Purchasing real estate in New York can be an exhilarating but potentially daunting experience. The process involves considering more than just the property's purchase price. As a savvy homebuyer, it's essential to be aware of the hidden costs associated with buying real estate in New York City to avoid unexpected financial surprises. In this blog, we'll explore some of these expenses and provide valuable insights to help you make informed decisions.
Reena Gulati Blog
The process of subdividing land and assigning new tax lots in New York can be complex, particularly when it comes to understanding the implications for property taxes.rnrnSubdivision refers to the division of a parcel of land into two or more separate lots. In New York, the process of subdividing land is typically regulated by local municipal authorities, such as planning boards or zoning boards. The subdivision process involves obtaining necessary approvals, complying with zoning regulations, and adhering to specific subdivision requirements set forth by the local municipality.
Settling a trust estate in New York can be a complex and time-consuming process. The amount of time it takes to settle a trust estate can vary greatly depending on the size of the estate, the complexity of the trust, and any disputes that may arise during the process.
When buying real estate in New York, it is important to consider whether or not you need title insurance. Title insurance is a form of insurance that protects the buyer and lender from any losses that may arise from defects in the title of the property. In New York, title insurance is not required by law, but it is highly recommended.
When purchasing real estate in a community with a homeowner’s association (“HOA”), the buyer must assess these fees in estimating the cost of maintaining their property. Such a fee does not exist for single-family homes outside such communities. The HOA fee is mandatory. Once you acquire the property in the homeowner’s association, you are automatically a member of the association and subject to the HOA fee and/or assessments.