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A due diligence review is the research your attorney performs to investigate a property before you sign a contract of sale. This process typically takes 5 to 7 business days and uncovers legal and financial risks that could affect your investment. Your lawyer examines building financials, board minutes, violations, title records, and offering plans to...

A co-op board interview is one of the final steps before purchasing a cooperative apartment in Manhattan, and it typically functions as a meet-and-greet rather than a formal examination. By the time the board schedules an interview, you have already been conditionally approved based on your application package. The interview gives board members a chance...

Transfer taxes apply to most real property conveyances in Manhattan and throughout New York when the consideration exceeds $500. Under New York Tax Law § 1402, the state imposes a tax rate of $2 for every $500 of consideration, which works out to 0.4% of the sale price. New York City adds its own Real...

A Delaware Statutory Trust (DST) allows real estate investors to defer capital gains tax under Internal Revenue Code (IRC) § 1031 while gaining passive, fractional ownership in institutional-quality property. Instead of purchasing and managing a replacement property directly, you buy a beneficial interest in a trust that holds the real estate. This structure can help...

Most buyers can reduce New York’s mortgage recording tax using a CEMA (Consolidation, Extension, and Modification Agreement), which taxes only the loan difference, or avoid it entirely by purchasing a co-op. However, CEMA loans require cooperation from both lenders and the seller, and they work best when the seller has a large outstanding mortgage balance....

During attorney review in New York, sellers can accept competing offers, attorneys can reject contracts without explanation, title issues can emerge, and either party can walk away without penalty. The contract is not legally binding during the three to five-day review period. Common problems include deal-breaking contract terms, unresolved liens, last-minute changes, and sellers who...