Real Estate in New York

When you buy or sell a home in New York, you certainly need to know the details about New York Real Estate laws or the specifics you need to know. While it can be an exciting time, it can also be a somewhat frightening experience, especially if you are not used to dealing in real estate. Laws can sometimes be complex, which is where an agent or a real estate attorney will come in handy; to help explain anything you might not be familiar with.

What You Need to Know About New York Real Estate?

New York real estate is a little different than other states. Important questions you might ask that are specific to the area might be things such as: What the proper down payment on a purchase might be, such as what is too much or too little to offer? Should the home be inspected? Is it required? What must a seller disclose to a buyer before selling a property?

With all sorts of transactions, each party needs to be honest with the other in order to make a successful deal. Telling half-truths or just out and out lying can be considered fraud. This is highly regulated in New York by the New York real estate commission. Inspections must be admitted if the buyer requests them, though the buyer can pay for the inspection. A seller must report any known problems, simply not telling a buyer about a problem will not do.

Taxes and Tax Free Exchanges in New York Real Estate

New York real estate transactions normally result in several taxes that are required by law and you must pay these taxes, and usually this depends on the amount of profit made off the sale of the house. However, the profit and thus the taxes can seem very substantial. If you would like to avoid the taxes, there is something called an exchange. Where you would exchange the property rather than sell it. It is like switching properties in order to continue to keep your ‘profit’ without paying taxes.

Simple things like this can help you with your New York real estate transactions, but only if you know about it. That is why it is so important to be fully aware of laws in the state you do real estate business in. If you have questions, the New York commission that handles real estate can usually help answer most of them, or you can contact a lawyer for more information as well.

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