MaryJ, Home Buyer in Sheepshead Bay, Broo...

Hi I own a Co-op for many years, I would like to know, Im thinking of selling, how does it work with selling shares, my co-op is valued at 200,000

Asked by MaryJ, Sheepshead Bay, Brooklyn, NY Fri Jan 10, 2014

If I get that full selling price, how much of that percentive do I give to the Co-op. Im asking because im looking to buy a home If I sell

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Anna M Brocco, Agent, Williston Park, NY
Fri Jan 10, 2014
Since each co-op is different and rules vary, you really should be asking management the question--they are the ones who can answer with accuracy...
2 votes
Thomas D'Alc…, Agent, Brooklyn, NY
Fri Jan 10, 2014
the management Co. for the coop shpuld be able to answer all your questions

Thomas D'Alcamo
EXIT Realty Top Properties
718.256.4000
2 votes
Winston Mara…, , Brooklyn, NY
Fri Jan 10, 2014
Hi MaryJ,

Great question. Check with the co-op agreement & management company to find out if there is a flip tax, transfer fees, etc. If there is a fee for selling, it can either be a percentage, per share fee or a flat fee.


Cheers,

Winston Maragh
CITI HABITATS
250 Park Avenue South | New York, NY 10003
Mobile 347.631.4330 | Fax 917.262.7371
Sales + Rentals. Knowledge + Guidance.
2 votes
Mitchell Fel…, Agent, Brooklyn, NY
Fri Jan 10, 2014
Dear Maryj:

You need to contact your co-op's management company and speak to the person that works with your particular building. As them what the flip tax policy is and if there are any other transfer fees that you have to pay to the co-op. Sometimes these fees can be a percentage of the sales price, a flat fee or a "per share" amount.

In addition to that, if you are selling a co-op for $200,000 in Brooklyn, you will have to pay New York City 1% of the sales price ($2,000) and New York State $4.00 per $1,000 of the sales price ($800). You will also have to pay your attorney fee and any lien or debt attached to your shares such as a mortgage if you have one.

Lastly, you have to find out if you will have any capital gains tax burden. If the co-op your selling is your primary residence and you have been living in it at least 2 of the past 5 years, you will probably not have to pay any capital gains. If you want, call me and I can go over it with you to make sure that is the case.

My office is located in Sheepshead Bay and I sell co-ops and 1 & 2 family homes all day long... since 1993. If you need further assistance selling and/or buying, I urge you to contact me. I offer a free comprehensive initial consultation which will explain everything your need to know about selling and buying in today's market. You will love it and I know it will help you.

Feel free to contact me any time. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
2 votes
thankyou. If I decide and wait to sell the Co-op, will the Price increase or Decrease overtime in years, its fully paid off, It was in my family for many, many years, thankyou
Flag Fri Jan 10, 2014
Stefano Diom…, Agent, New York, NY
Fri Jan 10, 2014
A frequently asked question
Your coop might have a flip tax or a flat fee. We would have to find our what it is. A 1 % nyc tax and a smaller nys tax. If you buy a home immediately after you don't really need worry about a capital gains tax.
Call me anytime 3477293400 my office is located in bay ridge
1 vote
Janine Acqua…, Agent, Brooklyn, NY
Fri Jan 10, 2014
Mary,
You only need to pay the co-op if your building has a flip tax.
Contact the building's management company to find out if there is a flip tax and how much it is.
Sometimes it's based on the number of shares you own and sometimes it's just a flat fee.
Feel free to contact me at anytime for help with the sale of your apartment and the purchase of your next property.

Janine Acquafredda, Associate Broker
House-n-Key, Realty
917.584.7685
nycrealestatepro@yahoo.com

http://www.janinesellsbrooklyn.com
FACEBOOK: Brooklyn Properties For Sale
1 vote
thankyou. If I wait to sell, will the price increase or decrease overtime because it is a very old buiding in area about 60 years, so will that Decrease the price overtime? thankyou
Flag Fri Jan 10, 2014
susan nicole…, Agent, New York, NY
Sun Aug 3, 2014
It depends on the flip tax , the % at closing some times it's held in escrow when you bought. call me for more info @ Coldwell Banker MP RE 718-646-3600 Regards' Susan Nicoletti
0 votes
Leon Gitelm…, Agent, Brooklyn, NY
Sat Jan 11, 2014
CALL FOR DETAILS 917 626 0380
0 votes
Nurul Huda, , Brooklyn, NY
Fri Jan 10, 2014
Thanks.
first you have to list the property than I can help you to sale the co-op.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more