Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
If you're in the market for an apartment in New York, you've likely come across two common forms of ownership: condominiums (condos) and cooperatives (co-ops). While they may look similar from the outside, the legal and financial structures are quite different—and understanding those differences is crucial before making a purchase.
1. Mansion Tax
New York State imposes a Mansion Tax on the buyer of 1% of the purchase price on homes sold for $1,000,000 to $1,999,999.
The NYC Mansion Tax imposed on the buyer is as follows:
The buyer pays this tax at closing.
2. Mortgage Recording Tax
If financing is involved, the buyer must pay a Mortgage Recording Tax, calculated as follows:
This tax is not imposed on cash buyers.
3. Title Insurance & Title Charges
Title insurance protects the buyer and lender against defects in the title. Costs include:
4. Bank Fees (if obtaining a mortgage)
Buyers obtaining financing will encounter various bank-related fees, including:
5. Attorney Fees
Buyer’s attorneys in Westchester typically charge $2,000 to $4,000, depending on the transaction complexity.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.