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Transfer taxes are generally the second-highest closing cost of real property transfers in New York. To transfer real property to someone else, either by sale, gifting, or by court order, the transfer must be done using a written legal instrument that meets the requirements of New York law. In this article, you will learn when...
Purchasing a co-op in New York City will be unlike the purchase of any other type of real estate. This is because you are not really “purchasing” a small unit of the property but instead requesting to be part of a cooperative group of individuals who own and manage the entire building and its amenities....
Whenever you are selling or purchasing real estate in NYC, you need to be aware of the closing costs you will be required to pay at the closing of the transaction. State and local transfer taxes are usually one of the largest costs a seller or buyer will face at the closing. Those who sell...
A 1031 exchange refers to Section 1031 of the U.S. Internal Revenue Code allowing an owner of an investment property the ability to reinvest in a different property of “like-kind” without triggering capital gains until the final exchange of a piece of property is sold. This deferment can be used for multiple investment properties, one...
If you are purchasing property in New York City, you are probably already aware of what a costly venture it is. Not only are you looking at the cost of the property itself, but you are also responsible for closing costs, especially if you will be financing the property.  Closing costs will involve everything from...
Given how notoriously cramped and small New York City apartments are, access to open spaces is something many New Yorkers look for in their dream home. For those living in co-op buildings, this might be achieved through having access to the building rooftop. Roof access is a cherished amenity, with the additional space becoming even...

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