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Both buyers and sellers pay closing costs in New York, and each side is responsible for its own set of charges. Neither party covers the other’s costs by default, though certain items can be shifted through negotiation. Closing costs are charges due at closing in addition to the purchase price, including attorney fees, transfer taxes,...

In most Manhattan real estate transactions, the seller pays the NYC Real Property Transfer Tax (RPTT) and New York State base transfer tax. Certain high-value NYC conveyances may also trigger an additional base tax that defaults to the seller, while the mansion tax and New York State supplemental tax generally default to the buyer. Exemptions...

Buying an investment property in Manhattan requires careful planning. Buyers must account for New York State and City transaction costs, including mansion tax and mortgage recording tax, and choose between condos, co-ops, and multifamily buildings, each with different rules for financing, rentals, and ownership.  New York real estate attorney Natalia A. Sishodia, Esq., LL.M. represents...

A proprietary lease defines a New York co-op shareholder’s right to occupy a specific apartment, along with their responsibilities to the cooperative. In Manhattan and throughout New York City, co-op apartments make up a significant share of the housing market, making the proprietary lease a key document for buyers. Together with the share certificate, it...

FIRPTA, the Foreign Investment in Real Property Tax Act, requires foreign sellers of U.S. real estate to pay a withholding tax generally of 15% of the sale price when they dispose of a U.S. real property interest, unless an exception or reduced withholding rule applies. The buyer is responsible for withholding the tax and remitting...

Investing in U.S. real estate can be one of the most rewarding moves a foreign buyer makes, offering both long-term financial growth and portfolio diversification. However, the structure through which a property is purchased can have profound implications for taxation, liability, and inheritance. Choosing between an LLC, a corporation, or a trust is not just...