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My ex is buying out my share in our co-op apartment. It's a straightforward arrangement. What kind of legal costs am I looking at for the paperwork and the closing?
DOES FLIP TAX APPLY WHEN ONE SPOUSE BUYS OUT THE OTHER?
Check your proprietary lease. Ours (probably pretty standard during the era -- early 1980s) says that an assignment or transfer to the shareholder's spouse does not even have to be authorized by the Directors. I suspect that this means there is no flip tax due either. In addition, a flip tax would be hard to support rationally if the buying spouse had been living in the apartment for some time.
same here, spouses and same sex couples have the right to occupy the apartment without the shareholder or if the shareholder predecease them. IT is in my proprietary least right around par 14, those paragraphs deal with occupancy
Hi! HabitatReporter here, with an expert opinion from one of our co-op and condo attorneys. According to Arthur I. Weinstein, Esq.,
"Aside from the cost of your own attorney, most co-ops charge transfer fees ranging from $450-$1000 to do the paperwork necessary to transfer ownership to you. The question of the applicability of the flip tax depends entirely on the language of the flip tax that the building has adopted, and there is no answer applicable to all flip taxes. You may also be required to file New York State and New York City real property transfer tax returns. You should consult your individual attorney as to the applicability of those taxes and the methods of calculating the amounts due."
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It depends on the amount of paperwork and time.
I would say anywhere between $500 to $1200.
It's a simple transfer of shares.
As a shareholder, you can call your corporate attorney and request a quote.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.