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Real Estate Transactions & Land Use Archives

Potential complexities of New York real estate transactions

If you want to buy or sell real estate in New York, it may involve complicated negotiations and legal processes. There are unique laws that cover financing, vacant land transactions, land-use approvals, zoning and many other real estate issues. New York contains a diverse mix of real estate, including traditional residences, apartment buildings, farm land, commercial properties and cooperative apartments. Here at Bashian P.C., we have helped many clients successfully navigate New York real estate transactions.

USING 1031 EXCHANGES TO DEFER CAPITAL GAINS TAXES

A 1031 Exchange, otherwise known as a "Like-Kind" Exchange, is a strategy used by successful investors in order to defer capital gain taxes when selling investment property. In 2018, as property prices continue to fluctuate, many investors feel that it is the right time to sell their investment properties in high-priced areas in order to maximize profits while looking for the next big market. However, the one drawback of this strategy is the abundance of capital gains taxes due to the significant rise of real estate prices. This is where the 1031 Exchange becomes an investors ally, and allows the investor to defer any capital gains until much further in the future.

New York may soon protect renters from income discrimination

Discrimination in any form is a deplorable act. It is a sad reality that every day people are denied opportunities like gainful employment because of their race, religion, age or disabilities. One of the most unfortunate places you may face discrimination, however, is when looking for a safe, sturdy place to call home.

What to Expect When Purchasing a Co-op

In many areas, co-op apartments are viewed as affordable housing that offer a gateway to home ownership. First-time homebuyers and seniors are often drawn to co-ops as they require less upkeep than houses and the repairs and management of the common areas are cared for by a management company. Co-ops also offer owners seeking to cap their monthly housing costs a set maintenance fee that will usually encompass the costs of heat, hot water, upkeep of the common areas and real estate taxes in addition to any mortgage payments. While co-ops have much to offer, it is important to understand that buying a co-op is very different than purchasing other real estate. Here are a few tips to consider:

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