Co-op board says I must sell at what they say [$ 335,000] and pay a Flip Tax on THEIR selling price of $335,000 even if I sell f
1 attorney answer
That may be the case or it may not be the case. A competent attorney would need to read through the co-op's shareholder agreement/share agreement and by-laws to better understand where the co-op's argument is coming from. There might be a Fair Market Value or Right of First Refusal clause in your agreement that they are using to their advantage. I have seen this before where the Co-Op wants to keep the value of their shares/units at a certain level and as such, will ensure units sell for/transfer for a certain value. Contact a competent attorney who can review this situation with you.
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