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Selling within 5 yrs. Vote Yes or no to transfer fee ?
Selling within 5 years does
Building is proposing a vote on an amendment
For new owners to pay 3,000 1 time transfer fee
It is supposed to offset future work costs, maintenance etc.
I won’t receive the long term benefits.
We could get a big unexpected assessment and perhaps this is how they plan to deal with it.
Would this affect sale ability and potential value of my unit in the future?
Building is proposing a vote on an amendment
For new owners to pay 3,000 1 time transfer fee
It is supposed to offset future work costs, maintenance etc.
I won’t receive the long term benefits.
We could get a big unexpected assessment and perhaps this is how they plan to deal with it.
Would this affect sale ability and potential value of my unit in the future?
Asked By Todd | Long Beach, NY | 405 views | Tips Advice | Updated 8 months ago
Answers (4)
Jason Craig
Coldwell Banker
Todd, I’d vote “no” if you know you’ll be selling in the next 5 years. A $3,000 transfer fee on top of closing costs can definitely make your unit less attractive to buyers, especially in a market like Long Beach where condos already come with HOA dues and occasional assessments. These kinds of fees are meant to build reserves for future work, but if you won’t be around to benefit, you’d essentially be paying into something the next owner gets. Buyers also tend to push back on fees like this, which can hurt marketability.
- 6 months ago
Helpful (1)
Unhelpful (0)
Andrew Test
Avyatech Fastexpert Company1
This is a test reply from automated testing. This discussion should be deleted after the test is complete.
- 7 months ago
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Maria Wilbur
Signature Premmier Properties
Great question and this is a very real decision especially in co-ops and condos.
Short answer:
A transfer fee like this is very common, and while it can slightly impact buyer perception, it usually does not hurt your value significantly especially at $3,000.
⸻
How this actually affects you as a seller:
Buyer perspective:
• A $3,000 one-time fee is typically seen as minor in the bigger picture
• Spread over ownership, it’s not a deal breaker for most buyers
• In areas like Long Beach, buyers are already used to co-op/condo fees
Where it can matter:
• First-time buyers with tighter budgets may feel it
• If your building already has high maintenance + assessments, it adds up
• If competing buildings don’t have a transfer fee, it could be a small disadvantage
The upside (this is important):
If that fee helps:
• Prevent large future assessments
• Improve building reserves
• Maintain the property better
That can actually protect or even support your future value.
Buyers care a lot about the financial health of the building.
Your specific situation (selling within 5 years):
You’re right that:
• You may not fully benefit long-term
But also:
• The fee is paid by the buyer, not you
• A well-funded building is easier to sell in
• Poorly funded buildings scare buyers much more than small fees
How to think about your vote:
Ask yourself:
• Does this help avoid bigger assessments later?
• Is the building financially strong or struggling?
• How does this compare to nearby buildings?
Bottom line:
A $3,000 transfer fee is usually not a deal breaker and may actually make your unit more attractive if it strengthens the building’s finances.
Short answer:
A transfer fee like this is very common, and while it can slightly impact buyer perception, it usually does not hurt your value significantly especially at $3,000.
⸻
How this actually affects you as a seller:
Buyer perspective:
• A $3,000 one-time fee is typically seen as minor in the bigger picture
• Spread over ownership, it’s not a deal breaker for most buyers
• In areas like Long Beach, buyers are already used to co-op/condo fees
Where it can matter:
• First-time buyers with tighter budgets may feel it
• If your building already has high maintenance + assessments, it adds up
• If competing buildings don’t have a transfer fee, it could be a small disadvantage
The upside (this is important):
If that fee helps:
• Prevent large future assessments
• Improve building reserves
• Maintain the property better
That can actually protect or even support your future value.
Buyers care a lot about the financial health of the building.
Your specific situation (selling within 5 years):
You’re right that:
• You may not fully benefit long-term
But also:
• The fee is paid by the buyer, not you
• A well-funded building is easier to sell in
• Poorly funded buildings scare buyers much more than small fees
How to think about your vote:
Ask yourself:
• Does this help avoid bigger assessments later?
• Is the building financially strong or struggling?
• How does this compare to nearby buildings?
Bottom line:
A $3,000 transfer fee is usually not a deal breaker and may actually make your unit more attractive if it strengthens the building’s finances.
- 4 days ago
- Helpful (0)
- Unhelpful (0)
Tatevik Hovhannisyan
RE/MAX Optima
A $3,000 one-time transfer fee for owners selling within 5 years could impact your unit’s resale appeal. Buyers might see it as an added cost, which could affect how quickly your unit sells or its market value.
On the other hand, the fee is meant to help cover future maintenance and avoid big unexpected assessments, which can also protect property values long-term.
It’s important to weigh the immediate cost against potential benefits. Talking to your HOA board or a real estate professional can help you understand how this might affect your specific situation.
On the other hand, the fee is meant to help cover future maintenance and avoid big unexpected assessments, which can also protect property values long-term.
It’s important to weigh the immediate cost against potential benefits. Talking to your HOA board or a real estate professional can help you understand how this might affect your specific situation.
- 7 months ago
- Helpful (0)
- Unhelpful (1)
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