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Purchasing Property in New York City

[vc_row triangle_shape="no"][vc_column][vc_column_text]C.T. Lee & Associates has prepared the following step-by-step guide for you to understand the process of purchasing an apartment in New York City and the many issues to take into consideration: First, find a broker and look at property listings based on your needs.  Contact our firm if you have no broker and we can refer one to you! Tip: the seller’s side pays all brokers fees so there is no harm to you as a buyer to find a broker who is knowledgeable about specific buildings and neighborhoods in New York.   Tip: condo or co-op? Most foreign...

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Real Estate Law Spotlight NYC

[vc_row triangle_shape="no"][vc_column][vc_column_text]Mr. Wang is a Chinese citizen that wants to buy an apartment in New York City for a budget of $2 mil because he will be traveling often from China to New York.  He contacted Law Offices of Corey T. Lee to ask if we can help him.  Our firm connected Mr. Wang to a well known real estate broker with many listings.  Mr. Wang hired the broker and they set up a whole week to look at apartments in New York City for Mr. Wang's next trip from China.  After looking at over a dozen apartments, Mr. Wang...

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Hot New York Real Estate Topics

[vc_row triangle_shape="no"][vc_column][vc_column_text]To supplement our previous “complete guide to purchasing an apartment in New York City”: {link here}, we want to bring several other issues to the attention of the foreign buyer: The 15% FIRPTA withholding tax for foreign buyers who are selling a property The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) requires a seller who is a foreign person (person can include a foreign corporation or partnership) to temporarily withhold 15% of the total purchase price with the IRS.  This tax is withheld in case the seller owes the IRS taxes.  Technically, the buyer’s attorney must be diligent...

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