Home Buying in Gramercy Park : Advice

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Christopher…, Real Estate Pro in 10591
Christopher Pagli - ABR, GREEN answered:
In regards to a flip tax, is there a usual percentage amount . My co-op is imposing a 50% flip tax. I am all for the fee, but is this fee excessive?
Unfortunately they can charge whatever they want, 50% is excessive.

Chris
0 votes Share Flag Sat Jan 11, 2014 Home Buying in Gramercy Park
Shahar, Real Estate Pro in New York, NY
Shahar answered:
are all apts sold at 36 gramercy?
I can find you an apartment anywhere on that block or area
contact me
1(516)637-2024
0 votes Share Flag Sun Aug 18, 2013 Home Buying in Gramercy Park
Catherine An…, Real Estate Pro in New York, NY
Catherine Andrusenko answered:
anything for sale in a co-op in flatiron or unions sauare?
Dear Amy,

I employ an amazing platform, that allows my clients search the available properties on their own time. Setting up the criteria profile will only take you a couple of minut ... more
0 votes Share Flag Mon Jun 24, 2013 Home Buying in Gramercy Park
JOSEPH RUNFO…, Real Estate Pro in Staten Island, NY
JOSEPH RUNFOLA JR, BROKER, GRI answered:
Is legal that the Astoria bank charge me flip tax on my loan? the seller is going to pay this rate
A Flip Tax is a tax imposed by the cooperative on the sale of a unit, it is not charged by Astoria bank. The flip tax can be paid by the purchaser, seller, or shared by both parties; bu ... more
2 votes Share Flag Thu Oct 25, 2012 Home Buying in Gramercy Park
Elena Ravich…, Real Estate Pro in 10019
Elena Ravich Manhattan Expert answered:
If you purchase a coop unit from a sponsor not required to pay the coop's flip tax are you the new owner exempt from paying a flip tax if you
when you are buying from a sponsor, you are usually paying transfer tax...not flip tax
flip tax is paid on re-sale transactions, i.e. is triggered after they have been sold by the spon ... more
0 votes Share Flag Sat Sep 22, 2012 Home Buying in Gramercy Park
Mitchell Hall, Real Estate Pro in New York, NY
Mitchell Hall answered:
Is there any legal problem with a de-escalating flip tax, one that is lower the longer ou've held the unit?
No, In a coop any change in the proprietary lease including implementing flip tax usually requires a majority or 2/3 vote by shareholders. If the flip tax is based on net profits the co ... more
0 votes Share Flag Wed Jul 27, 2011 Home Buying in Gramercy Park
Vincent Carr…, Real Estate Pro in New York
Vincent Carrieri answered:
I was not informed of a flip tax that the seller has to pay to the co-op board. I am the buyer and now the
i know this answer is about 2 years late but i didnt like any of the answers on saw on here. any flip tax over 3% ajusts your ltv. this is a fannie mae guideline. if your flip tax is mo ... more
1 vote Share Flag Mon Apr 11, 2011 Home Buying in Gramercy Park
Jeff Brenner,…, Real Estate Pro in New York, NY
Jeff Brenner, MBA answered:
what info should be included in a professional letter to be submitted to a co-op board?
Hi Allison,

I've collected a bunch of sample "de-personalized" letters for co-op board that may be useful to you or others. Feel free to email me at jbrenner@citi-hab ... more
0 votes Share Flag Tue Feb 15, 2011 Home Buying in Gramercy Park
JOSEPH RUNFO…, Real Estate Pro in Staten Island, NY
JOSEPH RUNFOLA JR, BROKER, GRI answered:
Do co-ops typically impose a flip tax only if you sell the unit within a certain period of time or even if you didn't sell it for 25 years?
Flip Tax is a tax imposed by a cooperative (co-op) on the sale of a unit within the building. This fee can be based on a percentage of the gross sale, net sale, gain, or the number of s ... more
0 votes Share Flag Wed Feb 3, 2010 Home Buying in Gramercy Park
Robbie Vaughn…, Real Estate Pro in Nassau, NY
Robbie Vaughn, Esq. answered:
Is there any law that would require the seller to notify the buyer that the property doesn't have a seasoned title?
You appear to be in need of immediate legal advice; you should consult with an attorney immediately.

Do you have a contract signed by the seller in your possession? If so, then consu ... more
0 votes Share Flag Tue Jan 26, 2010 Home Buying in Gramercy Park
Jenet Levy, Real Estate Pro in 10012
Jenet Levy answered:
Where are the pictures? Where is the floor plan? On what floor is this apartment?
Hi, Cathe.
There is no link to your question to show which property you are asking about. Can you provide it? I see you are listed as "Home Buying in Gramercy Park." There a ... more
0 votes Share Flag Fri Nov 20, 2009 Home Buying in Gramercy Park
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