Effective 10/1/09 closing costs for Co-op units in MD & DC will include transfer and recordation taxes. When I was marketing 4000 CATHEDRAL AVE NW #407B,which settled 6/3/09,one of the "selling points" was that there were no such fees,keeping the settlement costs lower than condo. That being said,there still certainly are benefits to owning a co-op instead of a condo.
If you own a co-op,want to sell,but have been too busy at work to clean,de-clutter,are procrastinating or waiting for the market to turn,we should talk about marketing your home as soon as possible. The increase in closing costs could put your home out of budget or what he or she is comfortable paying.
As a buyer,if you have learned about the benefits of owning a co-op,you don't want to miss the last opportunity to buy a co-op without paying transfer and recordation taxes. Furthermore,
we may find a home owner who has extra motivation to sell his or her place before October,which will be here before we know it.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment