The New York files that have to be assembled exactly right.
CEMAs and co-ops are where a routine closing turns into a specialist one. New York title agencies send us both.
A Consolidation, Extension and Modification Agreement has to be assembled precisely to preserve the prior mortgage and minimize tax. We prepare and review CEMAs regularly, so the details are second nature rather than a research project on your deadline.
A co-op works differently: a board with its own requirements, a proprietary lease, and a transfer that looks nothing like a deed recording. We handle both on commercial and residential transactions.
Behind both sits the same New York requirement. New York law (Judiciary Law Section 484) bars anyone who isn’t a New York attorney from being paid, directly or indirectly, to prepare deeds, mortgages and other instruments affecting real estate. That’s why New York title agencies place this work with a law firm.
Why these two stall elsewhere.
Both fail in quiet ways. A CEMA assembled loosely costs the borrower tax that a correctly consolidated one would not, and the error surfaces late. A co-op contract can be perfect and still wait on a board package nobody chased. Neither is difficult once you have done enough of them; both are expensive the first time.
- Prior mortgage preserved, tax minimized
- Board requirements and proprietary lease handled
- Instruments prepared by the firm, as New York requires
- Residential and commercial
Send us the complicated one.
Send it over with the deadline and we’ll tell you what it needs. Or call (203) 301-4333.
Talk to our team