Selling in NYC Archives

Post-NAR settlement, NYC buyer agent commissions have fallen slightly, but sellers still pay them. Listing agent commissions may increase.

NAR Settlement: Impact on NYC Real Estate Commissions

By Sonja Gosine, Spokesperson at Hauseit® / September 3, 2024

The recent NAR settlement does not prohibit NYC sellers from paying a buyer agent commission, meaning it doesn’t trigger immediate, sweeping changes to the brokerage commission model in NYC. Since the NAR settlement took effect on 8/17/24, it’s largely been [...]

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Required Lease Disclosure Forms for NYC Residential Landlords

By Sonja Gosine, Spokesperson at Hauseit® / February 29, 2024

Residential landlords in NYC are required to include several mandatory disclosure forms when presenting tenants with a lease. These required disclosure forms pertain to lead-based paint, window guards, sprinkler systems, bedbug infestation history, flood history, indoor allergen hazards, gas leaks,

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A shocking, true story of a NYC co-op eviction gone wrong. One client's nightmare journey through legal battles and tenant turmoil!

NYC Eviction Process Nightmare – One Client’s Horrific Experience

By Sonja Gosine, Spokesperson at Hauseit® / February 2, 2024

In my decade-long career as a professional real estate broker in NYC, specializing in residential sales and rentals, I've seen my fair share of tough situations. But none quite as convoluted and draining as the eviction process nightmare my client

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Your NYC co-op is subject to NYS & federal capital gains tax. You may be able to exclude up to $500k in profit via Section 121 exclusion.

Capital Gains Tax When Selling Your NYC Co-op

By Sonja Gosine, Spokesperson at Hauseit® / January 4, 2024

You are subject to both federal and state capital gains tax when selling a co-op in NYC. You may be able to exclude up to $500,000 of gains under the Section 121 home sale exclusion provided certain ownership and use

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How to Rent Out Your House

By Sonja Gosine, Spokesperson at Hauseit® / June 5, 2023

If you've never been a landlord before, it may seem overwhelming to rent out your home for the first time. However, we'll show you in this article that it's actually quite straightforward, with step-by-step advice on how to get started.

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Depreciation Recapture

By Sonja Gosine, Spokesperson at Hauseit® / May 3, 2023

Depreciation recapture refers to real estate investors being taxed at a maximum of 25% on the lifetime depreciation of a property when an investment property is sold. There is no depreciation recapture tax if a property is sold at a

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The Los Angeles Mansion Tax refers to additional transfer taxes levied on luxury home sales in Santa Monica, Culver City and the City of Los Angeles.

How Much Is the Los Angeles Mansion Tax?

By Sonja Gosine, Spokesperson at Hauseit® / April 27, 2023

The Los Angeles Mansion Tax refers to additional transfer taxes levied on luxury home sales in Santa Monica, Culver City and the City of Los Angeles. Each city recently implemented higher transfer tax rates for luxury homes via voter-approved ballot

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The Los Angeles County Transfer Tax is 0.11%. The City of Los Angeles, Culver City, Pomona Redondo Beach, and Santa Monica levy an additional transfer tax.

How Much Are Real Estate Transfer Taxes in Los Angeles?

By Sonja Gosine, Spokesperson at Hauseit® / April 24, 2023

All properties in Los Angeles County are subject to the LA County transfer tax of 0.11%. The City of Los Angeles, Culver City, Pomona, Redondo Beach and Santa Monica levy a city transfer tax on top of the LA County

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Queens is covered by both the REBNY RLS broker database and the OneKey MLS. There is no single Multiple Listing Service in Queens, NYC.

What Is the Queens Multiple Listing Service?

By Sonja Gosine, Spokesperson at Hauseit® / April 13, 2023

There is no single Multiple Listing Service (MLS) that is used exclusively in Queens, however the most widely used systems include the REBNY RLS and the OneKey MLS. Queens is primarily covered by the REBNY RLS broker database, although outer

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The step-up in basis for real estate allows real estate investors & their heirs to benefit from reduced income & capital gains taxes.

The Step-Up in Basis for Real Estate Explained

By Sonja Gosine, Spokesperson at Hauseit® / April 4, 2023

The step-up in basis in real estate is an important tax provision that applies to real estate and other assets transferred at death. It allows heirs to receive inherited property with a new basis that is equal to the fair

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