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April 29, 2008
Posting on Property Shark
Hi, I just closed on a coop, and wonder if there is any way to control the online publishing of the sale amount on sites like property shark, acris, etc. Thanks.
Comments
Now why would you want to do that we want to know how much you paid for it.
Posted by: guest at April 29, 2008 10:10 PM
Lewislee - Why would you want to do that? We have a right to know how much you paid, and see if you overpaid. It's a public record and can not be surpressed.
Posted by: guest at April 30, 2008 7:59 AM
Even if you can control the amount that lists on PShark
You cant control this
http://www.nyc.gov/html/dof/html/property/property_val_sales.shtml
Posted by: guest at April 30, 2008 9:22 AM
Only way I know to shield yourself somewhat from the casual nosy neighbor is to form a corporation, usually an LLC, to conceal your name (but this has to be done prior to closing). The property records still show up on ACRIS but if someone searches under your name for sales, the record won't come up. LLC ownership does entail more complications with the bank issuing the mortgage and you'd need to consult a tax person to straighten out those ins and outs on your return.
Property Shark can be so outdated and inaccurate, I wouldn't worry so much about that. The PS record for my house shows the correct sale price and date of closing but all the ownership information is for the prior owner, and it's seven months after the fact.
Posted by: zeebee_in_bklyn at April 30, 2008 9:24 AM
Hire an attorney and sue the city to prevent disclosing the information under some privacy theory. You will probably lose (public records related to title and mortgages need to be public in order to have any utility to alert future lenders/purchasers of who else may legally have an interest in the real property), but who knows?
Posted by: guest at April 30, 2008 9:58 AM
As a follow up to 9:24, it may be even better if the seller forms the LLC, transfers title to the LLC and then you purchase the entire ownership of the LLC. The last transaction to appear in the city's records will be the transfer of title to the LLC, as the transfer of ownership of the LLC will not be registered with the city.
It may be that some type of filing would need to be made with the Secretary of State regarding the change in the LLC, but I don't practice coporate law.
Also, there may be some type of issue regarding getting lenders to loan to the LLC at the same rates as a private homeowner, and also regarding whether the interest is tax-deductible by the LLC or the owner.
Finally, I don't know how the city itself would view such transfers in fact if not in name.
Posted by: guest at April 30, 2008 10:07 AM
unfortunately, coops are now public information. they used to be private and you wouldn't know or be able to disclose the sale price (it's like buying shares and when you do that with wall street you don't know how much someone else paid for their shares, right?!). now it is public information so unless you do what's stated above I doubt there's anyway you can protect yourself.
Posted by: guest at April 30, 2008 1:13 PM
complication of LLC - higher insurance costs for less coverage, higher interest costs, annual filing fees to state
Plus side - easy to transfer interests, legal protection for other assets
Posted by: guest at April 30, 2008 3:03 PM
Cash.
Posted by: guest at April 30, 2008 3:12 PM
What are you, some kind of drug dealer or something?
It's not unfortunate that house sale prices are public info. It's incredibly valuable info for buyers--crucial, in fact. I only wish your sale price would be posted more quickly than it is.
Posted by: Rehab at April 30, 2008 3:23 PM
I don't think an all cash sale would necessarily make a difference when buying a coop. PS: Someone correct me if I'm wrong.
Posted by: Carol Gardens at April 30, 2008 4:13 PM
The price I paid for my house doesn't show up on line because I did a mortgage assignment. Saved a bundle on mortgage origination taxes also. You may want to look into it. Don't know if its possible with coops though.
Posted by: fexleycb at April 30, 2008 4:24 PM
Oops - I see you already closed. Too late for a mortgage assignment.
Posted by: fexleycb at April 30, 2008 4:25 PM
Sounds like you get the idea: it is a matter of public record. So is a lot of other data, like whether or not you voted in the last election, or, in some cases, your salary (like if you work in a small nonprofit, for instance). It is even pretty straightforward to find out who owns a car with a given license plate.
If there is a good reason why your identity needs to be concealed (like you're in the federal witness protection program or sumfin) you may be able to get help, but you'd have to go through the courts.
Even if you can get your name off of the record, the numbers will still be public.
Posted by: amanda at April 30, 2008 4:54 PM
Thanks to those who provided constructive advice. To those who are so curious about why this question was posed, I would like to remind you that the purpose of making title transfers public is to allow for verifiable interests in property not to satisfy your particular curiosities or to provide comps for buyers (as useful as they may be). If you are so interested in other people's lawful private information then you should walk down to the municipal courthouse and verify recorded deeds and share prices to your heart's delight. There is no benefit to property owners to have their private information publicized--i.e., advertised-- versus made publicly accessible, and as such, websites like Property Shark should be limited to providing information about the building and the surrounding neighborhood absent permission to post information considered private to some. Just because it is obligatory to make something public doesn't mean that a private company should be allowed to profit by making the public information more accessible. While this principle may not hold true for information that is in the interest of public welfare and reasonably related to a substantial government purpose, the public has no protected substantive right to know this information per se.
Posted by: lewislee at May 1, 2008 9:01 PM
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