A residential closing in New York City is the final step in the home-buying process when the property ownership is legally transferred from the seller to the buyer. This process involves several steps, and various parties are involved, including the buyer, seller, attorneys, real estate agents, title company representative, and sometimes a mortgage lender representative.
Closing costs vary depending on multiple factors, such as the specific property, the terms of the mortgage, and the type of loan. Here’s a breakdown of typical closing costs for a $2,000,000 condo in New York City when financing 80% of the purchase price ($1,600,000 mortgage): These are just some of the typical closing costs
Local Law 152 is a regulation in New York City that focuses on improving the safety of buildings and their occupants. This law was passed in 2016 and mainly deals with the inspection and maintenance of gas piping systems in buildings. To make this easier to understand, let’s break it down: In a nutshell, Local
An offering plan is a comprehensive legal document prepared by a sponsor or developer when converting a rental building into a cooperative (co-op) or condominium or when constructing a new co-op or condominium building. The offering plan provides detailed information about the property, its financial structure, the rights and obligations of the owners, and the
A flip tax, also known as a transfer fee, is a charge imposed by a cooperative (co-op) housing corporation when a shareholder sells their shares or interest in the co-op. It is not a tax in the traditional sense but rather a fee that the co-op charges to help cover the costs of building maintenance,
The Foreign Investment in Real Property Tax Act (FIRPTA) is a United States tax law passed in 1980. FIRPTA aims to ensure that foreign persons and entities selling U.S. real property interests pay taxes on any gains realized from the sale. The law applies to non-resident aliens, foreign corporations, foreign partnerships, foreign trusts, and foreign
Local Law 11, also known as the Façade Inspection and Safety Program (FISP), is a regulation in New York City aimed at ensuring the safety and structural integrity of building exteriors. If you are a potential purchaser of a property in NYC, it’s crucial to be aware of this law, as it can impact both