Selling in NYC Archives

What Level of Service Should I Expect from a Flat Fee MLS Listing?

By Sonja Gosine, Spokesperson at Hauseit® / February 11, 2021 February 11, 2021

It is important for sellers to realize that a Flat Fee MLS Listing (also know as a Flat Fee RLS Listing in NYC) is a DIY, ‘owner managed’ service. This means home sellers should not expect anywhere near the same level …

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The NYC and NYS Transfer Tax for condo and co-op sellers is 1.425% for sales of $500k or less and 1.825% above $500k. Tax rates vary by property type.

The NYC and NYS Transfer Tax (RPTT) for Sellers

By Sonja Gosine, Spokesperson at Hauseit® / January 8, 2021 January 8, 2021

Combined NYC and NYS Transfer Taxes for sellers in New York City is between 1.4% and 2.075% of the sale price. Both NYC and New York State charge a separate transfer tax. Calculate Seller Transfer Taxes in NYC: Purchase Price: …

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Basic STAR (School Tax Relief) is a tax credit for certain owners of houses, co-ops and condos in NYC. Basic STAR annual savings is ~$300.

What is the Basic STAR Property Tax Credit in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 5, 2021 January 14, 2021

Basic STAR (School Tax Relief) is a tax credit available to owners of houses, co-ops and condos in NYC with annual income of $500,000 or less who use the qualifying property as a primary residence. Estimated annual savings from Basic …

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What is the Enhanced STAR Property Tax Exemption in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 5, 2021 January 14, 2021

Enhanced STAR is one of several property tax exemption programs which are available to qualifying homeowners in NYC. Qualified recipients of the Enhanced STAR exemption save approximately $650 in NYC property taxes each year. Enhanced STAR is available to owners …

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How Do Air Rights Work in NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / December 22, 2020 December 26, 2020

Air rights in NYC refer to the empty space above a building which may be used for development. If a building is 50 feet tall but it could potentially be as high as 75 feet, the unused 25 feet are …

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The Senior Citizen Homeowners' Exemption (SCHE) allows seniors with an annual income below $58,399 to reduce their property taxes in NYC.

What is the NYC Senior Citizen Homeowners’ Exemption?

By Sonja Gosine, Spokesperson at Hauseit® / December 17, 2020 December 23, 2020

The Senior Citizen Homeowners' Exemption (SCHE) allows seniors (age 65+) with an annual income of $58,399 or less to reduce the property tax bill on their primary residence in NYC. This is accomplished by reducing the taxable assessed value of …

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The biggest, secret reason besides high cost of living, high taxes and lockdowns that explains why people are leaving New York en masse.

Why are people leaving New York in droves?

By Sonja Gosine, Spokesperson at Hauseit® / October 23, 2020 October 24, 2020

Whatever your political beliefs, it's undeniable that New Yorkers are fleeing the state and NYC in particular. So why are people fleeing New York in droves? Is it because of current events like the pandemic or more endemic issues that …

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Buyer's agents in NYC may attempt to negotiate a higher buyer agent commission than what a seller is offering. Here's how to deal with it.

Can a Buyer’s Agent Demand a Higher Commission in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / September 10, 2020 September 28, 2020

If you’re selling a home in New York City, it may come as a shock if a buyer’s agent submits an offer which demands a higher buyer agent commission % than what you’ve agreed to pay. This scenario most commonly …

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The REBNY COVID-19 Health Questionnaire Screening Form is an optional document used for in-person showings and appointments for real estate listings in NYC.

What Is the REBNY COVID-19 Health Questionnaire Screening Form?

By Sonja Gosine, Spokesperson at Hauseit® / July 13, 2020 July 14, 2020

The REBNY COVID-19 Health Questionnaire Screening Form is designed to help promote the health and safety of all participants who may be involved with in-person showing or meeting activity for residential and commercial real estate in New York City. The …

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NYC sellers and landlords of homes built before 1978 must disclose lead paint hazards and provide purchaser/tenant with a Lead-Based Paint Disclosure Form.

How and When to Use a Lead Based Paint Disclosure Form in NYC

By Sonja Gosine, Spokesperson at Hauseit® / July 1, 2020 July 9, 2020

Sellers and landlords of properties built prior to 1978 in NYC are required to notify prospective tenants and purchasers of the risk of exposure to lead from lead-based paint. Lead-based paint is of particular risk to young children, as lead …

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