Upon completion of the home inspection, your agent will then work with your lawyer to communicate with the buyer, negotiate any issues that arise in the drafting of the contract, and facilitate the scheduling of a closing. When it comes to selling your own home in New York state, your attorney will prepare the contract of sale.
Do you need a disclosure statement when selling a home in New York?
While the PCDA requires you to complete a standardized disclosure statement and deliver it to the buyer before the buyer signs the final purchase contract, in practice, most home sellers in New York opt not to complete the statement and instead pay the credit.
What do you need to know about buying a house in NYC?
After the contract is signed, your real estate attorney NYC will need to do several things to prepare for a closing. First, the attorney will review the title report ordered by the buyers’ attorney to see if there are any issues that must be resolved before a closing.
What are the requirements for selling a house built before 1978?
If you are selling a house built before 1978, you must comply with a federal law called the Residential Lead-Based Paint Hazard Reduction Act of 1992 (U.S. Code § 4852d), also known as Title X.
Are there real estate taxes in New York City?
Note: The lender also pays a tax of 0.25% of the loan amount. In commercial deals, lenders will often try to make the borrower absorb this cost. The New York City Mansion Tax is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales valued at $1 million or more.
Are there any tax exemptions for selling a home in NYC?
Sell your home with a traditional full service listing for just one percent commission. NYC real estate taxes are mitigated by the fact that primary residence sales are covered by IRC Section 121 with a $250,000 exemption for single filers, and a $500,000 exemption for married filers.
How much is the New York City mansion tax?
In commercial deals, lenders will often try to make the borrower absorb this cost. The New York City Mansion Tax is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales valued at $1 million or more.
