New York City Bank and Residential Real Estate Closing Attorney
The lawyer you choose to handle your bank or residential real estate closing or to consult with regarding CEMAs should be committed to providing efficient and effective legal service.
No matter the situation, the law office of David B. Schachter, Attorney at Law can help ensure that your residential closing or bank closing proceeds as smoothly as possible. Attorney Schachter currently handles mortgage closings for over 30 area banks and has the in-depth knowledge and skill needed to facilitate his client’s transactions.
Our firm stands out because we provide services to accommodate speakers of non-English languages (Spanish, South Asian, Bangladeshan, Bengali and Hindi) and conduct extensive legal work for many different national groups. Please contact our New York City residential real estate closing attorney for seasoned assistance.
Residential Closings
An experienced attorney handles all important legal matters, such as ensuring that a buyer has sufficient funds to close and manage mortgage payments.
Bank Closings
We can schedule and represent banks at all last-minute closings. One of the benefits of these bank closings is that the mortgage broker and real estate broker are paid their commissions expeditiously. We can help make sure this happens.
In those situations where there is still a private loan on a title, we are often able to ascertain the identity of the debtor by working our way through the system, sending out detectives and advertising. Many times this dedication has paid off for the client.
CEMAS/FHA Loans
CEMAS (Consolidation, Extension, and Modification Agreements), a New York phenomenon, involve the consolidation of mortgages which in turn saves a buyer/borrower on taxes payable to both New York City and the state. For example, if you bought a property and borrowed $500,000, you will pay mortgage taxes on the $500,000. Three years later, you may decide to take out a second mortgage for $150,000. If you are credited with CEMA for what you paid three years ago, you will pay mortgage taxes only on the second mortgage of $150,000, not the entire mortgage amount of $650,000. On a purchase, if you can take over the mortgage of the seller, you may be able to achieve a similar result. Our firm closes CEMAs and is very familiar with this somewhat complex area of real estate law.
Please note we also do co-op and condo building management representation.
Contact our Flushing lawyer today. Together, you can discuss your bank and residential real estate closing needs.
