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The Mortgage Recording Tax in NYC
The 2023 NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based …
Getting Mortgage Pre-Approval in NYC
What's the difference between mortgage pre-qualification and mortgage pre-approval in NYC? When and how can I get a pre-approved for a mortgage? We'll explain everything you need to know about getting mortgage pre-approval in New York City and even show …
Questions to Ask When Buying a Co-op in NYC
What are the most important questions to ask when buying a co-op apartment in NYC? Is there a checklist of common questions you should ask before submitting an offer on a coop? In this article, we discuss the most important …
How Much is the NYC Mansion Tax in 2023?
The NYC Mansion Tax is a buyer closing cost which ranges from 1% to 3.9% of the purchase price, applicable on residential purchases of $1 million or more in New York City. The Mansion Tax is part of the real …
How Much Are Buyer Closing Costs in NYC?
Buyer closing costs in NYC are between 1.5% to 6% of the purchase price. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments (also known as sponsor units). The largest buyer …
What Is an Offer Escalation Clause in NYC?
An escalation clause is a somewhat uncommon home buyer offer strategy in NYC in which a buyer automatically increases her or his offer amount when a competing bid is received, up to a preset maximum offer. A buyer may consider …
How to Ace a Co-op Board Interview in NYC
Ace a co-op board interview in NYC by showing up on time, being presentable, being succinct in your answers and not asking any questions. Be especially careful not to mention any renovation plans during your co-op board interview, as it …
Tips for a First Time Condo Buyer in NYC
Buying a condo in NYC may seem easy, but a first time condo buyer in NYC faces many challenges and pitfalls that can be extremely costly down the road. For example, did you know that both property tax figures and …
How to Make a Winning Lowball Offer on a NYC Apartment
Making a winning lowball offer on a NYC apartment is a dream come true for any buyer. While it’s possible to submit a successful low ball offer in both a buyer’s or a seller’s market, it’s obviously much easier when …
How to Make a Winning Lowball Offer on a NYC Apartment Read More »