At a recent presentation to about 50 agents, one of them raised his hand and asked Scott to talk about purchase CEMAs. It's a tool too few agents know about, and it can help buyers save money at a time when rates are rising.

In this episode:

- What CEMA stands for and how New York's mortgage recording tax works
- A full example: $1 million home, 20% down, $800,000 loan, $15,400 in mortgage tax
- How a CEMA combines the seller's existing mortgage with the new "gap money," so only the new portion is taxed ($5,400 in Scott's example)
- When to bring it up with your buyer, and why you want to be the one who does
- How to check whether a seller has a mortgage on ACRIS
- When a CEMA doesn't make sense: fees that outweigh the savings, and a seller's lender that takes two, four, even six months

Have a buyer who could benefit from a CEMA? Email Scott at scott.nadler@ccm.com.

Chapters:
0:00 Why a purchase CEMA is a value add for buyers
0:16 An agent asked: can you talk about purchase CEMAs?
0:57 What is a purchase CEMA?
1:39 Example: $15,400 in mortgage tax
2:08 How a CEMA works
3:15 Why only the new portion gets taxed
3:32 Real numbers: $15,400 vs $5,400
4:47 When to bring it up with your buyer
5:35 Use ACRIS to check the seller's mortgage
6:04 When a CEMA doesn't make sense
7:10 How this sets you apart

Watch the full episode: https://youtu.be/lwYxNhvL-PI
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DISCLAIMER: This content is for educational purposes only and is not financial, legal, or tax advice. Consult a licensed professional before making any related decisions.