Welcome to NYC’s 2019 mansion tax. The original mansion tax was created in 1989 by Gov. Mario Cuomo. It was a flat 1% statewide tax on homes that sold for $1 million or more. The 2019 mansion tax was signed in to law by...
Category - Buyer’s Guide
Navigate the complex and nuanced world of NYC real estate with Marketproof’s Buyer Guide. We’ll give you everything you need to be your own real estate expert!
marketproofPros and cons of buying directly from a listing agent in NYC
Conflict of interest is the main issue at stake when one agent represents both the buyer and seller in a real estate transaction in NYC. It is a term known as ‘dual agency’. How do ‘dual agency’ transactions arise...
From offer to close in NYC: A step by step guide
In New York City, where real estate prices and stakes are high, the closing process is complicated and emotions can flare. Here is a step by step guide to help you keep calm as you navigate from making an offer on a...
NYC Housing Types: single-family, multi-family, condo, and co-op
In NYC, like in many places, there are four main housing types to choose from: single-family, multi-family, condominium, and co-op. Unlike the rest of the country, in NYC each housing type is extremely nuanced with a...
A condo offering plan: All you need to know
A condo offering plan is a disclosure document that lays out the terms under which a sponsor offers to sell you a condo (or parking space or storage bin). An offering plan is written by attorneys that specialize in this...
Property Taxes: Condos vs Houses NYC
If you’re weighing up whether to buy a house or a condo in NYC (and by a house we also mean a townhouse as well as a single-family) property taxes will weigh heavily in your decision making. Here’s what you need to...
Assembling a team to help you buy a home in NYC
If you’re the type of person who likes to work alone and demurs whenever asked to take responsibility, you might need a pep talk before buying a home in NYC. You’re about to have a whole bunch of people working with and...
Mortgage broker or direct lender? The advantages of each
Okay, so you’re ready to buy a home. You have your bank statements, tax returns, W2’s, pay stubs and/or a financial statement for your business. You’ve pulled a credit report and feel confident about your approval...
Buy or rent a condo in NYC? The case for renting
Buy or rent a condo in NYC? It’s hard for many people to understand why that’s even a choice. The dream of home ownership is woven into the fabric of American culture. It’s the number one source of wealth...
Buying a new condo: What to ask on the first tour?
A shiny new condo building in NYC has a lot of appeal. It’s a chance to separate yourself from the chaotic, congested streets outside. A cosy cocoon in a pristine, air conditioned building with the type of amenities you...
Going into Contract: Here’s what you need to know
Definition of ‘Contract of Sale’ A real estate ‘Contract of Sale’ is also known as a ‘Purchase And Sales Agreement’. It serves as a legally binding agreement between two parties — usually the buyer and seller—...
Closing costs: Additional costs to be aware of when financing a purchase
Hundreds and sometimes thousands of dollars in closing fees are thrown around like confetti when buying a home in NYC. Of course, there are the big ticket items such as a broker’s commission and mortgage transfer taxes...
