Buying an apartment in New York can be a smooth process—or as smooth as smooth can be when the number of attorneys present at the closing are enough to field a N.Y. Urban Professionals Basketball League team—or it can be a harrowing roll…
After receiving over 4,200 comments on a proposal that would have eliminated flip taxes and transfer fees in co-ops, condos and HOA communities, the Federal Housing Finance Authority (FHFA) has reconsidered its position and will allow …
As managers, residents, and board members of the city's residential buildings gear up for 2011, sweeping up the tinsel and cookie crumbs leftover from holiday parties isn't the only job at hand. From bedbug disclosure rules to a propose…
A proposal to ban federal lenders from purchasing loans in co-ops that use flip tax fees or condos with deed-based transfer fees has housing community leaders worried the ruling would lead to diminished operating budgets and severely d…
As many readers are by now aware, a rule that proved a hindrance to the operations of many co-ops in New York was drastically altered in December of last year--and the changes are having far-reaching effects on the city's co-op communities.…
On March 31st, 2008, the Supreme Court of New York County rendered a decision illustrating the importance for cooperatives and condominiums of documenting board and owner action properly. As cooperatives and condominiums age, the proper …
Q If a building decides to adopt a transfer tax, can they impose a tax when an apartment is sold to an outsider but exempt from the tax when selling to an insider? The apartments that have been combined with other apartments, (three …
In New York City, many co-ops and condos use a practice called a "flip tax" in order to boost building revenue. As most co-op and condo owners know, a flip tax is a fee paid to the building, either by the purchaser or seller, each time an a…