First-Time Home Buyers in New York - Natalia A. Sishodia

From Sishodia PLLC - First-Time Home Buyers in New York guides Manhattan buyers through the legal and financial realities of purchasing a first home in New York City, from closing costs and mortgage preapproval to co-op board approval, condo and townhouse contracts, and the unexpected issues that can delay or derail a deal. This episode highlights how first-time buyers can better understand flexible “on or about” closing dates, title searches, lender coordination, contract negotiations, and the differences between co-op and condo transactions in one of the country’s most complex real estate markets.

Listeners will hear how Natalia Sishodia of Sishodia PLLC helps buyers navigate the purchase process with greater clarity, including what to expect at closing, who attends a real estate closing, and why lender-related fees, title insurance, working capital fund contributions, mortgage recording tax, mansion tax, sponsor transfer taxes, and supplemental transfer tax can significantly affect the total cost of buying in Manhattan. The discussion also explains why co-op purchases differ from condo and townhouse purchases, and how timing issues, last-minute figures, and sponsor or developer contracts can create added pressure for first-time homebuyers.

The episode also explores why home inspections matter before signing a binding contract, how New York Real Property Law § 462 and the Property Condition Disclosure Statement fit into the process, and why buyers should understand the difference between prequalification and mortgage preapproval. It also covers appraisal risks, lender review of buildings, debt-to-income expectations, post-closing liquidity concerns, and the federal disclosure framework shaped by TRID, the Dodd-Frank Act, the Closing Disclosure, the Loan Estimate, and the Consumer Financial Protection Bureau.

Finally, this podcast looks at assistance options that may reduce upfront costs, including the HomeFirst Down Payment Assistance Program through the Department of Housing Preservation and Development, as well as SONYMA programs such as Achieving the Dream and the Down Payment Assistance Loan. Along the way, it connects those programs to the practical legal guidance buyers may need on owner-occupancy rules, forgiveness periods, refinancing limits, and future tax implications. Featuring insights from Natalia Sishodia, Managing Partner of Sishodia PLLC at 600 Third Avenue, 2nd Floor, this episode offers a practical introduction for first-time buyers preparing to purchase in Manhattan and across New York City.

Sishodia PLLC

600 3rd Ave 2nd floor, New York, NY 10016, United States

(833) 616-4646

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