A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

What is a CEMA?

A CEMA (Consolidation Extension and Modification Agreement) is used when a borrower refinances their mortgage to save on the mortgage recording tax.

If the purchaser intends to obtain a mortgage to buy a home (but not a coop), it is possible for the seller’s mortgage to be assigned to the purchaser, thereby saving the mortgage . . . → Read More: What is a CEMA?

Mansion Tax

(Image credit Beyond My Ken/Wikipedia)

Way back in the last century (1989 to be exact), Governor Cuomo (the first) enacted a tax on residential properties of over $1 million. This 1% tax is imposed on the buyers and known as the “Mansion Tax” or by veterans of the real estate world, the “Cuomo Tax.

. . . → Read More: Mansion Tax

Closing Date: It’s All in the Closing Details

(Image courtesy of Mark Moz/Flickr)

35 years ago, a wise law school professor taught me that there were only three simple items that need to be stated in a real estate contract for the contract to be enforceable:

The what: the property description or simply an address. How much: the price. When: the closing . . . → Read More: Closing Date: It’s All in the Closing Details

Escrow Accounts with Coops

(Image courtesy of Nick Youngson)

A common, but infuriating, occurrence in buying into a coop is putting money in escrow. After being subjected to the invasive, coop application and interview process, after their financial information has been exposed and reviews by strangers, buyers are told essentially “welcome to the building but we don’t trust . . . → Read More: Escrow Accounts with Coops

New Construction in Brooklyn

It seems like everywhere you look in Brooklyn – from the Atlantic Yards to Fort Greene to Williamsburg – residential towers are going up. Some of these are rentals and some are sales, and some experts are predicting a glut in the market. Does this mean that you should wait to buy? Unfortunately there is . . . → Read More: New Construction in Brooklyn

The Perfect Five and a Half Hour Closing

We are used to a world where everything is quick and easy. Closings do not have to be quick or easy to be smooth and effective.

I recently headed a closing for a client who had 3 loans on 3 different properties. Each loan was with a separate bank. We consolidated the three mortgages into . . . → Read More: The Perfect Five and a Half Hour Closing

Yuppies in a Box

How many yuppies can you fit in a box?  Read more…

The sky’s the limit in Brooklyn

Low inventory sparks price rise in Brooklyn, read more…

Tips for first time buyers

As a real estate attorney focusing on residential purchases in the brownstone Brooklyn neighborhoods of Park Slope, Bedford Stuyvesant, Bushwick and Ft. Greene; I often represent first time buyers. The market is still hot, and it can be difficult to compete with other buyers when sellers rule the roost and the entire process of purchasing . . . → Read More: Tips for first time buyers

When is a home inspection necessary?

As a real estate attorney serving the Brownstone neighborhoods of Brooklyn, I often get calls from buyers who ask if it’s necessary to have the property inspected. There is no stock answer, as we’ll first need to determine:

• Whether you’re buying an apartment or a building. If you’re buying an entire building, hiring a . . . → Read More: When is a home inspection necessary?