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What does this clause mean: “In the event of an exchange or no-consideration transfer, the flip tax is not triggered?”
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I Am Not A Lawyer, but I believe it means that if the shares are transferred from one owner to another without "consideration" (without money changing hands), the co-op cannot collect any flip tax or transfer fees.
An example of this kind of transfer would be if someone inherits the share of a co-op apartment as a bequest or residuary beneficiary, they would not have to pay the flip tax normally imposed on the purchase transfer of the shares.
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