New York real estate attorney Natalia Sishodia (https://sishodia.com/how-do-i-avoid-mortgage-recording-tax-in-ny/) of Sishodia PLLC has recently published an informative article detailing strategies for avoiding the mortgage recording tax in New York. This tax, often a significant expense for property buyers in New York, can be mitigated with the right legal guidance and strategic planning.
In her article, New York real estate attorney Natalia Sishodia explains the intricacies of the mortgage recording tax, which applies to both property purchases and refinancing scenarios in New York State. The tax is calculated on the mortgage amount and varies by location, adding a substantial cost to the transaction. However, Sishodia offers insights into legal strategies that can potentially reduce or even avoid these costs altogether.
"One effective strategy is the use of a Consolidation, Extension, and Modification Agreement, or CEMA," says New York real estate attorney Natalia Sishodia. "This approach can significantly reduce the mortgage recording tax by allowing the tax to be paid only on the difference between the existing mortgage balance and the new loan amount in refinancing scenarios, or between the seller’s and buyer's mortgage in purchase cases."
The article serves as a key resource for individuals navigating the complex landscape of New York real estate transactions. New York real estate attorney Natalia Sishodia elaborates on various scenarios where the mortgage recording tax can be minimized, including the purchase of co-ops, which are not subject to this tax, and detailed examples of how CEMA can be applied both in refinancing and purchasing.
The guidance provided by Sishodia is particularly valuable given the high costs associated with real estate transactions in New York City. Her clear explanations and practical advice offer a pathway to potential savings that could make a significant difference to buyers and sellers alike.
For individuals and businesses involved in real estate transactions, understanding these potential savings and the legal avenues available is crucial. The article not only outlines the nature of the mortgage recording tax but also emphasizes the importance of professional legal consultation to navigate these waters effectively.
For those interested in detailed strategies to manage or avoid mortgage recording tax, reading the full article on Sishodia PLLC’s website is highly recommended. It provides a deeper understanding of the tax implications and solutions available in New York real estate transactions, supporting buyers, sellers, and financiers in making informed decisions.
About Sishodia PLLC:
Sishodia PLLC is a law firm widely experienced in real estate law, based in New York City. Led by Natalia Sishodia, the firm offers a wide range of legal services aimed at helping clients with the complexities of real estate transactions and litigation. With a deep understanding of New York real estate law, Sishodia PLLC is dedicated to providing their clients with knowledgeable guidance and effective solutions tailored to their unique needs.
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Website: https://sishodia.com/
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