Give me a rundown on selling (particularly a co-op)

We are going through a realtor so obviously, he gets a cut.

What other fees should we expect?

And do those fees come out of the sale or do we pay out of pocket?

Re: Give me a rundown on selling (particularly a co-op)

Talk to your mgmt company. There's likely a transfer fee, and there are legal fees for the co-ops attorney as well. I believe when it was all said and done, we had about 1500 in fees. We also had to get the buyers the prospectus. Because I couldn't find mine, it was 175 to get another copy from mgmt.

I was on my co-op board, and the mgmt cos are very involved in screening the applications of potential buyers. They would very much "color" our decisions on acceptance. I would recommend that you communicate in person regularly with mgmt - it will go a long way in them "rooting" for your sale!

Re: Give me a rundown on selling (particularly a co-op)

On, and for us, we just cut checks for the fees.

Re: Give me a rundown on selling (particularly a co-op)

We just closed - as you know

This is what we paid at the closing - our lawyer wrote the checks that we owed and brought them to the closing. We paid half his fee upfront

Real Estate Agent
Your lawyer - balance at closing which he writes out
Payoff attorney
The Co-op Attorney
NYC & State - YUP, they take part of it
NYC Dept of Finance - transfer taxes
Management Company - Admin fees etc

There is much less work on the seller's part than the buyers when it comes to selling a co-op.

Just be prepared to wait awhile for an actual closing date once the offer has been accepted and the contracts have been signed. When speaking to our lawyer he said our building was one of the worse with this and that it is NOT normal how long it takes them to get one set up.

Let me know if you need a closing attorney -I really liked him. Good Luck

Re: Give me a rundown on selling (particularly a co-op)

Thank you ladies! I feel better.

Bri...yes...please. I'll take his name. TY. And are we surprised??