Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New York City Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

64
Posts
8
Votes
Darren Chang
8
Votes |
64
Posts

Coop Board “Contemplating” a 2.5% Transfer Fee?!

Darren Chang
Posted

Hi, as a shareholder I just got a survey from the coop boarding saying they are “contemplating” a Transfer Fee of 2.5%. This comes to me as a complete shock. This means if I sell my unit for 400k, I need to give 10,000 bucks to the building. This appears to be absurd, especially given the two facts that

1) At the shareholders’ meeting in December, it is said the building’s financial health is in good shape.

2) The maintenance fee has been consistently increasing for the past 5 years for a total of more than 20%.

I decide to protest against this transfer fee, even rallying the other shareholders. My questions are:

- Is this kind of transfer fee typical of NYC coop buildings?

- Is there legal basis to resist such a fee? I can involve an attorney if needed.

Thanks,

Darren

Most Popular Reply

User Stats

157
Posts
44
Votes
Brandon Cohen
  • Real Estate Agent
  • New York, NY
44
Votes |
157
Posts
Brandon Cohen
  • Real Estate Agent
  • New York, NY
Replied

Typical for a coop to have one annual shareholder meeting, however the board should meet regularly and You should be allowed to sit in on a meeting.   If you aren’t able to reach the members of the board directly, reach out to your managing agent.  

  • Brandon Cohen
  • Loading replies...