According to an article in the New York Times, some New Yorkers were deciding to buy existing
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According to an article in the New York Times, some New Yorkers were deciding to buy existing condominiums (condos) rather than newly constructed condos. One reason given was that some buyers “seek to avoid the 1.825 percent transfer tax that buyers must pay on a brand-new condo. (In resales, the seller pays the tax.)” Analyze this reason for buying a resale rather than a new condo.
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