Mortgage Recording Tax (MRT) is collected by NYC and New York State whenever a mortgage is taken out on a “real property.” For residential property buyers, real property includes condos and townhouses, not co-ops, because co-ops are classified as legal corporations and are not considered real property. The tax is paid by property buyers since […]
There are many aspects involving purchasing or selling when it comes to new construction, conversion or heavy renovation. It involves complicated legal procedures and lots of paperwork. You also need to have the right permits and documents on hand before someone can legally move into their new home. One of those documents is a Certificate […]
A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. When it comes to condominiums, sponsor units can be found in both new developments/newly refurbished […]
Any newly constructed building or an under-construction building in which the apartments (that are still being constructed) are available for sale on the market by the builder can be considered new development. Many heavily renovated buildings that are being sold by the builder/developer that renovated the building are also called new developments. Most of these […]