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07.14.08, 10:19 AM General Topics
7 replies
is it normal for the seller to pay transfer taxes? our building is selling common space to one of the residents for private use but the resident is insisting that the building should pay all transfer taxes. so far we have held firm that the buyer should pay because that has always been our experience when purchasing. [ Reply | Watch | Flag ]
General Topics 07.14.08, 10:19 AM Flag
 

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I've heard that sleazy sponsors do this sometimes. [ Reply | More ]
General Topics 07.14.08, 10:22 AM Flag
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op: we have only bought in sponsor sales before. but i thought it was the same regardless. [ Reply | More ]
General Topics 07.14.08, 10:24 AM Flag
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are you on the board? honestly, board members like you drive me crazy. common knowledge that buyer pays transfer taxes except in sponsor sales. just ONE example from numerous real estate websites, or better yet, ask your attorney! http://www.prudentialelliman.com/MainSite/Guide/NYCClosingCosts.aspx [ Reply | More ]
General Topics 07.14.08, 10:27 AM Flag
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we have told the attorney and building manager that this is why we don't want to pay transfer taxes. they never said it was unusual. [ Reply | More ]
General Topics 07.14.08, 10:29 AM Flag
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buyers pay transfer taxes, but transfer FEES (flip taxes) can be paid by either according to the proprietary lease... [ Reply | More ]
General Topics 07.14.08, 10:42 AM Flag
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where do you get that from? because all of the major real estate companies in nyc state otherwise on their website. of course, practically any custom can be modified by contract. [ Reply | More ]
General Topics 07.14.08, 10:46 AM Flag
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I think you are confusing two things. A transfer fee is paid to the gov't, a flip tax is paid back to the building and is determined by the proprietary lease for a coop. Don't know anything about condos. [ Reply | More ]
General Topics 07.14.08, 11:11 AM Flag
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