The Rental Market

Flip tax reprieve!

By Teri Karush Rogers | February 2, 2011 - 6:21AM

It looks like co-ops and condos can keep charging flip taxes on the sale of apartments, an important source of revenue for many buildings.  According to an email sent out last night by Real Estate Board of New York President Steven Spinola and forwarded to BrickUnderground, co-ops and condos will be excluded from a new Fannie Mae/Freddie Mac regulation prohibiting the use of deed-based or covenant-based transfer fees. If co-ops and condos had not been carved out, most banks would have stopped issuing mortgages in buildings with flip taxes, rendering a vast number of apartments unsalable.

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Teri Karush Rogers

Founder & Publisher

Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she covered New York City real estate for the The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri holds a BA in journalism and a law degree from New York University. 

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