I am buying house, do I really need title insurance?

October 13, 2014 by Paul A. Sarcona, Esq.

Prior to the closing of title, the public records are searched to find all document which affect the ownership of title, including among others, mortgages, judgments, and covenants, easements and restrictions. A title search is conducted against the property using an abstract search. The abstract search serves as the basis for the creation of a […]


Filed Under: Real Estate

Who pays the transfer tax on the sale of a property?

October 13, 2014 by Paul A. Sarcona, Esq.

In New York, the seller is required to pay the transfer tax. The amount depends on the county which the property is located and in some counties, it depends on the type of property, i.e., vacant land, 1 family, or commercial property. An exception applies to transfer of new construction residential properties and real estate […]


Filed Under: Legal Advice

Do I really need a home inspection?

April 3, 2013 by Paul A. Sarcona, Esq.

Finally, you found a house you really like. Preliminarily, everything looks fine with the house. Do I really need to pay an extra fee to someone? My answer is going to be yes. A home inspector is an independent, qualified, licensed individual who evaluates or comments about defects or areas of concerns for the home […]


Filed Under: Real Estate

The appraisal was done and it is lower than the purchase price, what do I do?

April 3, 2013 by Paul A. Sarcona, Esq.

The lender so far has asked the buyer to obtain all document to support a loan and for the issuance of a mortgage commitment. The commitment states, among other things, that a satisfactory appraisal must be performed. So, this is not really a commitment, but, as a buyer, you are, nonetheless, excited. The appraisal is […]


Filed Under: Real Estate

Short Sales

April 3, 2013 by Paul A. Sarcona, Esq.

How did this happen? The real estate market runs in cycles. Presently, we are in an economic period in which mortgage delinquencies are on the rise. Some of the causes of the increased foreclosure rates are higher interest rates on mortgages making payment unaffordable and the declining value of homes. Some homeowners with adjustable interest […]


Filed Under: Real Estate

The Role of a Lawyer in a New Jersey Real Estate Closing

April 3, 2013 by Paul A. Sarcona, Esq.

The role of a lawyer in a real estate transaction is to provide protection for his client and ensure that ownership is transferred free and clear of all issues. A real estate attorney is trained to handle real estate-related legal issues. You have the right to hire your own real estate attorney to represent your […]


Filed Under: Real Estate

Mortgage Tax and Assignment of Mortgage

April 3, 2013 by Paul A. Sarcona, Esq.

New York State, pursuant to Title 11, Chapter 26, Administrative Code, Tax Law Section 253-a imposes an additional tax to the borrowers of lending transactions for (the privilege of) borrowing monies against real property. How does that affect me? Here is an example, you love a beautiful two family home in New York City (it […]


Filed Under: Real Estate

The Home Buying Process

April 3, 2013 by Paul A. Sarcona, Esq.

Part I The Home Buying Process Step 1: Determine Your Real Estate Team Identify an attorney who will assist you in the process. Having a knowledgeable real estate attorney can save you money and give you peace of mind throughout the process. Obtain a pre-approval from your mortgage consultant. You should have a synergy with […]


Filed Under: Real Estate

I want to sell my house – where do I begin?

April 3, 2013 by Paul A. Sarcona, Esq.

Selling your home is a time consuming process and unnerving experience. Everyone wants to sell their home for the highest price possible and for the most part want to sell their house as soon as possible. In some cases, selling your home becomes even more difficult when you try to coordinate your sale with a […]


Filed Under: Real Estate

First time home buyers, I am nervous so should I buy?

April 3, 2013 by Paul A. Sarcona, Esq.

So, you want to buy a house. There are so many thoughts running through your head. Can I afford this house? How much money do I need? Is now the right time to buy? Where do I start to look? Where do I begin? Which realtor should I choose? Do I need an attorney? All […]


Filed Under: Real Estate