Posted by J. Clifton on January 16, 2001 at 21:21:57:
An example of a BSD can be seen at:
http://www.stewartwhiteplains.com/cov.html
The form can be purchased at legal stationary stores, Blumberg or sites like the above. A PMM is basically another term for seller carry back financing.
NY investors:bargain-and-sale vs warranty deed? - Posted by Mrs SD
Posted by Mrs SD on January 16, 2001 at 16:23:45:
Bill Bronchick’s article on closings mentions that in NY, real estate is conveyed via a bargain-and-sale deed. I haven’t seen this type of deed in any course. Is this what NY investors must use instead of a warranty deed? If so, where should I purchase one?
Also, what is a purchase money mortgage? Does it simply mean that the sellar takes back a mortgage on property that they own free and clear?
NEW YORK
All parties to a transaction appear with their attorneys for closing. Conveyance is by bargain-and-sale deed. Mortgages are the security instruments in this lien-theory state. Foreclosures require judicial action and take several months if uncontested or longer if contested. New Yorkers use policies of the New York Board of Title Underwriters almost exclusively, though some use the New York State 1946 ALTA Loan Policy. Buyers generally pay most closing costs, including all title insurance fees and mortgage taxes. Sellers pay the state and city transfer taxes. Property tax payment dates vary across the state.
Thanks,
Mrs SD
Re: NY investors: - Posted by GIO
Posted by GIO on January 17, 2001 at 01:23:10:
ms sd,
i do some deals in ny,
email me so we can talk