Scott R. Cohen, Esq.

Part 2 of this continuing series is on Title Costs. Both the buyer and the seller have various title costs that they must pay. Though the vast majority of the title bill is fixed by the State or the County, there are several charges that could vary from company to company. Generally, the Buyer's attorney selects and retains a Title Abstract Company to conduct a search. They prepare a report that informs the parties of any issues associated with the property relating to tit...le. Buyer's Title Costs when buying a house or condominium 1. The Buyer pays for title Insurance for themselves and the Bank, if there is a mortgage. This cost is fixed by the State, and is directly tied to the purchase price and the mortgage amount. Title insurance ensures and insures that you lawfully own the property and that there will be no issues with the chain of title or any judgments or open mortgages that may negatively affect the property. 2. The Buyer pays for recording the Deed and the Mortgage. These Fees are set by the County where the deed and mortgage are being recorded. If a Power of Attorney is being used, there will be a fee to record that as well. 3. Municipals. The Title Abstract Company will conduct searches in various municipal departments. These fees may vary from company to company. Some of the searches conducted are Building Department, Fire Marshal, Highway Department, Tax Department, Bankruptcy and Patriot. 4. Survey. It is good practice to have a client purchase a new survey. A survey is a bird's eye view of the property, showing the lines, and how the house sits on the property. When matched against the Building Department search, you can easily see if there are any additions to the house that do not appropriate Certificates of Occupancy or Completion. Also, a survey lets you know if any neighboring fences or structures encroach upon your property. Buyer's Costs when buying a Co-op 1. Lien Search : Co-ops are not considered real property. When purchasing a co-op, there is no title insurance. There is, however, a lien search which will identify any other interests filed against the stock and lease for the subject apartment. Seller's Costs Whether selling a house, condominium or Co-op, the seller must pay the Transfer tax, which was discussed in Part 1 and the recording fees to record the Satisfaction of Mortgage, or a UCC-3 Termination if a Co-op. At our office we can fully discuss your closing costs and can help you navigate this process from Start to Finish. Consultations are always free. Check back for Part 3 House, Condo or Co-op what is the difference. Call for an appointment or with any questions 516-889-0099, or email us at [email protected]

As we move into the home buying season I wanted to create a series of posts discussing closing costs that parties should expect and then transition into the various types of properties one can purchase. Lets kick off with everyone's favorite topic TAXES The Buyer and the Seller each have various taxes that they must pay.... BUYER'S TAXES There are exceptions to every rule, but generally the taxes paid by buyer are: Mansion Tax - 1% of purchase price on any transaction over $1 Million; Peconic Bay Tax (eastern end of Long Island only) - 2% of purchase price; and Mortgage Recording Tax (only when there will be a Mortgage) - varies by county from .5% (upstate) to 1.925% (NYC on mortgages over $500K) of the loan amount. This tax does not apply to co-ops, even if you take out loan to purchase the apartment. The taxes paid by the seller (generally) are: New York State Transfer Tax - .4% of purchase price; New York City Transfer Tax - 1% (purchase price $500K or less) or 1.425% (purchase price over $500K); and Yonkers/Mount Vernon - also have transfer taxes that must be paid. When buying a new construction home or condo, the Buyer generally pays the Seller's Transfer Taxes. Check back next week for a quick run through of TITLE CHARGES. At the Law Offices of Scott R. Cohen, Esq., we can handle all of your real estate legal needs. Transactions, Landlord Tenant matters, and real estate litigation; call for a free consultation 516-889-0099.

