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condops

Started by streeteasystalker
over 16 years ago
Posts: 102
Member since: Jan 2007
Discussion about
do u pay mortgage transfer taxes at purchase? no one seems to know.. seems like u would...
Response by nycbrokerdax
over 16 years ago
Posts: 180
Member since: Dec 2008

No, because the portion that You are really buying is the "coop" portion. There are no mortgage recording taxes in a condop because you are not buying real property,you are buying shares.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

The co-op corporation (in which you're buying shares) owns a condo unit consisting of however many apartments. Typically there're one or more additional condo units for commercial space, garage, etc.

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Response by shong
over 16 years ago
Posts: 616
Member since: Apr 2008

dax is correct. And banks treat condops as coops as well. sunny_hong@countrywide.com

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Response by streeteasystalker
over 16 years ago
Posts: 102
Member since: Jan 2007

thanks all for your input. Much appreciated!

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