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Knowledge Center

Find answers to the most frequently asked questions below.

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real estate

  • Who is paying for the transfer taxes?
    Seller typically pays for transfer tax. For sponsor condo sales, purchaser pays for the transfer tax.
  • Is land survey required for purchasing a house?
    They bank will typically require a survey if the purchase is done with a loan. For case purchases, it is strongly recommended that you obtain a survey. This helps to ensure that there are no encorachments or out of possessions on your property.
  • What will be my closing costs?
    Closing cost varies on case by case basis. Typically, for residential transactions, we estimate closing cost by percentage. For Purchases with loan, we estimate 7%. Purchase without loan, 5%. For Sales, 6%.
  • What is mortgage contingency?
    A mortgage contingency is a provision of the contract that allows the purchaser to terminate the agreement, cancel the sale, and receive a full refund on the 10% contract deposit paid. However, this provision has time limitations, usually 45 days from the date of the contract. If purchaser is unable to obtain a loan within 45 days AND fails to notify seller of same within the same time frame, purchaser will be in default of the agreement and forfeit the contract deposit.
  • What if I cannot obtain a mortgage before the commitment date?
    If a purchaser cannot obtain a mortgage and notifies the seller of this prior to the expiration of the typical 45 day period, purchaser is typically allowed to cancel the contract and receive a refund on the contract SO LONG AS the purchaser made a good faith effort to obtain the loan, including providing information, paying fees, maintain employment/income until the transaction is closed.
  • How much will be my real estate tax? Any reduction?
    You can retrieve a copy of property tax records for the various local agency websites. Whether a certain property is eligible for reduction is determined by the local agency assessing the property tax. Some factors under consideration may include whether the property had previous reductions, the assessed value of the property, the property compared to a similarly situated property, and various others.
  • What is the difference between a coop and a condo?
    Cooperative apartments are owned by a corporation, buyer of a coop apartment buys shares of the corporation which then gives them the right to live in the building.
  • What if I cannot attend the closing in person? (pre-sign, POA)
    For those who cannot attend the closing in person, we advise that a Power of Attorney be executed as soon as possible. A POA requires both the Principal and the Agent together with two witnesses to be present. While not everyone's signature must be notarized at the same time, it is advisable.
  • For Power of Attorney, what if the principal is not in NY State? Not in US?
    For those that require a POA but is not in the state, they may execute a NY state POA with an out of the state notary. However, the original must be sent to NY before the closing. The Principal and the Agent must both sign the same paper.
  • I have cash, should I buy with cash instead of obtaining a loan?
    This dependents on the rate of your proposed loan. As a general rule, if the rate of your loan is lower than the current inflation rate, then it is advantageous to purchase with loan. An added benefit of purchasing with a loan is that the bank will scrutinize the title to the property to ensure that the property does not have any defects.
  • Why should I incorporate incorporation services to isolate investor liability, make partnership easier, and much more.
    Why should I incorporate incorporation services to isolate investor liability, make partnership easier, and much more.
  • How can Corporate Structuring help me
    How can Corporate Structuring help me
  • What is a Partnership
    What is a Partnership
  • What documents are needed for a filing for a company
    What documents are needed for a filing for a company
  • LLC and INC, what is the difference.
    LLC and INC, what is the difference.
  • I want to buy a company what are some things I should watch out for?
    I want to buy a company what are some things I should watch out for?
  • I want to enter into business with a partner, what protections should be included in the agreement?
    I want to enter into business with a partner, what protections should be included in the agreement?
  • What happens when I am no longer part of the company, but am still on the company lease as a guarantor, what do I do?
    What happens when I am no longer part of the company, but am still on the company lease as a guarantor, what do I do?
  • What is the proper way to enter into a commercial lease?
    What is the proper way to enter into a commercial lease?
  • I want to draft an agreement. What can I put into the agreement?
    I want to draft an agreement. What can I put into the agreement?
  • I have a small matter between a myself and a friend, should I draft an agreement?
    I have a small matter between a myself and a friend, should I draft an agreement?
  • Can I draft the agreement in an language other than English?
    Can I draft the agreement in an language other than English?
  • What is a gift tax window?
    What is a gift tax window?
  • What are the different taxes for me to be aware of
    What are the different taxes for me to be aware of
  • NYS Transfer Tax
    NYS Transfer Tax
  • NYC Transfer Tax
    NYC Transfer Tax
  • Mortgage Recording Tax
    Mortgage Recording Tax
  • Mansion Tax
    Mansion Tax
  • Estate Tax
    Estate Tax
  • Gift Tax
    Gift Tax
  • Personal Income Tax
    Personal Income Tax
  • Corporate/LLC Income Tax
    Corporate/LLC Income Tax
  • Capital Gains Tax
    Capital Gains Tax

Questions?

Find answers to frequently asked questions in our most extensive FAQ section, where your concerns can be addressed. Alternatively, reach out to us with any questions you may have. 

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