New York Real Estate (NYC & Suburbs ONLY)
Monday, April 12, 2004
We know you've got questions, some highlights:
Title companies.... Can I get a cheaper title bill if I shop around?
Closing Costs..... Can I afford this house? Coop? Condo?
Timing................. How long will it take to close?
Security............... Is my down payment safe?
Most of all, you'd like to know what's going on and what is going to happen next. Getting from contract to closing can seem like a maze, but it is actually a series of discrete steps that require patience and knowledge. Don't take those steps in ignorance. Email us with your questions.
Tuesday, November 04, 2003
Question: (From Chrisine in Lynbrook)
My Seller and I should have closed last month...our contract contained a closnig date of October 25th and I don't know when they are going to close. What can I do?
Answer:
Generally both parties have an additional thirty (30) days from the contract closing date to close a transaction. While the thirty (30) day rule is usually accpeted as the rule by most people, it may not necessarily be the law and a shorter time frame can actually apply in certain situations. Accordingly, neither party can be compelled to close during that additional thirty day mandatory extension. After such period expires, either party may, if they are ready, willing and able to close, make the transaction "Time of the Essence" and compel the other side to close or declare them in default of the contract. Based on the foregoing, your Seller does not have to close until November 25th, 2003,and you should contact your attorney to inquire as to the current posture of the transaction.
Keep the emails coming.....
Sunday, November 02, 2003
Question: (From Bill in Rego Park)
What does PMI stand for and what is it?
Answer:
Private Mortgage Insurance. PMI is generally required when a mortgagor borrows more than 80 percent of the purchase price, and the monthly cost therefor can vary greatly. Indeed, it can be up to $300 per month, so its best to save so as to increase your down payment.
Please email your questions regarding New York real estate (NYC & suburbs) and we will publish our answers to same. Please note that we reserve the right to edit and rephrase questions, and that the identity of all posters shally be kept strictly confidential
