Whether to rent or buy one's home is a big financial decision. For residents of New York City, where residential property prices are among the highest in the country, the stakes are even greater. Whether renting or buying makes more sense will depend on the individual circumstances of each person, including their financial situation, their career plans and their preferences in terms of where they want to live.
Purchasing or selling residential real estate in New York requires careful attention to the legal details. Real estate transactions are subject to a variety of state statutes, common law and local codes and ordinances. Federal anti-discrimination statutes can also come into play. Even in a relatively straightforward transaction, there are pitfalls that can trap those who are unprepared.