WebYour seller closing costs will vary depending on whether you are selling a condo or a co-op apartment, primarily because many co-op buildings will charge a flip tax of 1% to 2% of the sale price. A typical NYC seller of a … WebA flip tax is a fee that is charged when a property is sold. The flip tax is typically a percentage of the sale price, and it is paid by the seller. In contrast, the transfer tax is paid by the buyer and is based on the value of the property being transferred. For example, in NYC, the transfer tax rate ranges from 1% to 2.625%, depending on the ...
Q & A; Flip Tax In the Sale Of a Co-op - The New York Times
WebMar 28, 2012 · However, it’s not always the sellers who have to pay the tax?lately it’s … WebMay 26, 2024 · Flat fee ($30,000) An amount based on your shares in the co-op ($100 per share – The larger your apartment, the more shares you will have and will bear a higher flip tax) A combination of two or more of the above. Some co-ops reduce the amount of flip tax you have to pay based on the number of years you’ve lived there. bray engineering memphis tn
Voting "Yes" to Flip Taxes - CooperatorNews
WebGain insights into the flip tax, a common fee associated with selling co-op apartments in … WebThe average co-op apartment flip tax in NYC is 1% to 3% of the sale price, and it’s customarily paid by the seller. Exact flip tax amounts vary by building. A flip tax can be structured as a percentage of the sale price, a percentage of profits, a flat-fee or a per-share amount. A co-op’s flip tax is typically outlined in the proprietary ... WebOne way that is increasingly popular is to require a "flip tax" - or "transfer fee" - each time an apartment is sold. The idea of a flip tax is not new. In the early 1980's, when a lot of rental buildings were converting to co-op status, buildings needed capital improvements and there was not much money in reserve. corsair vengeance lpx vs kingston fury beast