taxes

… were introduced in the 1970s when a lot of rentstabilized buildings were converted to coops The fee was intended to … Today they are mostly used to raise revenue for coop buildings instead of increasing maintenance costs or … But a slowdown in deals hasnt encouraged condo and coop boards to ditch their transfer fees and flip taxes Stone …

… the negotiation process  … Flip taxes … Some coop and condo buildings have flip taxes also known as transfer fees … percent of the purchase price and up to 3 to 5 percent Some buildings charge 10 percent of the sellers profit Flip taxes … costs and the rest was a closing credit Similarly coop boards may be more willing to approve a sale with a credit …