Moving to New York
Updated 2026-10-21. General information, not legal or tax advice.
Co-op or condo
- In a co-op you buy shares in a corporation that owns the building, and the board must approve you. Expect a detailed application with financial records.
- In a condo you own your unit outright. Approval is usually lighter, but rules still apply.
- Ask about monthly maintenance or common charges, and any planned assessments.
How buying works
- Buyers and sellers in New York almost always use a real estate attorney to negotiate the contract.
- New York State and New York City have transfer taxes, and higher priced purchases can have extra taxes paid by the buyer. Ask your attorney for the current amounts.
Renting in New York
- New York limits security deposits to one month's rent for most apartments.
- In New York City, the party who hires the broker pays the broker fee under the FARE Act. Ask in writing who pays any fee before you apply.
- Some apartments are rent stabilized. You can request an apartment's rent history from the state.
Getting around
- Subway, bus, Metro-North and LIRR cover the city and suburbs. Test your commute at rush hour.