what are the flip taxes for 701 Gerald Ct #5F and who is paying?

Asked by lucy, Brooklyn, NY Tue May 14, 2013

This question was asked from this property: http://www.trulia.com/property/3071142481-701-Gerald-Ct-5F-B…

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Valeriy Mill…, Agent, Brooklyn, NY
Mon Jul 1, 2013
Yes, you can finance the flip tax. Chase has flip tax waiver for these buildings(Lincoln Gardens). So, you can buy only with 20% down.
Thank you.
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Madeline Pad…, Agent, Brooklyn, NY
Tue May 14, 2013
Hi Lucy - the flip tax is $18,000-- technically the seller pays. However, you will need to cover
this together with your DP - 20% plus 18K plus closing costs. You cannot finance the flip tax
in your mortgage. if you have any other questions please feel free to contact me.
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