In the News

How a Co-op Board Views Credit Lines

The New York Times

I own a co-op in Queens. Recently, I applied for a line of credit with a bank. The co-op board has informed me that once the line of credit is approved by the lender, I have to submit copies of the agreements and my tax return — along with a $250 processing fee and $45 for a credit check.

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Handling A Successful Assignment of Mortgage

The Mortgage Press

When a homeowner is refinancing his or her mortgage, it is prudent for a mortgage broker to suggest to a borrower that the existing mortgage be assigned to the new lender to reduce or avoid the New York State mortgage recording tax.

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Gains Tax Repeal Sparks International Real Estate Market

Mega Phone

On July 13, 1996, Governor Pataki signed a bill repealing Article 31-B of the New York State Tax Law. The bill effectively eliminated the NYS Real Property Transfer Gains Tax known as the “Cuomo Tax” on all real estate transfers of $1,000,000 or more effective June 15, 1996.

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A Flip Tax in a Co-op

The New York Times

Q: My co-op board is implementing a flip tax of 1 percent of an apartment’s sale price. The board says it can do this without shareholder approval because a flip tax already exists and it is only increasing the amount.

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A First-Time Buyer’s Primer and Road Map

The New York Times

The Added Hurdle in Co-op Buying. While co-ops are homes in the same sense that houses are, the process of buying a co-op is distinctly different.

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Fear of Rejection: Protect Your Board from Discrimination Suits

The Cooperator

More than 100 board members, residents, and guests recently gathered to hear a workshop seminar on how boards can avoid discriminatory practices when approving applications from prospective purchasers.

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Due Diligence: Doing Your Homework

The Cooperator

House hunters often spend weeks, months, sometimes even years searching for that perfect place to call home. Finally they find- great space, perfect location, price within the budget.

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Deadline Looms on Inspections

The New York Times

Local Law 10, passed in New York City in 1980, requires owners of buildings higher than six stories to inspect them once every five years to insure that the facades are structurally safe.

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Damage When the Water Was Turned Back On

The New York Times

I live in a co-op in Manhattan. My building shut off the water supply one morning because of a pipe emergency in the basement. No notifications was given to tenants and as a result I inadvertently left my water taps in my bathroom in the open position while getting ready for work.

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Co-Opification

Habitat Article Archive

With the economy on a downswing, more and more condos are finding it’s safer to be cooperative.

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