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Mansion Tax and Related Fees

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Real estate purchase terms in NY

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HEATHER
HEATHER
United States

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Mansion Tax and Related FeesOnline version

Real estate purchase terms in NY

by HEATHER
1

? A New York State tax paid by the buyer on residential property purchases of $1 million or more .

2

? A tax charged when a mortgage is recorded against real property in New York .

3

? Insurance that protects property owners and lenders against financial loss resulting from defects in title , liens , or ownership disputes .

4

? A contractual right allowing a condominium or cooperative board the opportunity to purchase a unit before it is sold to another buyer .

5

? Monthly fees paid by condominium owners to maintain shared building expenses and common elements .

6

? Fees charged by a developer or sponsor during the purchase of a newly developed condominium or cooperative unit , often including legal , processing , or contribution costs .

 
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