Home Buying in Gramercy Park>Question Details

Anti-fllipper, Home Seller in Gramercy Park, New Y...

Is there any legal problem with a de-escalating flip tax, one that is lower the longer ou've held the unit?

Asked by Anti-fllipper, Gramercy Park, New York, NY Tue May 24, 2011

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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 coop makes more from the long-term unit owners since they have more equity.

Mitchell Hall, Associate Broker
The Corcoran Group
0 votes Thank Flag Link Wed Jul 27, 2011
Mitchell Hall, Real Estate Pro in New York, NY
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