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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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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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Understanding Transfer Taxes in New York
By kalantarovlaw | Real Estate | 0 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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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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