Flip Tax
Started by anonymous
about 19 years ago
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Member since: Feb 2006
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in sponsor units/new developments
also in some condo/coops for emergency funds so they don't have to make assessments.
Yes. Flip tax can go either way, and sometimes, justto make everyone happy, the seller andbuyer agree to split it 50/50 so no one feels like they're being completely hosed.
In some coops they call it a buyers premium. For example, the coop at 110 east 57th street charges a 5% buyers premium and the seller pays nothing.
It's all about negotiation - obviously if the seller wants to sell and market isn't to his/her advantage - they could negotatiate to pay all or a portion of their "premium". . ..i.e. if they need to make their property more attractive versus other properties without this burden.