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Close to signing contract for Gramercy Co-Op

Started by FirstTimeHomeBuyer
over 14 years ago
Posts: 2
Member since: Nov 2011
Discussion about
"Transfer of shares will be subject to a payment to the co-op of a sum equal to ten percent (10%) of resale price or value of the apartment, net of permissible deductions." From what I am reading, this seems like a very high flip tax. Do you agree? What are the permissible deductions? If they included broker commissions (6%) and NYC transfer tax (1%), this would be a 3% flip tax which is much more palatable. Any advice would be appreciated.
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