New York is famous for its complex tax codes. One of the important taxes homeowners in the five boroughs should be aware of is the NYC mortgage recording tax. This tax applies to anyone getting a mortgage to finance their home purchase and often contributes to higher closing costs. There are so many fees and … Read more
The NYC mansion tax is a progressive tax imposed on residential real estate transfers over a million dollars. The mansion tax ranges from 1.0% to 3.9%, resulting in higher closing costs for those buying a home within the five boroughs. But the term mansion tax can be a bit misleading because the tax does not … Read more
Buying an apartment in New York City is not that much different from buying a home anywhere else in the country, except there are a few more steps and associated costs. New York City is known for its expensive real estate. So, the vast majority of those looking to buy a home will likely purchase … Read more
Most states require that the landlord or the tenant provide the other party with a 30-day notice to vacate if they no longer wish to continue the relationship. One of the benefits of renting is that if you are no longer happy with your current living situation, you can choose to move at the end … Read more
Evicting someone from an apartment in New York is never easy. But if you have a tenant who refuses to pay rent or has otherwise violated the lease terms, it may be unavoidable. New York has strict tenant protection laws that you must follow to evict someone from your building legally. It’s often a long … Read more
Going through bankruptcy may feel like your chances of getting a loan are ruined because it will inevitably impact your credit and drain your finances. However, there is always hope for redemption as long as you get back on track and change any bad habits. Buying a home after a bankruptcy isn’t easy, but it … Read more
New York City is a global financial hub and US east coast’s cultural epicenter, attracting many residents despite the exorbitant cost of living. But what exactly makes NYC so expensive? Here is a closer look at how much it costs to live in New York, broken down by category. New York isn’t only America’s biggest … Read more
New York City is famous for its high taxes and even charges an additional fee for the transfer of property. This is known as the NYC Transfer Tax and applies to the transfer of all property and co-op shares valued over a certain dollar amount. This often results in higher closing costs for sellers on … Read more