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.
For most people, their house is their biggest financial asset, so avoiding costly mistakes is critical. The same is true of buying other real estate since it usually involves a substantial amount of money. No matter if it is your first time or the sixth in buying real estate, problems can arise. However, you can minimize the risks by having the right team of professionals, including your real estate broker, inspector/engineer, attorney, and/or lender to help guide you through the process and ensure a smooth closing.
A party wall usually is on the dividing line between two adjacent properties and used for the common advantage of both property owners. In the most common scenario, part of the wall on each property is owned by the owner of each property respectively, with an easement granted to the other adjoining owner for support. The question is what rights, you as the owner of the property have to the party wall, and what you can do to it.
The Financial Crimes Enforcement Network (FinCEN), a bureau of U.S. Department of the Treasury, issued a Geographic Targeting Order (GTO) that require the title companies to identify the individuals behind the LLC's or companies that purchase all cash real estate in Manhattan worth more than $3,000,000.00. This order currently applies to Manhattan and Miami Dade County, Florida. The purpose is to combat money laundering in the real estate sector in certain high end markets.
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