For real estate investors, the 1031 exchange is a powerful tool for managing tax liability when selling and purchasing investment properties.
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New York City real estate has a lot of intricacies and quirks, but one of the more important ones that purchasers need to be aware of are lot line windows. Lot line windows are windows located directly on edge of the building’s property line.
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The “Mansion Tax” is a New York State tax imposed on the purchase of residential property for $1 million or more, excluding the sale of personal property and most closing costs.
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Most people looking to purchase a new house or apartment will need financing. This is the reality for most that make a foray into the real estate world. However, sellers hate financing because it could be a major stumbling block for the deal.
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There are several major distinctions associated with real estate contracts for newly constructed homes in New York.
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“Title” represents the bundle of rights associated with property ownership. Whoever title is vested in has the right to possess, occupy, improve or transfer that property as he or she sees fit.
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The financials of your co-op are extremely important. Your board of directors mails them to you once a year, usually in the spring, and there is a very good reason they mail them to you-- because you are suppose to review them!
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The difference between Co-ops and Condos is a huge issue in New York City real estate. Depending upon which type of property you decide to purchase, your obligations and potential for liability will vary.
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