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Thinking about subletting your co-op apartment in New York? It’s a common move for shareholders who need flexibility. Maybe you’re relocating for work, taking time away, or just want to offset some costs. But here’s the thing: subletting in a New York co-op isn’t always as straightforward as finding someone to rent your place and...

Estimating the value of inherited real estate is a crucial step in the estate settlement process. Accurate property valuation ensures fair distribution among heirs, compliance with tax regulations, and helps in making informed decisions about whether to retain or sell the property. Whether you are dealing with residential, commercial, or income-producing property, understanding the various...

Buying real estate in New York is an exciting milestone, but it also comes with layers of financial obligations that extend far beyond the purchase price. One of the most overlooked costs is special assessments, which are additional charges levied by local governments, co-op boards, condo associations, or HOAs. For buyers, failing to account for...

Title insurance protects property buyers and lenders against hidden defects in a property’s ownership history, and most Manhattan condo and townhouse buyers will need at least one policy. If you are financing your purchase with a mortgage, your lender will almost certainly require a lender’s title insurance policy before approving the loan. However, New York...

In many cases, you cannot sell a deceased parent’s house in Manhattan without first going through a Surrogate’s Court proceeding. Probate or administration is often required when the property was titled in the decedent’s name alone, and a court-appointed fiduciary is needed for the sale. However, probate may be avoided when the property passes outside...

The Foreign Investment in Real Property Tax Act (FIRPTA) generally requires the buyer to withhold 15% of the amount realized when a foreign person sells a United States real property interest, including a home in Manhattan. This withholding obligation comes from Section 1445 of the Internal Revenue Code (IRC). There are exceptions, including a reduced...