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PostPostMinimalist t1_iw00w5h wrote

Reply to comment by ChrisFromLongIsland in New York City Is Failing Tenants. So They’re Getting Organized by ethnt

But co-ops don’t have mortgage tax I believe? Unless over $1M. So co-op closing costs are actually very cheap.

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ChrisFromLongIsland t1_iw16hh5 wrote

You do save on the outrageous mortgage tax with coops. Though the mortgage restrictions are tough. Generally under 80% ltv plus a legal box of financial info to the board. It's much harder to be accepted by the board than to get the mortgage.

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ctindel t1_iw160k9 wrote

You still need a lawyer even if you're not paying the mortgage penalty tax like those of us non-coop owners.

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PostPostMinimalist t1_iw16aka wrote

Lawyer fee is like one month rent. It doesn’t make NYC transaction fees the highest in the country.

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