How Do I Avoid Mortgage Recording Tax in NY? - Natalia A. Sishodia

From Sishodia PLLC – How Do I Avoid Mortgage Recording Tax in NY? breaks down the complexities of one of New York’s most burdensome closing costs and explores how strategic tools like CEMA loans and co-op purchases can offer significant tax savings. This episode dives deep into the mechanics of New York’s mortgage recording tax, especially in Manhattan, and explains why this tax can reach over 2% of your loan amount—making it a critical consideration for any homebuyer or investor.

Join Natalia A. Sishodia, Esq., LL.M., managing partner of Sishodia PLLC, as she shares insights into how CEMA (Consolidation, Extension, and Modification Agreement) transactions work for both purchases and refinances. Listeners will learn the requirements for successful CEMA implementation—including the need for seller cooperation and substantial outstanding mortgage balances—and how these strategies can save thousands in tax liability. Natalia also discusses when a co-op purchase may be the smartest move, offering a complete exemption from the mortgage recording tax due to the property’s classification as personal, not real, property.

This episode walks through residential and commercial mortgage tax rates, how the ACRIS system handles filings in Manhattan, and the differences in how taxes are calculated based on property types and loan sizes. Hear real examples showing how a $600,000 condo loan could generate over $13,000 in tax, and how a CEMA could reduce that significantly. Whether you're purchasing a condo, exploring a refinance, or considering a co-op, this episode is packed with details that could impact your real estate strategy.

With extensive experience in New York City real estate law, Natalia Sishodia provides guidance tailored to high-end Manhattan transactions, including 1031 exchanges, lending structures, and estate planning considerations. Discover why working with seasoned NYC real estate attorneys can make the difference between an expensive mistake and a savvy, tax-efficient deal.

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