What is a Purchase CEMA?

Nick at Hauseit (https://www.hauseit.com) demystifies the concept of a Purchase CEMA in NYC real estate and how it can save you money. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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A Purchase CEMA is a way for you as the buyer to be assigned the existing loan balance from the seller. This doesn't mean that you assume the seller's interest rate. Your rate is still set by your lender, but this is more of a technical type of transaction whereby you're actually able to save on two closing costs.

The seller saves money on the NYS Transfer Tax and the buyer saves money on the Mortgage Recording Tax in the amount of the CEMA being done. In order to take advantage of a Purchase CEMA, you must be financing and the seller needs to have a reasonably large loan size to make it worthwhile. The savings are slightly greater for the buyer, but because you need the seller's consent the buyer and the seller typically agree to split the total savings equally.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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