New York real estate attorney Natalia A. Sishodia (https://sishodia.com/how-to-avoid-the-nyc-transfer-tax/) of Sishodia PLLC has published a comprehensive guide on how to potentially reduce the burden of the New York City (NYC) transfer tax in real estate transactions. The article explores the intricacies of this often-overlooked aspect of buying and selling property in NYC and presents strategies to navigate this complex area of real estate law.
In the first section of the article, the New York real estate attorney outlines the basics of the NYC transfer tax. This tax applies to all residential real estate transactions, including single-family homes, co-ops, and condominiums. She also explains the intricacies of transfer taxes, who typically bears them, and the circumstances that may shift this responsibility.
The New York real estate attorney then delves into the dynamics of who pays the transfer tax in New York. Sishodia explains that although the seller generally pays these taxes, the responsibility can shift to the buyer under certain circumstances, such as when the seller neglects to pay the tax or when this is stipulated in an agreement between the two parties.
The article reveals a potential way for sellers to reduce their transfer taxes via a Purchase Consolidation, Extension, and Modification Agreement (CEMA). This agreement allows the buyer to assume the balance of the seller’s mortgage and borrow additional money to make up the difference. The transfer tax is then calculated based on the equity of the property, not the total sale price, potentially saving the seller substantial money at closing.
Sishodia also clarifies the concept of the NYC Mansion Tax, an additional transfer tax imposed on properties sold above a certain amount. She explains that the mansion tax rate in New York is currently 2.5%, but it only applies to a minute fraction of NYC homes.
The New York real estate attorney emphasizes the value of having a knowledgeable real estate attorney by one’s side during such transactions. Sishodia states, “The law surrounding real estate transactions in New York City can be complex and expensive. It is always advisable to have an experienced real estate attorney to offer skilled guidance in any real estate transaction in NYC.”
As the landscape of real estate transactions in NYC continues to evolve, the insights offered by Sishodia are invaluable for anyone navigating the intricacies of buying or selling property in the city. This article is a testament to their commitment to providing clients with up-to-date, practical, and actionable advice.
Anyone involved in a NYC real estate transaction is encouraged to read the full article for a deeper understanding of the NYC transfer tax and potential strategies to mitigate its impact.
About Sishodia PLLC:
Sishodia PLLC is a renowned New York-based law firm focusing on real estate transactions. Led by Natalia A. Sishodia, the firm provides comprehensive legal services in the field of real estate, offering professional advice to both buyers and sellers in NYC. They are dedicated to helping clients have smooth real estate transactions, focusing on value for money and peace of mind.
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Email: natalia@sishodialaw.com
Website: https://sishodia.com/
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Website: https://sishodia.com/