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MrsN91209
LIF Zygote
Member since 10/10 17 total posts
Name:
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Who's Sold A Co-op Before?
Hi all,
My husband & I are getting ready to list our Bayside co-op for sale. For those who have sold a co-op before, what were your closing costs? I know we have a flip tax, and we'll have to pay the lawyer's & realtor's fees, but I'm not sure what other expenses we should expect… deed, bank, etc. We're trying to figure out how much of a hit we're going to take
Thanks for your help!
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Posted 10/20/10 10:23 AM  |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Who's Sold A Co-op Before?
Oof, I have, I just don't remember all the fees...
I know I had a 1% flip, theres a city recording tax too that was RIDICULOUS.
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| Posted 10/20/10 10:59 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Who's Sold A Co-op Before?
my cousin sold his Glen oaks apt, his fees w/ the REA commission were almost 11K. we are selling mine now so guessing they will be the same
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| Posted 10/20/10 1:01 PM |
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MrsN91209
LIF Zygote
Member since 10/10 17 total posts
Name:
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Re: Who's Sold A Co-op Before?
Thanks ladies!
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| Posted 10/20/10 6:58 PM |
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whoababy1
Love my little girls <3
Member since 8/10 1418 total posts
Name:
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Re: Who's Sold A Co-op Before?
I just sold my Bayside co-op in May and our closing costs were about $10 grand
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| Posted 10/21/10 11:35 AM |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Re: Who's Sold A Co-op Before?
I sold my Belle Harbor (Rockaway) co-op in Dec of 07 and my closing costs were I think 6K. I sold it by owner. No flip tax.
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| Posted 10/21/10 11:55 AM |
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Kmarie36
LIF Adult
Member since 9/10 1449 total posts
Name:
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Re: Who's Sold A Co-op Before?
We sold two years ago in Little Neck. I know the flip tax (our development called it something different) was $2k. The REA fee was $7k. I do not remember the closing costs though.
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| Posted 10/21/10 12:37 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Who's Sold A Co-op Before?
As a seller y'all had $10K in closing costs?!?!?!
I know we have to pay the REA fee (no flip tax here), but isn't that it? I thought most other closing costs were the buyer's responsibility?
Yikes!!
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| Posted 10/21/10 1:46 PM |
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HappyWife
LIF Toddler
Member since 12/06 484 total posts
Name:
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Re: Who's Sold A Co-op Before?
When we sold our co-op we had a flip tax, real estate fees and a bunch of NYC taxes like the share transfer tax and the recording tax. It was ridiculous! I think our closing costs not including the real estate agent commission were about 10K. Sigh.
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| Posted 10/22/10 9:51 AM |
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creddy5
LIF Infant
Member since 8/09 158 total posts
Name:
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Re: Who's Sold A Co-op Before?
We sold our one bdrm coop in kew gardens last summer and paid about 10k in closing costs. As the seller u have to pay a bunch of people like the coop attny, bank attny, your own attny, flip tax to coop and other random fees. Sorta sucks but not much u can do, good luck!
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| Posted 10/22/10 9:19 PM |
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Phoebee
LIF Adult
Member since 11/06 1623 total posts
Name:
Michelle
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Re: Who's Sold A Co-op Before?
We sold our Bayside co-op last year.
We didn't have a flip tax, b/c our board didn't have it.
I don't remember what the closing costs were on the co-op.. .the house threw us for a loop! $22K in closing costs  I think it was only about $7K if memory serves me correctly
Best of luck to you!
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| Posted 10/24/10 2:51 PM |
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