Hauseit Blog | Tips for Buying, Selling and Renting in NY and FL

The typical NYC co-op purchase contract includes an unconditional board approval contingency which protects the buyer's deposit in the event of a rejection or an approval subject to conditions.

Board Approval Contingency When Buying a NYC Co-op

By Sonja Gosine, Spokesperson at Hauseit® / May 24, 2023

Standard co-op purchase contracts used in NYC typically include an unconditional board approval contingency. This means that your deposit is protected in the event of an outright board rejection or if the board approves you subject to conditions. In either [...]

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The Save Our Homes (SOH) Cap reduces property taxes for Homestead Property owners in Florida. SOH caps the annual increase in assessed value.

What Is the Florida Save Our Homes Property Tax Exemption?

By Sonja Gosine, Spokesperson at Hauseit® / May 23, 2023

Save Our Homes (SOH) is a property tax exemption for qualifying Homestead Property homeowners in Florida which lowers your property taxes. SOH works by capping the annual increase in assessed value for tax purposes. After the first year a homeowner

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Calculate your property taxes in Miami by multiplying your home’s market value by 2.06152%. Property tax rates vary by city in Miami-Dade.

How Much Are Property Taxes in Miami?

By Sonja Gosine, Spokesperson at Hauseit® / May 9, 2023

Calculate your property taxes in Miami by multiplying your home's market value by 2.06152%. If you live in Downtown Miami (Miami DDA), the tax rate is 2.10833%. Property tax (millage) rates vary by city within Miami-Dade County. Refer to this

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Depreciation Recapture

By Sonja Gosine, Spokesperson at Hauseit® / May 3, 2023

Depreciation recapture refers to real estate investors being taxed at a maximum of 25% on the lifetime depreciation of a property when an investment property is sold. There is no depreciation recapture tax if a property is sold at a

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The Los Angeles Mansion Tax refers to additional transfer taxes levied on luxury home sales in Santa Monica, Culver City and the City of Los Angeles.

How Much Is the Los Angeles Mansion Tax?

By Sonja Gosine, Spokesperson at Hauseit® / April 27, 2023

The Los Angeles Mansion Tax refers to additional transfer taxes levied on luxury home sales in Santa Monica, Culver City and the City of Los Angeles. Each city recently implemented higher transfer tax rates for luxury homes via voter-approved ballot

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It depends on the terms of your mortgage note. Typically, you'll need to move in within 60 days of closing and reside for at least a year.

Can You Rent Out a House With a Mortgage?

By Sonja Gosine, Spokesperson at Hauseit® / April 27, 2023

Yes, assuming you've closed with a mortgage for a primary residence, you can typically rent it out after one year of primary residency. Additionally, most mortgage notes will have language requiring you to move-in and begin using the home as

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The Los Angeles County Transfer Tax is 0.11%. The City of Los Angeles, Culver City, Pomona Redondo Beach, and Santa Monica levy an additional transfer tax.

How Much Are Real Estate Transfer Taxes in Los Angeles?

By Sonja Gosine, Spokesperson at Hauseit® / April 24, 2023

All properties in Los Angeles County are subject to the LA County transfer tax of 0.11%. The City of Los Angeles, Culver City, Pomona, Redondo Beach and Santa Monica levy a city transfer tax on top of the LA County

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Florida home sellers must disclose all known facts that materially affect the value of the property and that are not readily observable by the buyer.

What are Home Seller Disclosure Obligations in Florida?

By Sonja Gosine, Spokesperson at Hauseit® / April 24, 2023

Florida home sellers are legally required to disclose all known facts that materially affect the value of the property being sold and that are not readily observable or known by the buyer. Examples of mandatory disclosure items include known defects

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Investing in Multifamily Real Estate

By Sonja Gosine, Spokesperson at Hauseit® / April 20, 2023

Investing in multifamily real estate has been a popular way to create passive income, tax write-offs and equity value over the past several decades. However, without the tailwind of 40 years of declining interest rates, does it make sense to

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Queens is covered by both the REBNY RLS broker database and the OneKey MLS. There is no single Multiple Listing Service in Queens, NYC.

What Is the Queens Multiple Listing Service?

By Sonja Gosine, Spokesperson at Hauseit® / April 13, 2023

There is no single Multiple Listing Service (MLS) that is used exclusively in Queens, however the most widely used systems include the REBNY RLS and the OneKey MLS. Queens is primarily covered by the REBNY RLS broker database, although outer

What Is the Queens Multiple Listing Service? Read More »