Who is Responsible For The NYC Real Property Transfer Tax?

Who pays property taxes when closing in New York? The seller – who owned the property during the time the taxes were incurred, is typically responsible for paying property taxes at the time of closing. However, the responsibility can be shifted to the buyer with mutual agreement. If the buyer receives a tax bill for the period the seller occupied the property, they may be responsible as current owners of that property. They can reach out to the seller to pay the bill or even have this as part of the contract at the time of closing (so the seller can leave money in the escrow).
Then there are taxes specific to the transaction itself, i.e., property changing hands. Both buyers and sellers have their own taxes.

One question many first-time sellers have is – how to sell an apt in NYC? The process may differ slightly for every one and based on what kind of apartment they are selling (because co-ops might be more challenging to sell than condos). But the basic steps are the same. The first thing you need to do is find a broker/a real estate agent. A seasoned New York City broker can make the process of selling an apartment incredibly easy and ensure that you get a good price for your property.

ow do I avoid capital gains tax on real estate in NY? This is the question many sellers have, and not just in New York. Both the federal and state governments can take a significant chunk of your profits in the form of capital gains.

What is the highest-selling apartment in NYC? The highest-selling apartment ever in NYC is the penthouse at 220 Central Park South. It was bought by Ken Griffin, a hedge fund manager, in 2019 for $238 million. This isn’t just the highest-selling apartment in NYC but also the most expensive residential real estate deal in the history of the country. The sale was closed in 2019, but the buyer signed the contract in 2015 when the building was still under construction. Here is what we know about this apartment

How to pick a realtor in NYC? This is a step most NYC buyers and sellers should spend significant time on because this one choice can have a massive impact on how their transaction goes. A few tips that can help are

Many sellers ask this question – How do I make my house look ready to sell? New York City brokers and other experts suggest a few things

Many buyers ask – Do I have to pay taxes when I sell my house in NY? The answer is yes. Sellers have to pay multiple taxes after selling a house in NY. Two of these are directly associated with the real estate transaction.

Who pays closing costs in NYC? Both buyers and sellers. They have their own set of closing costs that they either pay out of pocket or are rolled into the amount of the transaction.