What is a CEMA?

Kurt Roth Kurt Roth

Kurt Roth

Founder, 505 Sports Venture Foundation, Inc.

发布日期: 2017年8月7日
+ 关注

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 tax on the amount of the sellers’ principle due and a portion of the New York State deed stamp tax paid by seller. A little research prior to making an offer will reveal if the seller does have a mortgage and the savings of about 2% of borrowers mortgage principle can be shared equally by the buyer and the seller.

If the process is started upon the contract signing in can be accomplished in the same time period as the purchaser will have to obtain a mortgage and should not delay the closing. CEMAs are great at cost savings and underutilized.

要查看或添加评论，请登录

Kurt Roth的更多文章

  • Meet Real Estate Brokers and Sisters Kelly and Kristin Neinast
    2017年11月27日

    Meet Real Estate Brokers and Sisters Kelly and Kristin Neinast

    The Neinast sisters were born into the real estate business, as their mother, Patricia Neinast, was also a top real…

    1 条评论
  • Effective Communication Between You and Your Real Estate Lawyer
    2017年11月6日

    Effective Communication Between You and Your Real Estate Lawyer

    I’ve already talked about effective communication between lawyers and brokers, and the same holds true between…

  • Meet Real Estate Broker Debra Bondy
    2017年10月24日

    Meet Real Estate Broker Debra Bondy

    Dickler and Roth is going to spotlight a few New York City brokers whom we have worked with in order to give readers an…

  • Effective Communication Between Lawyers and Brokers
    2017年9月27日

    Effective Communication Between Lawyers and Brokers

    I work with a lot of real estate brokers. Some of them are great and some of them could use some advice on how to work…

  • The Mansion Tax
    2017年7月15日

    The Mansion Tax

    Way back in the last century (1989 to be exact), Governor Cuomo (the first) enacted a tax on residential properties of…

    1 条评论
  • It's All in the Closing Details
    2017年7月3日

    It's All in the Closing Details

    35 years ago, a wise law school professor taught me that there were only three simple items that need to be stated in a…

    1 条评论
  • Escrow Accounts with Coops
    2017年6月22日

    Escrow Accounts with Coops

    A common, but infuriating, occurrence in buying into a coop is putting money in escrow. After being subjected to the…

  • 3 Mistakes People Make When Hiring a Real Estate Attorney
    2017年6月6日

    3 Mistakes People Make When Hiring a Real Estate Attorney

    In New York, you want to hire a real estate attorney. It’s too risky not to.

  • Do you have a will?
    2017年5月22日

    Do you have a will?

    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…

  • The Perfect Five and a Half Hour Closing
    2017年5月9日

    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…

社区洞察

其他会员也浏览了