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If you are selling or buying real estate in NYC, closing costs add up. One of the biggest line items is transfer taxes. NYC and New York State charge transfer taxes for transferring title on most deals, including single-family homes, condos, and co-ops. If you are buying new construction, many sponsors shift these taxes to...

FIRPTA is a federal tax rule found in Section 1445 of the Internal Revenue Code. It lets the United States collect tax when a foreign person sells a U.S. real property interest. In plain terms, the law treats part of the sale proceeds as a prepayment of potential tax. If you are buying from a...

Finding an apartment with real breathing room in New York City is tough. Most places are tight. If your building has a rooftop you can use, that space can feel like an outdoor living room. If you get exclusive use, even better, especially in a city where access to such can be limited and pricey....

Rates are ticking up, but you still have a chance to get a refinance or a CEMA (Consolidation, Extension, and Modification Agreement) at a fair rate. A refinance can cut your monthly payment and add up to thousands in yearly savings. With a CEMA, you can roll your current loan into a new one and...

In New York City, housing has changed a lot over the last several decades. Today, approximately 75 percent of residential properties here are co-ops, not rentals or condos. Co-ops aren’t like typical property purchases. When you purchase a unit, you’re actually buying shares in a corporation that owns the building. Instead of receiving a deed...

Transfer taxes are one of the biggest costs you’ll encounter when closing on real estate in New York, usually second only to the purchase price itself. If you’re planning to transfer property through a sale, a gift, or under a court order, it must be done with the proper legal paperwork. New York law has...