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Purchasing a home for the first time in Manhattan involves closing costs, co-op or condo board requirements, title searches, mortgage preapproval, and contract negotiations that differ from most other real estate markets. First-time buyers often face unexpected fees at closing, confusion about flexible closing dates, and complications during the preapproval process that can delay or...

Owning a condo in Manhattan gives you a deed to the unit and an interest in the building’s common elements. Compared with a co-op, a condo may offer fewer transfer restrictions and more flexibility for financing, leasing, and resale. The declaration, bylaws, and board procedures still affect how you may use or transfer the property....

NYC’s “Pied-à-Terre Tax” New York City imposes a new annual surcharge on certain high-value properties that aren’t used as primary residence, commonly referred to as “pied-à-terre tax. Here’s a clear breakdown of who it hits, how much it costs, and what to do if you’ve received a letter from the Department of Finance (DOF). Who...

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...