Do I really have to pay the “flip tax” resale fee when I sell my condo?
Transfer fees are common in HOAs.
I bought a condominium in a homeowner’s association a few years back. Now I’m ready to retire and sell, but a friend of mine warned me that I’ll have to pay 1% of the proceeds back to the homeowner’s association. At first I thought “No big deal,” until I did the math. If I succeed in selling my house for $350,000, that’s $3,500 I’ll have to part with, on top of all the other costs of selling and moving! Before I go digging through my paperwork to see whether this is in there somewhere, is it even legal?