The New York State Legislature was considering legislation that would have added the equivalent of a mortgage recording tax on the filing of a UCC-1 Financing Statement in connection with a Coop loan secured by cooperative shares. It appears that they have withdrawn this proposed change to the law at this time. So at least for now purchasers of coops who finance their purchase will not have to pay this additional closing cost that those who buy a condo or home must pay. This mortgage tax in NYC is 1.8% of the loan amount. This is one of the main reasons closing costs for purchasers of houses and condos are so high.
Next year may be the year they pass this bill to impose this “mortgage tax” on coop loans. In my opinion, it is only a matter of time before our NY government sticks out its greedy paws to capitalize on this potential source of additional revenue. When this happens a very important financial advantage of purchasing a coop will disappear.
"My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019
"Mr. William Reinhardt Jr. is my lawyer for many years. My family and I bought and sold properties with his help and were very satisfied. I recommend Mr. Reinhardt to anyone. I give him a 5-star review." - 5.0 stars | Posted by Diana | September 19, 2019
"My husband and I loved working with William. He was very professional, efficient and went above and beyond to help us. We would HIGHLY recommend." - 5.0 stars | Posted by Leeann | September 13, 2019