Transfer Taxes: A Guide for the Perplexed
Real Estate Taxes in New York State are complex, and it can be difficult for a first-time buyer to know what they will owe. The chart attached here should clear up some of the confusion. It contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county. Keeping abreast of Real Estate taxes is an important part of any transaction, and can prevent any unwelcome surprises at the closing table. This chart is current as of the date of the blog posting – figures and rates are subject to change.
NYC Real Estate Attorney’s Closing Report: March 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 309 West 20th Street, NY, NY | $417,000 | Coop Refinance/Purchase |
| 136 Westminster Road, BK, NY | $850,000 | House CEMA |
| 351 State Street, BK, NY | $3,950,000 | Condo Purchase |
| 1150 Fifth Avenue, NY, NY | $2,885,000 | Coop Purchase |
| 60 Broadway, BK, NY | $915,000 | Condo Sale |
| 228 East 13th Street, NY, NY | $531,000 | Coop Purchase |
| 42-22 Ketcham Street, QN, NY | $720,000 | Coop Purchase |
| 173 Hicks Street, BK, NY | $1,520,000 | Coop Purchase |
| 325 Fifth Avenue, NY, NY | $2,950,000 | Condo Purchase |
| 307 72nd Street, BK, NY | $447,000 | Coop Purchase |
New FinCEN Targeting Orders in Effect
New targeting orders from the Financial Crimes Enforcement Network (FinCEN) took effect beginning March 1st. These measures, aimed at fighting money laundering schemes by identifying individuals behind purchasing entities such as corporations, will affect which data certain Title Insurance companies must report to the government. The changes will be required for most purchases of Manhattan Real Estate by certain types of legal entities, such as corporations and LLCs, when the purchase price exceeds $3 million.
For more detailed info, please visit the FinCEN website.
Of Dummy Money and Dogs: Navigating the Coop Approval Process
The New York Times Real Estate section recently published an an advice column with information that prospective coop buyers may find pertinent.
Two specific questions are ethical in nature: the first examines the use of “dummy money,” funds loaned or temporarily deposited into a bank account prior to closing in order to fulfill coop board financial requirements. The second examines potential loopholes in the enforcement of coop pet policies.
We suggest adhering to existing policies wherever possible in spirit as well as in letter: any attempt to exploit loopholes can have costly side-effects in the future, and leave the owner vulnerable to disciplinary action or even litigation.
For all such questions, we recommend that purchasers consult an attorney or real estate specialist.