What is a Purchase CEMA?
A Purchase Consolidation Extension Modification Agreement (CEMA) is a financing technique used in New York State to reduce the mortgage tax owed on a new mortgage. It allows the buyer to assume the seller’s existing mortgage and modify it to the new loan amount, rather than obtaining a new mortgage and paying mortgage tax on the full amount. This can result in significant savings for the buyer.
Our team of attorneys has extensive experience in all aspects of real estate law, including Purchase CEMAs. We pride ourselves on providing personalized attention to each of our clients and working diligently to achieve their goals.
Our Services
Our Purchase CEMA services include:
- Review of Existing Mortgage: We will review the seller’s existing mortgage to determine if a CEMA is a viable option.
- Preparation of CEMA Documents: We will prepare the necessary CEMA documents, including the Consolidation, Extension, and Modification Agreement.
- Negotiation of CEMA Terms: We will negotiate with the lender to ensure favorable terms for the CEMA.
- Closing: We can assist with the closing of the Purchase CEMA, including the preparation of closing documents, coordinating with the parties involved, and ensuring that all necessary payments are made.
- Consultation: We provide consultation services to help you understand the process of Purchase CEMAs and answer any questions you may have.
Contact Us
If you are considering a Purchase CEMA, have any questions regarding the process, and would like to do an initial consultation with one of our real estate attorneys, please call us at (212) 922-1330 or fill out our Contact Us form.
