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Mortgage Contingency Clause- The Lifebuoy For Buyers in a Contract of Sale
By kalantarovlaw | Real Estate | 0 Comments
What is a Mortgage Contingency Clause in a Contract of Sale and Why is it Important For Buyers? A mortgage contingency clause in a Contract of Sale allows the buyer to withdraw from the agreement without financial penalty if they are unable to secure a mortgage loan under specified terms and conditions. A mortgage contingency […]
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What is an FHA Loan and Do I Qualify?
By kalantarovlaw | Real Estate | 0 Comments
What is an FHA Loan and Do I Qualify? What is an FHA Loan? An FHA loan is a mortgage insured by the Federal Housing Administration. The FHA is a governmental agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance which protects the lender from loss […]
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What is a Good Guy Guarantee?
By kalantarovlaw | Business/Commercial, Real Estate | 0 Comments
What is a Good Guy Guarantee? Introduction Landlords are often faced with the difficult balance between the need to offer favorable leasing terms to prospective tenants and the need to protect themselves and their real property investment against tenants experiencing economic hardship who fall short on their financial responsibility. For this reason, “Good Guy” guarantees […]
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Understanding Closing Costs- What is Mortgage Recording Tax?
By kalantarovlaw | Real Estate | 0 Comments
What is Mortgage Recording Tax? When you buy a home you will notice a number of fees and taxes that are charged to you or the other party at closing. Quite often buyers and sellers know little about what they are paying for and why. We have already discussed one of these charges, Transfer Taxes, […]
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What is Title Insurance and Do I Need It?
By kalantarovlaw | Real Estate | 1 Comments
What is Title Insurance and Do I Need It? Purchasing a home is usually the biggest investment one will ever make. It is crucial to protect your investment with a peace of mind that comes with purchasing title insurance. Title insurance is not to be confused with homeowner’s insurance. Homeowner’s insurance protects against loss from […]
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What is a Power of Attorney?
By kalantarovlaw | Business/Commercial, Real Estate | 0 Comments
What is a Power of Attorney? A power of attorney, or POA, is a legal device that grants an individual, known as the “Agent”, the legal authority, to make decisions and act on behalf of another individual, known as the “Principal.” The decision can involve real estate transactions, banking transactions, business operating transactions, insurance transactions, […]
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Understanding Transfer Taxes in New York
By kalantarovlaw | Real Estate | 1 Comments
Understanding Transfer Taxes in New York Prices for real estate in New York City have always been higher than most of the country. Even in the past few years, the real estate market in the five boroughs has been soaring. The higher the price, the higher the closing costs. For this reason, it is important […]
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FAQ: May I Transfer Property That Has an Existing Mortgage?
By kalantarovlaw | Real Estate | 0 Comments
FAQ: May I transfer property that has an existing mortgage? In a real estate closing involving financing, among the various documents being signed, the purchaser/borrower signs two important bank documents, namely, the mortgage and a promissory note. The mortgage is a document that grants the bank a security interest in your home in lieu of […]
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The Benefits of Making a Larger Down Payment When Purchasing a Home
By kalantarovlaw | Real Estate | 0 Comments
The Benefits of Making a Larger Down Payment when Purchasing a Home Generally, when purchasing a home in NY, buyers provide the seller’s attorney ten percent (10%) of the contract price as a deposit on the home to be held in escrow until closing. The buyer will finance eighty percent (80%) of the contract price […]
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