Changes to Yonkers Real Property Transfer Tax

Changes to Yonkers Real Property Transfer Tax

Are you familiar with the recent amendments to the City of Yonkers City Code, which have altered the payment schedule for real property transfer taxes?  As a resident of Yonkers looking to sell you current property, or as an individual looking to purchase property in Yonkers, it is important to know that all transfer taxes must now be paid within 7 days after the delivery of the deed from seller to purchaser, whereas the former code used to allow for a period of 30 days.  Further, the City Code states that the purchaser shall be liable for the payment of this transfer tax in the event that the seller is exempt from paying the tax, which could impact the purchaser’s search for appropriate financing.

This new change to the rules pertaining to real property transfer taxes could impact the overall financial planning around a purchase or sale.  The attorneys at Weidenbaum & Harari, LLP are well versed in transfer taxes and are able to help explain to our clients, whether sellers or prospective purchasers, how the new transfer tax regulations in Yonkers could impact them and their overall deal.

The following link will direct you to the transfer tax webpage from the City of Yonkers, which contains a Real Estate Transfer Tax Form, as well as a very brief explanation of the current code.

http://www.yonkersny.gov/Index.aspx?page=1178

First NYC Co-Op?

Are you looking into purchasing your first co-op here in New York City?  The process can definitely be quite daunting and complicated for those who have never done it before, and many questions can arise from start to finish.

Take a look at this article from Curbed that will help provide you with a basic understanding of what is going to be required of you during the co-op purchase process. It may make your first co-op purchase in New York City go just a little more smoothly.

Co-op Boards 101: Board Packages, Interviews, and Turndowns

WH Firm Hosts Title Insurance Update Seminar

Weidenbaum & Harari, LLP recently hosted TitleVest, one of the leading providers of title insurance throughout the nation, in our Manhattan office. They interacted with our attorneys and staff through a presentation of  recent developments in title insurance field.  This presentation continues to keep our office up to date  on the most recent developments in title insurance and the best way to prepare for any title insurance issues that may be encountered.  Our firm is well prepared for any questions or concerns that our clients may have, and such courses keep us at the forefront of any title insurance issues our clients may encounter during their transaction.