EP 40: FAQ – Flip Taxes, Subletting, And What Is The Difference Between A Broker And An Agent?
The John and Jonathan Sell NYC Podcast: Episode 40
Welcome to the John and Jonathan Sell NYC Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon bread down what’s happening in the market, what you need to know whether you’re a buyer, seller, or agent, and their insight into the future, with a little bit of fun along the way.
In this week’s episode, Jonathan answers some frequently asked questions about New York City real estate. Navigating the market on your own can be challenging, but our team is here to help you understand everything to do with flip taxes, how to sublet your apartment, and the difference between a real estate agent and a broker.
Flip taxes are basically co-op imposed transfer taxes. They can be structured in many different ways, but are typically either a percentage of the purchase price, or a percentage of the net profit. Because most co-ops don’t usually care who pays the tax, buyer or seller, flip taxes can typically be negotiated.
Subletting is the common term for renting out an apartment you own to someone else. Co-ops typically have more restrictive policies on subletting than condos do for leasing, but each co-op is different. Due to the restrictions and fees, most times subletting a co-op doesn’t make sense.
Agent vs Broker
A real estate agent is an entry level salesperson. To become a broker, someone must obtain a license and additional schooling and testing, and have some experience in the field.
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