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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