Co-op Handbook
Selling Your Shares in the Co-op
As soon as you are thinking of putting your apartment shares on the market (whether with a broker or privately), you should contact the managing agent to obtain a resale application package. The package includes an application and instructions on other documentation that has to be submitted by the prospective shareholder, such as income verification, credit authorization, reference letters, a mortgage commitment letter (if applicable). Once all of the materials are complete, the Board will review the application and schedule an interview with the prospective purchaser(s).
The co-op has a Web page where available apartments can be listed for sale, and apartments listed on the web page will also be posted on the bulletin boards in the lobbies. To list your apartment, fill out the online Apartment Listing Form.
There are some points to keep in mind when showing your apartment for sale. If you are using a broker who will have keys to the building and the apartment, you must notify the managing agent and the superintendent. Open houses are not permitted without the consent of the Board of Directors. Signs on the building or in windows are not permitted.
If you are marketing the apartment yourself, remember that you will be inviting strangers into your home to see your apartment. Get as much information as is reasonably possible about the prospective purchaser. Remember that visitors to the building should not be buzzed in without first identifying themselves to you.
Reader Comments
Posted by Don Sirey, 7 May 2003 at 10:49 AM: Outside of capital gains taxes, what are some of the taxes and fees levied upon selling a co-op?
I have always heard that when buying and selling a co-op (compared to condo or house), the taxes are much higher when selling the property as opposed to when you purchase the property.
Posted by Webmaster, 17 May 2003 at 10:52 AM: I don’t know of any other taxes except the “flip tax,” which is not really a tax but a fee charged by the co-op or condo upon selling the apartment. Our co-op doesn’t have flip taxes. Check out the following: Selling Your Home.
Posted by maira Schwarz, 17 May 2003 at 7:58 PM: I wouls like a brochure of apartment with photo and pricing c/o maira Schwarz 602 west 184 street apt#44
Posted by Webmaster, 18 May 2003 at 11:00 AM: Dear Ms. Schwarz: We don’t have a brochure of our co-op — only the Web site. However, you should be able to find everything you need to know about our co-op on our Web site — it’s very complete. If you’re interested in the apartments that are currently listed for sale, get in touch with the contact persons listed on that page, and they’ll be able to show you the apartments.
Posted by Claire, 27 May 2003 at 10:06 AM: 
Hi! In regard to the question about taxes on apt. sales: I sold my apt. in Manhattan in late 1999. We closed in January 2000. I paid the building’s ‘flip-tax’ - which, of course, is just a revenue raiser for the bldg, the NY State Transfer tax and, I think, possibly some city tax as well.
If you have lived in your apartment - that means you personally occupied it and did not rent it out - for the last two years, you do not have to pay capital gains. At least, that is my understanding of the current tax code - which changed a few years ago. So that’s the good news!
Good luck!
Posted by Theresa Franklin, 11 Jun 2003 at 3:23 PM: 
How can I list my co-op in CT with your co-ops?
Posted by Webmaster, 11 Jun 2003 at 3:30 PM: Thank you for your message. Sorry, but the “For Sale” listing is only for apartments in our co-op. Sorry I can’t be of more help. 
Posted by Lola, 19 Jul 2003 at 5:19 PM: I will be moving to NYC in about 12-18 months. What’s the difference between a co-op, a regular apartment, and a cono?
Posted by Lola, 19 Jul 2003 at 5:33 PM: Oops! I meant condo. Sorry 
Posted by Webmaster, 19 Jul 2003 at 5:46 PM: Read all about the differences in the Frequently Asked Questions page.
Posted by Robin, 7 Sep 2003 at 12:13 AM: Question? If I sell my apt. for say $400,000 and I am entitled to the $250,000 deduction because of my age, what are the tax ramifications on the remaining monies. Am I able to first deduct the remaining balance to the mortgage, repairs and improvements over 30 yrs. of occupancy and preparations to prepare it for sale. I plan to buy most likely a home in NJ almost immediatly can these monies be applied to that without any taes from the sale of the co-op? Thank you, Robin
Posted by Webmaster, 7 Sep 2003 at 12:27 PM: If you’re planning to sell your apartment, I would recommend that you ask your financial advisor about the tax ramifications. A professional financial advisor would be able to give you answers to your detailed questions. If you don’t have a financial advisor, you might want to check out the following: Selling Your Home. That should provide answers to most of your questions. You can also see the following pages on the IRS Web site: Tax Topic 701: Sale of Your Home and FAQ: Sale of Home. Hope this helps!
Posted by kellie, 5 Nov 2003 at 4:05 PM: If my parents owned a co-op together and my father dies, are his shares transferred over to my mother?? His will leaves everything to her including property?? My mother has since died as well and my siblings are trying to sell the co-op? The board is suggesting that my fathers shares are not transferrable to her?/
What is the truth 
Posted by David, 1 Feb 2004 at 4:29 PM: If I sold my co-op as a result of a change in employment, which was more than 50 miles away, but I lived in my co-op for less than 2 years, would I be eligable for the reduced capital gains exclusion? In other words, is there any reason my co-op sale would no tbe entitled to the benefits afforded a condo sale or homewowner sale?
Posted by gfspringer, 12 Apr 2004 at 2:18 PM: my son purchased his co-op 4years ago in NYC. he wants to tranfer the shares to his sister. what are the tax consequences? or would you recommend that he sells the co-op to her?
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