How to Get a Deal Started
If you are selling a property, or have made an offer to purchase a property and would like to engage us to represent you, all you need to do is to provide our firm’s information to your broker. The broker will then circulate a deal information sheet to all the professionals involved in the transaction.
You Can Just Copy and Paste This Information:
Ron L. Meyers & Associates PLLCRon L. Meyers, Esq. – email@example.comAND Danielle Y. Carter, Esq. – firstname.lastname@example.org(Please be sure to include BOTH attorneys in the term sheet and contract)475 Park Avenue South, Suite 2100, New York, New York 10016T. 212-644-8787 F. 917-591-1764
Download the Complete Guide
Our 20-page booklet, “Condos and Coops – from Contract to Closing”, will tell you everything you need to know about the transaction that you’re contemplating. Please feel free to print it and keep it with you as you proceed through the deal. It will orient you to the process and its details. And of course, we will be happy to talk you through whatever remaining questions you have.
How We Bill for Residential Transactions
Residential real estate transactions are charged on what we call a Target Fee. The Target Fee represents the fee for a transaction of normal scope. Most transactions are charged at the Target Fee.
But because many things can come up in a transaction that requires additional work, we also track our time, at a rate that is significantly discounted from our usual hourly rate. If this time is within 25% of the Target Fee, then we charge only the Target Fee. But if the time exceeds the Target Fee by more than 25%, we will charge the time. (We will also refund the difference if the time comes in more than 25% under the Target Fee.). We will send interim statements throughout the transaction, to keep you informed of how much time has been logged on your transaction.
We have worked with a variety of fee arrangements over the years, and both we and our clients seem to find it a very fair and workable approach.
Addendum to Client Guide: New NYS Transfer Taxes
Immediately after we produced the client guide that is linked above, the New York legislature passed a set of new real estate transfer taxes on high-value properties. Please take note of them if your transaction falls into this value range. These taxes apply to all condos, coops, and 1-3 family homes.
Taxes on Sellers:
For properties priced under $3M, the New York State transfer tax is $4 per $1,000 of purchase price.
For properties priced at or over $3M, the New York State transfer tax is now $6.50 per $1,000 of purchase price.
Taxes on Purchasers:
For properties priced at or over $1M but under $2M, there is a tax of 1.0% of the purchase price.
For properties priced at or over $2M but under $3M, there is a tax of 1.25% of the purchase price.
For properties priced at or over $3M but under $5M, there is a tax of 1.5% of the purchase price.
For properties priced at or over $5M but under $10M, there is a tax of 2.25% of the purchase price.
For properties priced at or over $10M but under $15M, there is a tax of 3.25% of the purchase price.
For properties priced at or over $15M but under $20M, there is a tax of 3.5% of the purchase price.
For properties priced at or over $20M but under $25M, there is a tax of 3.75% of the purchase price.
For properties priced at or over $25M, there is a tax of 3.9% of the purchase price.
New York City Taxes:
The taxes noted above are taxes imposed on all properties in the State of New York. There is an additional real property transfer tax on all properties within the City of New York. This tax was not changed in the new legislation and remains as stated in the client guide.