FAQ – Flip Taxes, Subletting, And What Is The Difference Between A Broker And An Agent?
The Real Talk NYC Real Estate Podcast
Welcome to the Real Talk NYC Real Estate 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.
Why We Host This Podcast:
We have been in this business long enough to know that knowledge is power. That’s why we conduct an in-depth analysis of the Manhattan real estate market every month, quarter, and year and provide an easy-to-understand synopsis of the full report in several different formats – all so you can stay informed.
Our team of experienced real estate professionals closely monitors market trends and provides our clients with the latest and most relevant information available. With this information, our clients are able to make informed decisions about buying and selling properties in Manhattan, which helps them stay ahead of the curve and make the most of their real estate investments.
Understanding the trends and changes in the market can help you make informed decisions. You gain insights into supply and demand, pricing, and market conditions that can influence the value of your property. Just by being aware of market trends and conditions, you’re better off than most other buyers and sellers, and you can make strategic moves that can lead to a successful real estate transaction.
If you’re considering buying or selling a Manhattan property, now is the time to take action. Our team of expert real estate agents and brokers can help guide you through this market, leveraging our extensive knowledge and experience to help you make informed decisions.
So, why wait? Reach out to us today and let us help you achieve your real estate goals!
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