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marketproofTitle Insurance: What is it exactly and how does it work?
What is title search and title insurance? Both a title search and title insurance are important steps when buying a property. A title search looks at the current owner as well as all owners back to when the property was...
Attorney’s fees: How much should you pay your real estate attorney?
What’s an average price for an attorney’s fee in NYC? It’s pretty much a certainty that if you are buying a $50 million plus condo, your attorney’s fees will be more than if you were buying one for $500,000. That...
Real Estate Transfer Taxes: A guide for New York City and New York State
Who pays transfer taxes? Transfer taxes can take a first time seller by surprise. Simply subtracting the sales price from the purchase price of a property will not amount to the size of the seller’s check at...
Mortgage Recording Tax: All You Need To Know
Buying a property all cash is a luxury few can afford. For the fortunate it means a number of cumbersome fees can be eliminated. A mortgage recording tax is one. Strictly speaking it’s not a bank that charges the MRT...
What Is The Difference Between A Property Title And A Property Deed?
Most people think a deed and title mean the same thing. However, it’s important you know the difference if you are about to enter into a real estate transaction. A Property Deed The easy way to know the distinction is...
Closing costs: Additional costs to be aware of when financing a purchase
Hundreds and sometimes thousands of dollars in closing fees are thrown around like confetti when buying a home in NYC. Of course, there are the big ticket items such as a broker’s commission and mortgage transfer taxes...
Going into Contract: Here’s what you need to know
Definition of ‘Contract of Sale’ A real estate ‘Contract of Sale’ is also known as a ‘Purchase And Sales Agreement’. It serves as a legally binding agreement between two parties — usually the buyer and seller—...
Certificate of Occupancy: Boring but oh so important
According to the NYC Buildings Department, a Certificate of Occupancy (CO), “states a building’s legal use and/or type of permitted occupancy. New buildings must have a CO, and existing buildings must have a current or...
Home inspections: What you need to know
Home inspections are generally loathed by home sellers. It’s the chance for a buyer to put a magnifying glass up to their prospective purchase and find out exactly what’s wrong with it. In most cases, even if the owner...
Mortgage pre-approval: The first step in financing a new home
A Mortgage Pre-approval is the first step towards buying a home. It is an evaluation by lender for your eligibility for a mortgage and how much money you can borrow and at what interest rate. They accomplish this by...
Mortgage Commitment Letter: What is it and why is it important?
This is the final step towards getting a lender to commit to giving you a loan. How does this differ from a Mortgage Pre-Approval? For a commitment letter to be issued a purchase property needs to have been identified...
