If you’re in the market to buy a home in New York City, you’ve likely been bombarded by all sorts of paperwork in recent days, weeks, or even months. One of the forms you might’ve been asked to fill out is the REBNY financial statement. Maybe you’ve taken a look at it, or maybe you …
New York City is home to almost 8.5 million people. It’s a popular place to live, but it’s also notoriously expensive. Home prices in Manhattan, for example, average about $1,000,000. The average income, however, is just over $50,000 annually. That’s a huge discrepancy in housing costs versus what people are actually earning. Factor in a …
If you’re considering purchasing an apartment in New York City, the majority of your options are likely to be co-ops. This property type is prevalent in New York City, but many people who consider purchasing one have little or no idea what a co-op is. What’s more, they have a limited understanding of how owning …
Being able to find the property records of a piece of real estate that you’re interested in is extremely important. Thankfully in New York City, these public records are held together in the Automated City Register Information System or ACRIS. But trying to use the somewhat outdated site is not a particularly easy task. To …
It seems like everywhere you look during the homebuying process in New York City, you get slapped with another fee here, an extra cost there. The mortgage recording tax is just one more cost you need to account for if you’re buying a NYC property. We know that all these different costs and taxes can …
As of January 2021, the New York City mansion tax is a buyer closing cost, or residential real estate transfer tax imposed on residential real property with a value of more than $1,000,000. The mansion tax ranges from 1% to 3.9% of the purchase price and operates on a sliding scale up to the highest …