Flip Tax

A 2% flip to be paid by BUYER?? Interesting board, lol.

So lower your bid to purchase by 2%. Big deal.

The 66% financing is more of a concern IMO. Very odd indeed.

Which Candela Coops don't have flip taxes?

Is it typically on the buyer or the seller?

300--typically on the seller though sometimes sellers try to get the buyer to pay some or all. But everything is negotiable. If I were the buyer I would bring down my offer to reflect seller's standard obligation to pay flip tax.

The only listings I saw that mentioned a flip tax all said 2% payable by purchaser which would seem to indicate it's a building policy.

Kind of silly for the policy to say who pays. Will the recorded price be purchase price plus the flip tax paid by the buyer?

Wouldn't it increase the NYS and NYC transfer taxes if paid for by the purchaser? Just like when the transfer taxes themselves get paid for by the purchaser?

That is exactly why I am asking the question even though the amount will be fairly small.