCC-3 Filing Fee $20.00 FOR THE PURCHASER: Attorney $1,800.00 and upBank Fees (if applicable):Points 0 to 3% of loan valueApplication, credit check, etc. $400.00Bank Attorney $450.00UCC-1 Filing Fee $20.00Short Term Interest One MonthMove-in Deposit $500.00 -$1000Recognition Agreement Fee $200.00Lien Search $250.00Maintenance … (9 comments)
closing costs: Closing Costs A novel that captures the Manhattan real estate market
- 09/12/06 03:25 PM
At my weekly sales meeting today we had a special guest Seth Margolis www.sethmargolis.com who gave a reading from his latest novel Closing Costs. A page turner about today's real estate market in Manhattan. Seth is married to an agent in my office Carole Zelner. The lead character Lucinda Wells, one of Manhatttan's most successful and ruthless agents is not based on his wife Carole. He started writing the novel before Carole was in real estate. One of the characters Peggy Gimmel decides to sell her classic 7 apartment on the upper west side that she bought decades ago for a few thousand dollars and … (3 comments)
closing costs: The "Flip Tax" Creative Financing or a Coop Cop Out ?
- 08/27/06 12:42 PM
The flip tax is a transfer fee that many new york coops and condos impose on shareholders and owners. In the early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping. Due to high oil costs, insurance particularly terrorist insurance, neccessary repairs and increases in expenses many buildings need to build their reserve fund and are trying to impose flip taxes. In order for the flip tax to … (29 comments)
closing costs: Lets make a Deal - Negotiating in the current Manhattan market
- 08/19/06 12:08 PM
In Sunday April 20, 2006 New York Times Real Estate section the feature story By Vivian S. Toy is titled Lets Make A Deal. http://www.nytimes.com/pages/realestate/index.html It has a picture of an apartment with a divider down the middle called asking price and a buyer and seller are playing tug -of-war across the asking price. My broker JoAnne Kennedy, cheif operating officer of Coldwell Banker Hunt Kennedy http://www.cbhk.com/ Is quoted: "We're certainly not where we were in the irrational, exuberance days, sellers have become more realistic. and buyers are finding they have more time to select, and they can make an offer that's not asking … (0 comments)
COOPERATIVE APARTMENTS CLOSING COSTS FOR THE SELLER:
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