Whether you are buying or selling your home, you need to hire an experienced and qualified New York City real estate lawyer. They will protect your interests and guide you through the transaction process. However, how do you choose the right attorney? Here are some tips to help you get started.
Before you hire a New York City lawyer, make sure to schedule an initial consultation with a few attorneys. Many offer free appointments, and you can also ask friends and family members for recommendations. You should pay attention to small things, such as how long it takes for the attorney to call you back or whether they seem in a rush while they are talking with you.
The initial consultation is important for getting a sense of how a potential lawyer will treat you and what their experience with real estate transactions is. It is also important to decide if you want them to personally handle your case or if you prefer to work with someone else in the firm.
A good real estate attorney will conduct thorough contract, legal, and financial due diligence on your behalf. This will include reviewing the building’s board minutes, financial statements, and offering plan.
They will also review the contract on your behalf and order and review a title report or coop lien search.
This process is essential because it allows the lawyer to spot issues that are not addressed in the contract and can steer you away from a potentially bad deal. For example, if you buy an apartment that has an illegal in-law unit or if there is an existing lease that hasn’t been vacated, a lawyer can tell you whether it’s worth purchasing the property.
It’s also important to ask the potential lawyer if they are licensed in the state where you are buying the property, and how much their professional liability insurance and fidelity bond coverage is. These are very important considerations because if you are involved in a lawsuit, you need an attorney who is appropriately covered.
Having a good New York City real estate lawyer is crucial for any residential purchase, especially if you are buying in Manhattan or the surrounding boroughs. A lawyer will help you avoid any potential legal complications arising during the process, including issues with titles, disclosure, and tax consequences.
You should also ask the lawyer about their experience with NYC condo and co-op buildings. This is a highly specialized area of law, so it’s critical to hire an attorney who has extensive knowledge of the laws that apply to such properties.
You may also want to ask if they have any experience with other types of real estate law cases, such as international sales and purchases. These can be particularly complex, as you may be dealing with different legal systems or have special needs. For example, you might have a child living in the house or plan to build a business on your property.
With the increased popularity of foreign real estate investments, a great number of Americans are now looking to purchase overseas properties for vacation homes, rental income, or retirement living. However, the legal and tax implications of these international real estate transactions are often quite complex and should always be considered by anyone interested in purchasing a property abroad.
When it comes to tax, there are a few key points to remember about owning and selling property overseas. First, if you own a home in another country, you must report the sale of that property just as you would if it were in the U.S. In addition, if the property is sold for a profit, you may have to pay capital gains taxes in the United States on those profits.
If you're planning on buying or selling property in another country, it's important to seek reputable local advice and consult with an ex-pat tax professional to make sure you understand the laws, government agency requirements, and other tax rules that are relevant to your particular situation.
One of the most significant tax issues that many foreigners are unaware of is that rental property in a different country is typically treated as ordinary income for tax purposes. In fact, some governments have made the proactive presumption that any non-primary residence in their jurisdiction is rental and then tax your property based on a presumed rental value/income.
This is particularly problematic when you consider that most international property ownership and transfer taxes can be as much as 10%. That's a substantial loss if you're thinking of flipping a property for quick profits, which is not an ideal strategy to pursue in most markets overseas due to the higher LTV mortgages that are typically needed to fund your purchase.
In addition to being a significant tax burden, foreign investment in real estate can also be subject to FATCA (Foreign Account Tax Compliance Act) reporting requirements, which can result in a hefty IRS tax bill. In some cases, proper advance planning and advice can significantly reduce or completely eliminate your US tax obligation on a property you own abroad.
Likewise, investing in real estate through a business entity such as a limited liability company or a partnership can have major consequences on your income and tax liability. A properly structured real estate investment can have a combined Federal, New York State, and New York City tax rate as low as 20% or less.
The Foreign Investment in Real Property Tax Act of 1980, or FIRPTA, requires a withholding agent to collect 15% of the sale price from any foreign buyer when a property is purchased by an individual or entity that is not a US citizen. In some cases, this can be avoided by filing a special application and by advising the IRS not to withhold.
If you are interested in acquiring real estate in the United States, it is vital to obtain appropriate advice from a qualified U.S. and foreign tax attorney and accountant before making any decisions. Understanding these complicated legal and tax implications is essential to the success of any real estate investment in the United States.
As a savvy investor, you want to maximize the return on your real estate investment. You need a legal advisor that has experience in international real estate law to guide you through the process and make sure your interests are protected throughout.
A New York City lawyer for international investments can help you navigate the complexities of your real estate transaction so that you can make the best decision with your money. They can also protect you from any issues that may arise after you buy or sell property, including tax considerations.
Many commercial real estate deals involve more than just buying a property. They often require additional research and evaluation of zoning restrictions, unlevered cash flow, internal rates of return, and other factors.
If you are planning to invest in commercial property in the United States, then an international real estate attorney can help ensure that your transaction goes smoothly. These attorneys can assist you in negotiating and drafting the documentation for your real estate purchase and sale, and can also represent you when a dispute arises.
Increasingly, international real estate investors are looking to expand their holdings outside of their home country and into the U.S. Purchasing real estate in the United States opens up a world of opportunities for these investors. Still, it also exposes them to a variety of risks and uncertainties.
Our attorneys have a wide range of experience with all aspects of international real estate, from the acquisition and development of multifamily condominiums, apartment buildings, and townhomes to complex, mixed-use projects that are designed to serve multiple uses. We have represented owners, developers, and lenders in transactions involving high-end residential communities, office buildings, shopping centers, industrial parks, hotels, restaurants, and healthcare facilities worldwide.
As real estate attorneys, we can also help you structure your holdings to take advantage of tax benefits and other incentives. This may include utilizing a 1031-like-kind exchange or incorporating your real estate investments in the United States or your home country to defer taxation on your profits and reduce the overall tax burden.
The tax benefits of international real estate are numerous, and knowing which options may be best for your situation can be difficult. A foreign attorney who is knowledgeable in investment and property law can provide you with valuable guidance to determine the most suitable real estate holding arrangement for you, keeping your future goals in mind.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange - NYC
600 Third Avenue 2nd Floor, New York, NY 10016, United States
(833) 616-4646