Legal & Financial

Selling distressed property involves specific legal and financial hurdles.

Liens and Judgments

Any debts attached to the property (mechanic's liens, tax liens) must be paid off at closing. Proceeds from the sale are used for this.

Tax Implications

Consult a CPA. In NYC, you have NY State Transfer Tax and NYC Transfer Tax (RPTT). Capital gains tax may apply if the home isn't your primary residence.