Commercial Real Estate Blog by Madison
Tag Archives: deed

Measure Twice, Close Once – The Importance of Accurate Survey Readings

By: Joseph Kipper, Senior Underwriting Manager, Madison Title

The old saying, “Measure twice, cut once”, certainly is useful for carpenters. One should double check measurements for accuracy before cutting a piece of wood, rather than rushing to cut and making errors which waste material. Aside from carpenters and tailors, there are other industries where accurate measurements are of supreme importance. Before purchasing real estate, it is important to obtain and examine the exact measurements of the property. Here’s why. Continue reading

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Real Estate Closing Costs in New York State and New York City

By Pat Anarumo, Vice President of Sales, Madison Commercial Real Estate Services

Your closing date has finally arrived. You are ready and armed with your checkbook. Still, you are shocked when you discover how much it costs to finally close the deal. Everybody has their hand out; the tax man, the recorder, the lender (assuming that you are not full of cash) the title company, your lawyer, and don’t forget the broker.

It helps to look at what gets paid on a typical NYC condo purchase from the seller’s perspective, and then the buyer’s perspective. Here is a breakdown. Continue reading

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The Challenges of NPI. When Private Goes Public.

By: Eli Young

The financial industry is gearing up for the new regulations set forth by the Consumer Finance Protection Board or CFPB. Item #3 in a list of recommended best practices from ALTA advises companies to adopt and maintain a written privacy and information security program to protect Non-public Personal Information. While Non-public Personal Information (NPI) is commonly defined as a person’s name and birth date, social security number, or mother’s maiden name, the finance industry is buzzing with concern over what really constitutes NPI.

Technically speaking, NPI can refer to any information that is not readily available to the public, including details of financial transactions. The question is how far does NPI protection go? Continue reading

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Getting A Property For Free: Present or Problem?

What would you do if someone offered you real estate for free? I know everyone reading this probably thinks “Why the heck not?” Before accepting this gracious offer from a close friend, colleague or family, it would behoove you to look at the circumstances carefully. While a gift of real property may seem perfect, there can be hidden or unforeseen dangers that may make the gift more trouble than its worth. Continue reading

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