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How You Can Buy Land Without A Credit Check

Sep 17, 2008
Can I buy property from HDC? No, HDC is not a property owner. The City, however, does own property from tax foreclosures that it sells, usually through an auction. To find out about future City auctions, contact the Real Estate Division of the New York City Department of City-Wide Administrative Services (DCAS) at (insert email, URL, or phone #). Top New HDC-financed co-ops are sold through a lottery and application process.Most lenders require title insurance to insure the lender for financed transactions. When purchased in conjunction with a lender's policy, the additional coverage for an owner's policy to insure the buyer is a nominal amount and strongly encouraged. Almost all buyers purchase title insurance since it is a cost effective way to protect the real estate investment from title defects.

How does title insurance protect the lender? A lenders policy of title insurance protects the lender that financed a piece of real estate against loss caused by defects in the owners title.Real estate taxes, property insurance, mortgage payment (if financed), and monthly Condominium Association dues are paid by the owner.

Do I need title insurance? Most lenders require title insurance to insure the lender for financed transactions. When purchased in conjunction with a lender's policy, the additional coverage for an owner's policy to insure the buyer is a nominal amount and strongly encouraged. Almost all buyers purchase title insurance since it is a cost effective way to protect the real estate investment from title defects.Real estate taxes, property insurance, mortgage payment (if financed), and monthly Condominium Association dues are paid by the owner.

What are the estimated annual costs of ownership? If purchased without financing, a unit owner's annual cost of ownership would be the tax deductible real estate taxes of about 2.25% of the property's fair market value. There will also be a monthly Association assessment for common area maintenance, property insurance, security and related expenses, currently $35 to $90 for racks and slips respectively. If financed, a unit owner will also be responsible for the principal and interest payments associated with the financing.Most lenders require title insurance to insure the lender for financed transactions.

What are the estimated annual costs of ownership? If purchased without financing, a unit owner's annual cost of ownership would be the tax deductible real estate taxes of about 2.25% of the property's fair market value. There will also be a monthly Association assessment for common area maintenance, property insurance, security and related expenses, currently $35 to $90 for racks and slips respectively. If financed, a unit owner will also be responsible for the principal and interest payments associated with the financing.Real estate taxes, property insurance, mortgage payment (if financed), and monthly Condominium Association dues are paid by the owner.No, HDC is not a property owner.

How do I get started? We will need some basic information from you. The more information you can provide, the more accurate your quote will be. If you don't have all the information, we will do our best to work with what we have. Many of our clients are very interested in a near simultaneous closings. We can buy a seller's owner-financed real estate note at the closing table.No, HDC is not a property owner. The City, however, does own property from tax foreclosures that it sells, usually through an auction. To find out about future City auctions, contact the Real Estate Division of the New York City Department of City-Wide Administrative Services (DCAS) at (insert email, URL, or phone #). Top New HDC-financed co-ops are sold through a lottery and application process.No, HDC is not a property owner. The City, however, does own property from tax foreclosures that it sells, usually through an auction.
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