managing agent for signing a document, called a recognition agreement or AZTECH form, in which the co-op corporation acknowledges that the purchaser has obtained a loan and promises to notify the lender if the purchaser fails to pay monthly maintenance or other financial obligations payable to the co-op corporation. • Managing Agent Application Fee. The managing agent for the building generally charges the purchaser a fee for processing the purchase application. Cost: $500 to $1,000. Additional Expenses Paid at Closing - Applicable for Co-op and Condo Purchases • Attorney’s Fees. You can expect to pay a flat fee or an hourly fee depending upon the complexity of the transaction plus the cost of messenger and overnight deliveries, duplication, and long distance phone calls. When purchasing a co-op or a condominium apartment from a sponsor, you may also be responsible for paying the sponsors attorney fee. • Move-in Fee. Some co-op or condominium buildings will charge you a fee at closing to cover the cost of operating the service elevator and or arranging for a building employee to oversee your movers. Cost: $350 to $1,000. • Move-in Deposit. At the closing, most co-op and condominium buildings will require that you pay a refundable fee to protect the building against any damage that you or your movers may cause to the building during your move into the building. Fee: $500 to $1,000. • Lender’s Legal Fee. At closing, you will be required to pay your lender’s attorney to cover the cost of reviewing the title or lien search, preparing the loan documents, and attending the closing. Cost: $800 to $1,250. • Closing Adjustments between Purchaser and Seller. You will be required to reimburse the seller on a prorated basis for any expenses the seller has prepaid beyond the closing date for maintenance payments (co-ops) or common charges and real
113
Powered by FlippingBook