Home Buying in Gramercy Park : Real Estate Advice

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Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
Is legal that the Astoria bank charge me flip tax on my loan? the seller is going to pay this rate
If I could understand your question,
I might have an answer for it.

My bet would be, that the Bank isn't going to do anything ILLEGAL.
Especially if you signed the papers.
0 votes Share Flag Thu Oct 25, 2012 Home Buying in Gramercy Park
Janet Nation,…, Real Estate Pro in Baldwin, NY
Janet Nation, CBR 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
If it's part of your proprietary lease you and you do not have the same privilege as the previous owner, then yes you will have pay when you sell.
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
Jeff Brenner,…,  in New York, NY
Jeff Brenner, MBA answered:
are all apts sold at 36 gramercy?
Hi Dee,

Units are still available at 36 Gramercy. Many of the units were snapped up by insiders (e.g. existing tenants) at prices of approximately $1800/sf, but the existing market- ... more
0 votes Share Flag Sun Aug 18, 2013 Home Buying in Gramercy Park
Jackie,  in Babylon, NY
Jackie 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?
Hi Kirsten, here on Long Island, the Flip Tax is common. The Co-Op board charges this fee to the shareholder only when they sell and it doesn't matter how long you owned it. Below ... more
0 votes Share Flag Wed Feb 3, 2010 Home Buying in Gramercy Park
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
Is there any law that would require the seller to notify the buyer that the property doesn't have a seasoned title?
Chuck first your loan officer should have told you about this law before you starte dto look so you could ask, if your buyers agent knows you are getting an fha mortgage then they shoud ... more
0 votes Share Flag Tue Jan 26, 2010 Home Buying in Gramercy Park
Sean Dawes, Other/Just Looking in Philadelphia, PA
Sean Dawes answered:
Where are the pictures? Where is the floor plan? On what floor is this apartment?
We need an address to the property that you are asking about in order to help you.

So if you can provide some more info that would be great.

Sean Dawes
0 votes Share Flag Fri Nov 20, 2009 Home Buying in Gramercy Park
CJ Brasiel, Real Estate Pro in San Jose, CA
CJ Brasiel 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
Sudie -

I am sure the NY Trulia voices will chime in with better information, but I found this article that you might find helpful.

http://www.nytimes.com/2005/02/13/realestate/13 ... more
0 votes Share Flag Mon Apr 11, 2011 Home Buying in Gramercy Park
Aileen-Manha…,  in New York, NY
Aileen-Manhattan-NYC answered:
what info should be included in a professional letter to be submitted to a co-op board?
I believe a professional reference letter should include: date of the letter, how long the writer has known the applicant, the writer's status in the business, background on the writer' ... more
0 votes Share Flag Tue Feb 15, 2011 Home Buying in Gramercy Park
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