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transfer feeSep 25, 2018

more than 70% of nyc co-ops now have a transfer fee... it is supported by the lion's share of managing agents and real estate attorneys. i support it in my building which is trying to pass one. according to a seminar i went to, 2% of the gross sale price is the 'right amount.' assessments and maintenance increases are based upon multiple factors - assessments typically are needed for capital improvements while maintenance increases are related to building expenses and real estate taxes.

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Authorization to impose Transfer Fee - Steven424 Sep 26, 2018

I should also note that the imposition of a share transfer fee (flip tax) must be authorized in one of the co-op governing documents like the Proprietary Lease. It was not included in the PL template used during most co-op conversions from the early 1980's. Failure to have the enabling language in the PL before the fee is voted on by the board can cause major headaches if an astute purchaser or attorney questions the fee. Check the Habitat Magazine archives for articles about this, or better, ask your co-op's attorney.

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