EMAIL US
10 июля, 2017  |   By: Max Dilendorf, Esq. and Gleb Zaslavsky, Esq.

NYC Closing Cost Guide: Condos, Coops & Townhouses

NOTES

1. Broker Commissions. When the buyer is represented by a real-estate agent, the 6% commission paid by the seller is split between the seller’s and buyer’s agents.

2. New York City Real Property Transfer Tax. For more information about the Real Property Transfer Tax, see our service page for Real Property Transfer Tax Appeals.

3. Nonresident Real Property Estimated Income Tax Withholding. When the seller of New York real estate lives outside of the state, the buyer is required to withhold an amount equal to 8.82% of the seller’s estimated gain from the sale and remit that amount to the state.

4. Foreign Investors in Real Property Transactions Act (FIRPTA). When the seller of New York real estate is a nonresident alien, FIRPTA requires the buyer to withhold an amount equal to 10% (if the purchase price is over $300,000 but no more than $1,000,000) or 15% (if the purchase price exceeds $1 million) of the gross purchase price and remit that amount to the IRS.

For more information about FIRPTA and how foreign sellers can minimize the amount withheld, see How Foreign Investors Can Reduce or Eliminate FIRPTA Withholding Upon Sale of U.S. Real Estate.

RESOURCES

DISCLAIMERS

This closing cost guide is provided for your convenience and does not constitute legal advice. The information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Prior results do not guarantee a similar outcome.

Tax Disclaimer: The information contained herein is general in nature and based on authorities that are subject to change. We do not guarantee neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. We assume no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations.

Circular 230 Disclosure: This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

This article is provided for your convenience and does not constitute legal advice. The information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Prior results do not guarantee a similar outcome.

OUR LATEST ARTICLES

Токенизация недвижимости: принципы и преимущества

Авторы выражают особую благодарность Джор Ло, Эск. (Jor Law, Esq.) за анализ и комментарии к данной статье

Недвижимость всегда считалась надежным объектом для инвестиций. …

Читать далее
Внутренние трасты для защиты активов в США

Что представляет собой внутренний траст для защиты активов (DAPT)?

Частные лица, заинтересованные в защите собственности от судебного преследования, претензий кредиторов …

Читать далее
Способы защиты активов в США с помощью трастов: трасты Островов Кука

Многие профессионалы, владельцы бизнесов, и другие лица, деятельность которых связана с высоким уровнем персональной ответственности, интересуются вопросами защиты личных …

Читать далее

ОБРАТИТЬСЯ ЗА КОНСУЛЬТАЦИЕЙ

Our website uses cookies. By continuing to use our site, you agree to our use of cookies in accordance with our Privacy Policy.