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.