Showing posts with label closing costs. Show all posts
Showing posts with label closing costs. Show all posts

May 8, 2009

Tips to Help Pass a Coop Board Interview

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I've recently been asked by a few buyers about the coop board interview. Below is a re-post that I wrote a while back that gives tips to help you pass a coop interview. I've also include a link below to a post about NYC closing costs for condos and coops.  

Here are some tips to help pass a coop board interview:
  • Being called for an interview is a good sign it means you look good on paper.
  • Be on time, dress appropriate for the building and neighborhood. Conservative is best.
  • Bring a copy of the board package with you. Be familiar with all your financials and everything in the board package.
  • Coop boards are stricter than banks, don't assume because you have a commitment from a bank you will satisfy the coops financial requirements.
  • Be able to substantiate questions about your package.
  • More is less do not elaborate and ask questions, an innocent question might offend a board member.
  • It is better to have a short interview than a long one.
  • Do not go into details about elaborate and costly renovations.
  • If the apartment has outdoor space do not discuss barbequing, it is illegal and smells.
  • Do not ask questions or bring up sublet policy or pet policy uless the board brings it up.
  • It is not a job interview, you don't have to try and sell yourself.
  • Let the board ask the questions, set the tone and conduct the interview.
  • Boards like candidates willing to volunteer to serve on the board or building committees.
  • Boards look for candidates that will "fit in" and follow rules.
  • Don't ask or expect a decision on the spot they will notify you within a few days.
  • Be prepared for a lack of privacy and to answer personal questions unless they are Fair Housing /NYC Human Rights violations.
  • The NYC Human Rights Law prohibits housing discrimination in New York City based on a person's real or perceived race, color, national origin, gender, creed, disability, sexual orientation, marital status, partnership status, alienage or citizenship status, age, lawful occupation or because children may be or will be residing with you.
Closing Costs for NYC Condos and Coops


 
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Sep 21, 2007

"Closing Costs" A real Manhattan real estate novel

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Last year at one of our weekly sales meetings we had a special guest Seth Margolis who gave a reading from his latest novel "Closing Costs".

"Closing Costs" is a novel about today's Manhattan real estate market through the rise and fall of the character's fortunes. Real estate turns out to be their only real asset.

"Closing Costs" recently came out in paperback by St. Martins Press. In the current issue of The Real Deal Linden Lim gives "Closing Costs" a rave review and reports that the novel has generated interest with filmakers. I can't wait for the movie.

Margolis, a long-time Manhattanite 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. Although Carole is a successful agent, she is way too nice to be ruthless. Besides Carole was not even in real estate when Seth began writing the novel.

One of the characters Peggy Gimmel decides to sell her classic seven apartment on the upper west side that she bought decades ago for a few thousand dollars and discovers it's worth almost $2 million.

Seth said while he was writing the novel the market was moving faster than he could write and he had to up the price a few times in rewrites. I don't know if he upped the price again between the hard cover edition and the recent paperback. The Manhattan market is still moving. Peggy Gimmel's classic seven today is worth even more.

The sudden windfall from selling the apartment triggers a cascade of unexpected events into the dizzying orbit of Lucinda Wells. Peggy is not the only one at Lucinda's mercy. There's the technology entrepreneur struggling to salvage his sinking company while gut renovating his home. The socialite exiled from Park Avenue to the pull-out sofa of her parents' West side apartment.

These are just some of the characters whose lives intersect in unlikely ways, all of them overwhelmed by the rocketing real estate market and the hard-charging broker who holds the keys to their futures. A page turner filled with penthouse envy, booms and busts, up and coming millionaires and down and out billionaires.

In New York it's all about where you live.

"You are what you eat, it was said -- well, that might have been true at one time, when only the rich could afford leg of mutton or suckling pig or lobster thermidor or whatever it was the rich used to eat. But nowadays, anyone could pop into Zabar's and pony up a few shekels for Scotch salmon or foie gras. Clothes make the man? Not when knockoffs, perfectly good knockoffs at that, were hawked on half the street corners in Midtown. No, today you are where you live. Shelter makes the man. With the right outfit, genuine or not, you could look like a million bucks anywhere in public, and you could eat like a millionaire at least once in a while with a decent credit line on your gold card. But you couldn't fake it in your home. A home was your skin, your true face to the outside world." Seth Margolis "Closing Costs"

For the full review and more fabulous excerpts read Linden Lim's Tales from the housing bubble in The Real Deal.

Buy "Closing Costs" at Amazon.com

Buy a classic seven on the upper west side or any other Manhattan Home here.


 
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Apr 18, 2007

Closing Costs for NYC Condos and Coops

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TYPICAL NYC APARTMENT CLOSING COSTS



 

 



 COOPERATIVE APARTMENTS CLOSING COSTS

FOR THE SELLER:
Broker Negotiable
Attorney $1,800.00 and up
Co-op Attorney $500.00 and up
Flip Tax 1% to 5% of sale price or 10% -30% of profit (if applicable)
Stock Transfer Tax $.05 per share
Move-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.

(In certain HDFC Coop sales NYC transfer taxes are exempt)
New York State Transfer Tax $2.00 per $500.00 of sales price
Bank Attorney Fee $300.00 and up
UCC-3 Filing Fee $25.00


FOR THE PURCHASER:
Attorney $1,800.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $300.00 and up
Bank Attorney $500.00+
UCC-1 Filing Fee $25.00
Short Term Interest One Month
Move-in Deposit $500.00 0 $1000.00
Recognition Agreement Fee $300.00
Lien Search $250.00
Maintenance Adjustment One Month
Mansion Tax 1% where price exceeds $1,000,000

CONDOMINIUM APARTMENTS CLOSING COSTS


FOR THE SELLER:
Broker Negotiable
Attorney $1,800.00 and up
Managing Agent Fee $200- $850.00
Move-out Fee $100.00 -$1000.00
New York City Transfer Tax 1% of purchase price up to
$500,000, and 1.425% of the price over $500,000
New York State Transfer Tax $2.00 per $500 of price
Miscellaneous Title Co. Fees $100.00
Bank Attorney Fee $300.00


FOR THE PURCHASER:
Attorney $1,500.00 and up
Bank Fees (if applicable):
Points 0 to 3% of loan value
Application, credit check, etc. $500.00
Bank Attorney $450.00
Short Term Interest One Month
Tax Escrows 2-6 Months
Recording Fees $100.00
Mortgage Tax 1.75% of mortgage amount on loans under $500,000, and 2.12% of mortgage amount on higher loans
Title Insurance Fee for owner Approx. $675.00 per $100,000.00
Mortgage Title Insurance Fee for bank Approx. $500.00 per $100,000.00
Violation Search $170.00
Managing Agent Fee $250.00 and up
Common Charge Adjustment One Month (prorated)
Real Estate Tax Adjustment One to Six Months (prorated)
Mansion Tax 1% where price exceeds $1,000,000


Additional Purchaser Closing Costs - Sponsor Sales (new construction, conversions)
Sponsor's Attorney Fee's (negotiable) $1500 -$2500
Sponsor's NYC and NYS Transfer Taxes: (negotiable) The transfer taxes are calculated and added to the purchase price (for tax purposes only) and then recalculated based upon the bulked-up price (may trigger mansion tax)
Working Capital Fund Contribution One time fee equal to 1 - 2 months of common charges or maintenance. 



The above fees are estimates and we recommend advice from an attorney.
All information is subject to errors, omissions and changes. Management companies and building fees vary from building to building. These are typical fees.

 
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This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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