buyer's guide

Purchasing a home is one of the most exciting journeys you may ever embark on. With all of the options you have to consider, at times it may seem to be more confusing than anything else. That is why you need Madison Estates with the knowledge and experience to make the journey more pleasurable.

Here are 5 Reasons why now would be a great time to buy:

  1. Owning is cheaper than renting.
  2. Home ownership offers us huge tax breaks. The best known tax break is mortgage interest deduction.
  3. Your home will be one of the greatest & safest savings plans you can have for your future.
  4. Interest rates are historically low.
  5. Quality of Life!

Why Work With A Madison Estates Broker?

A Madison Estates broker will save you time, provide information and guidance when purchasing a home.

Madison Estates cooperates with the brokerage community and often directly with the owners. One call to your broker can get you the information you need on all the properties in which you are interested.

Madison Estates has access one of the largest data bases in New York, which is updated on a daily basis and includes properties from many different real estate firms. Speak with your broker about becoming a part of the searching process. He or she will be more than happy to work with you as a team. After you perform the search the two of you can discuss and compare notes. Call or email your broker any properties of interest so he or she can research them further and arrange appointments for you.

Madison Estates brokers have access to a much more extensive and up-to-date data base than what is available to the public online. He or she will receive before the public has access to them on the web. Sometimes the market tends to move faster than the internet. Your broker will be able find out the status of properties in which you are interested in. You may find that any properties that you thought your broker may have missed were eliminated because they are already in contract or have sold.

Sales commissions are paid by the seller, not the buyer. When a property is co-broked, the commission is shared between the selling broker’s company and the buying broker’s company. There is no additional expense to you as the buyer.

Once you locate your dream home your brokers role is far from over: Your broker will be there to advise you every step of the way to:

  • Introduce you to the right lenders to arrange the necessary financing.
  • Put together a strong offer package to be competitive in the market.
  • Negotiate the price and terms of the sale.
  • Suggest the right attorney to represent you.
  • Assemble the best possible board package to qualify you for acceptance. (If applicable)
  • Coach you for the board interview. (If applicable)
  • Prepare you for your closing.

 


In return, we ask you to communicate openly with your broker to create a loyal, trusting relationship. For this loyalty you will in turn receive:

  • Accountability
  • Knowledge
  • Disclosure
  • Confidentiality
  • Accessibility

 

Closing Costs
Own Attorney
Bank Fees: application, credit, appraisal
$1,200.00 and up
Bank attorney and miscellaneous $2,200.00 and up
Short Term Interest One month max*
Real Estate Tax Escrow 2-6 months**
Recording Fees $500.00
Mortgage Tax 1.8% of the amount of Mortgage on loans under $500,000.00 or 1.925% of
entire amount on loans exceeding
$500,000
Fee Title Insurance Approx. $300.00 per $100,000.00
Mortgage Title Insurance Approx. $100.00 per $100,000.00
Misc. Title Charges $500.00
Managing Agent’s Fee $500.00

Adjustments:

 
Common Charges One month max*
Real Estate Taxes 1 to 6 months**
   
Mansion Tax 1% of entire price when price
Exceeds 1,000,000
Move-In Deposit or Fee $1,000.00

*Prorated for month of Closing

** Expected to pay eight (8) months’ Real Estate Taxes- combines between Seller as an adjustment and escrow established by lender.

Note: When purchasing a condominium unit from a Sponsor, the Purchaser will be required to pay NYC and NYS Transfer Taxes (See A above for amounts as well as the Sponsors attorney’s fee (typically around $1,500).
Disclosure: All fees are approximate. You should consult a CPA or attorney for more accurate estimate.