Defining a sale as binding on a real estate transaction

A sale under the Real Estate Tax Law is defined as the sale of real estate or the sale of a right in real estate (and in our case as the sale of a residential apartment) for consideration, and also as a transfer without consideration, as in giving a gift.

It will be understood from this that a residential apartment that was inherited, or the transfer of an apartment to one of the divorced spouses is not a ‘sale’ for tax purposes. And the transfer of a residential apartment to a trustee or guardian or liquidator, etc., is not a ‘sale’.