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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? (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 . . . → Read More: Mansion Tax (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 . . . → Read More: Closing Date: It’s All in the Closing Details (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 . . . → Read More: Escrow Accounts with Coops In New York, you want to hire a real estate attorney. It’s too risky not to. Most people make the same few mistakes? Mistake #1: Wait until after they have found their ideal apartment or house and have an accepted offer. Why is this a mistake? The pressure is on. You need to find a . . . → Read More: 3 Mistakes People Make When Hiring a Real Estate Attorney If you combined two apartments and are now putting that combination on the market, you need to be aware of a few things. Make sure you have all the paperwork necessary. This includes records of the condo or coop approval and confirmation that the application to combine the apartments was approved by the NYC Department . . . → Read More: Selling Combined Apartments (Image courtesy of Ken Mayer/Flickr) The first time you buy real estate – no matter your age – it makes you feel like an adult. I’ve had clients say this to me many times. So you have a home now. Maybe you have kids already or some on the way. What’s your plan . . . → Read More: Do You Have a Will? 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 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 New federal mortgage regulations make a savvy lawyer your best friend “Read more…”
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