Selling in NYC Archives

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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Do liens have an expiration date or do they stay on a house forever? Mechanic's liens vs tax liens, how to remove a lien & more.

How Long Does a Lien Stay On Your Property?

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

Contrary to what you might expect, most liens will expire after a certain amount of time, from 1 year for mechanic's liens in some states to unlimited for property tax and common charge liens until the debt is paid off. …

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When does the seller get paid after closing on their home sale? Wet vs dry funding state, & how the buyer pays will determine how long.

When Does The Seller Get Money After Closing?

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

Congratulations, you've found a buyer for your home, you've signed a binding contract of sale and you're days away from closing. So when does the seller get the money after closing? As we'll explain in this article, the answer depends …

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Minimum service requirements in real estate refer to specific tasks that a broker must perform under state law regardless of commission rate.

What Are Minimum Service Requirements in Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / January 8, 2023

Minimum service requirements in real estate refer to specific tasks that a broker must perform under state law regardless of the commission rate being charged. Minimum service requirements vary by state, and the vast majority of states including New York …

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A Flat Fee MLS listing is a brokerage service in which a seller pays a broker a flat fee to have their property listed on the MLS.

What Is a Flat Fee MLS Listing?

By Sonja Gosine, Spokesperson at Hauseit® / January 6, 2023

A Flat Fee MLS listing is a reduced commission brokerage service in which a seller pays a broker a flat fee to have their property listed on the MLS (Multiple Listing Service) and a comprehensive set of real estate search …

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