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

Help the community by answering this question:

Answers

1
Mitchell Hall’s answer
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
mhall@corcoran.com
0 votes Thank Flag Link Wed Jul 27, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer