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Sale at 575 Park Avenue #1506

Started by mati_oren
about 12 years ago
Posts: 1
Member since: Dec 2008
Discussion about
why is Maintenance:( $3,501) so high in this building?
Response by buster2056
about 12 years ago
Posts: 866
Member since: Sep 2007

Daily housekeeping service for starters.

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Response by Riccardo65
about 12 years ago
Posts: 347
Member since: Jan 2011

What is a flip tax??? Is it usually paid by seller or buyer??? Depending on the market?

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Response by buster2056
about 12 years ago
Posts: 866
Member since: Sep 2007

It's a tax that some co-op boards charge when shares change hands (i.e. a unit is sold) in order to discourage high turnover as well as to raise money for a reserve fund. The tax is based on a % of the sale price. It is typically "paid" by the seller, however, the seller can either charge the buyer implicitly by raising the price of the unit or explicitly by stipulating that the buyer must pay the tax in the contract.

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