Our co-op is currently proposing reducing our flip tax and have included closing costs before the flip tax is calculated. They have defined closing costs as all fees and transfer taxes paid by the seller at closing. They include: broker fees, seller attorney fee, co-op attorney fee, city and state transfer taxes, loan satisfaction fee, UCC-3 filing fee, NYS equalization fee, deed transfer fee, co-op stock transfer tax, any co-op processing or move out fees."
When asked if there would be a cap on certain fees, such as attorneys' fees, we were told there was none and it was not the co-op's business.
Do other co-ops allow all these deductions and, if so, is there a cap on them, particularly on those that are not fixed?
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