One would think that due to inflation, stagnant wages, the high cost of living in metropolitan areas, and the exorbitant price of obtaining a college degree these days, owning a home is simply out of the question for most Millennials.  However, according to Spencer Rascoff, CEO of Zillow, this is simply not the case.  In a recent podcast from Bloomberg titled Millennials Driving Housing Market, Spencer Rascoff noted that Millennials bought $500 billion in real estate within the past 12 months.  In fact, due to the limited supply of homes

How a CEMA Can Save You Thousands in Mortgage Taxes

What is a CEMA?

In New York State, refinancing a mortgage or purchasing a home triggers a mortgage tax. New York homeowners can reduce their tax liability with a Consolidation, Extension and Modification Agreement (“CEMA”). A CEMA consolidates the old, outstanding, mortgage debt and the new debt so you only pay taxes on the difference between the two loan amounts or what is called the “new money”.

When you enter into a CEMA with a lender, you agree to combine or consolidate the

What Happens After a Seller and Buyer Sign a Broker Prepared Contract? The Contract Phase.

In New Jersey, if a contract is a broker prepared contract, each party is entitled to have a **3 business day attorney review period.  If a buyer or seller fails to amend the broker prepared contract within this 3 business day time period, each party may be stuck with the terms of the broker prepared contract.  If either party elects to hire an attorney within the 3 day attorney review period, the attorney(s) will send

Poulos LoPiccolo Closes Deals

The Real Estate season has kicked off very strong. Residential real estate sales are up (we know this because of the number of closings we have handled so far in the season). If you want (or need) personal attention during your residential real estate transaction by an attorney, please call us for your real estate needs. In New Jersey, we charge $750 for a sale and $850 for a purchase. We always have a dedicated team under you to meet any of your needs. We get the