At Tina Rossetti’s St. Jude Children’s Hospital fund raiser

The past few posts have been about how we can help Buyers. Here are four things every Seller should do BEFORE they list their house for sale. 1. Consult with an attorney. Find out what duties are imposed upon you as a Seller. Are there new disclosures? Do you need updated smoke/CO2 detectors? Are there any restrictions that would prohibit my sale? Bring all of the documents that you have, that relate to your home, to this consultation. 2. Perform a Judgment/Lien Search.... Have the attorney hire a Title Abstract Company to perform a Judgment/Lien search. The purpose is to affirmatively find out if there are any judgments or liens that you need to address before the sale. The last thing you want to to do is get into a contract and then have to rush to clear any title issues. By doing it early, you have the luxury of time to clear any issue and it will be less costly. 3. Search the local Building Department. Have the attorney order a Building Department search. Find out exactly what Certificates of Occupancy or Completion are in place. Make sure that there are no open permits or violations that need to be closed so you can sell your home with no trailing problems. Give a copy of your survey to your attorney so he can compare the search to what is on the survey. Many closings get adjourned, or have escrow left with an attorney to secure proper certificates. It can become costly if you wait until after you are in contract to clear any potential issue. By searching prior to any listing, you can guaranty that when you close, you can walkaway with no concerns. 4. Order a pre-sale inspection. Hire a Home Inspector to perform a pre-listing inspection. The inspector will identify any issues that could affect your ability to sell your home. Most inspectors will classify potential issues into immediate repairs, repairs that can wait, and issues to watch. An inspector will also alert you to any safety issues so you can correct these prior to listing and showing your home. Proper planning by the Seller and proper preparation can lead toward a smoother transaction. By taking these four steps, you are being proactive in removing many obstacles. For questions or further information feel free to call Scott R. Cohen, Esq. at 516-889-0099. As always consultations are FREE!

It is tough out there for first time homebuyers. But here are somethings to look into to help the process run in your favor. 1. GET EDUCATED. Speak to an Attorney and other professionals, shop mortgages, and visit non-profit housing agencies such as Long Island Housing Partnership, or Community Development Corporation of Long Island. 2. HIRE A BUYERS' AGENT. Only a Buyers' Agent works for you, any other agent is working for the seller, even if you ask an agent to show yo...u a house. A Buyers' Agent must tell you the Good, the Bad & the Ugly. 3. LOOK FOR GRANTS. Down payment assistance is available through SONYMA for up to $15,000 under certain conditions. 4. GET A PRE-COMMITMENT. Pre-approvals and pre-qualifications are nice, but a Pre-Commitment will speed up the process and signal to any Seller that you are a serious Buyer. 5. STAR. Get familiar with the Star Program. 6. ASK ABOUT C/Os or C/Cs. Ask the Seller if all improvements to the home have the proper certifications. It will save you time and money in the long-run, and further lets the Seller know you are an educated buyer. 7. KNOW YOUR MONTHLY PAYMENT & WHAT YOU CAN AFFORD. Added to your monthly mortgage payment will be 1/12th of the annual taxes and insurance, which often times can double the Mortgage Principal & Interest payment. 8. HOME WARRANTY. Consider a Home Warranty to protect against any initial failure of any of the Home's Systems. It is a monthly cost, but if you budget for it, you can protect against a surprise cost when you can least afford it. At the Law Offices of Scott R. Cohen, Esq., we can help you navigate all of the above and put you in the home of your dreams. Call for a free consultation 516-889-0099

We have all heard that this is a Sellers' Market, and that it is almost impossible for a first time home buyer to compete with seasoned home buyers. At Scott R. Cohen, Esq. we know how to help first time home buyers. Whether it is quickly reviewing and negotiating contracts, negotiating a Sellers' Concession, explaining the complexities of title insurance, holding your hand throughout the entire process, or helping you find the right financing; we can assist you at every s...tep of the way. Also, we are familiar with various home loans designed to help the first time home buyer such as SONYMA, FHA Loans, VA Loans, USDA Loans, Good Neighbor Next Door Loans, Fannie Mae/Freddie Mac, Energy Efficient Mortgage, FHA 203(k) Loans or Native American Direct Loans. Call for a free consultation: 516-889-0099

One service we provide is representing Landlords. The key to any successful eviction in Nassau County is speed and diligence. If a tenant is more than five days late on his rent (after the grace period) you need to send out your notices right away. The Courts handle a great many Landlord Tenant cases, so the quicker you get before a Judge the quicker you will reach a resolution, and the quicker you will get the non-performing tenant out of the space or brought current on the rent. At the Law Offices of Scott R. Cohen, we will get your case filed quickly and ensure that all necessary notices have been properly delivered. Call for a free consultation 516-889-0099!

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