new flip tax imposed on existing sale contract

you should check the bylaws to see if there is a time period before a new rule is effective. sometimes there's 30day minimum notice to owners before a decision is effective. this could be for condos though.

Usually the amendments to the bylaws and proprietary lease will include a list of situations in which a transfer fee will not be imposed. Along with in-family transfers, etc., it'll exclude in-contract sales with language something like this:

"(i) assignments and transfers pursuant to a contract of sale executed and delivered prior to [month day, year] if a copy of such contract of sale shall have been furnished to the board of directors prior to such date."

If the shareholders approve the amendments without that exclusion, you're out of luck unless the contract itself describes how any not-yet-known fees or taxes will be covered.

Get the shareholders to vote it down. They can't do this without a shareholder meeting. Explain to present owners how they will pay twice: once for the flip tax, and again when a buyer factors that into their offering pricc. It will also make the building less attractive. Go great guns and get it voted down.

my prior coop bylaws reserved to the board broad powers to impose fees and otherwise manage the building's finances. The board voted to start a 2% flip tax without qualification or exception. It was effective immediately. There is no flip tax NYS law or regulations. It will be guided solely by your by laws.