Title Wise
The New Jersey Real Estate News You Can Use
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Greetings!
Buyers need to know just how much it costs to close on a property. It is more than the mortgage; often 2-5% of the total amount of the transaction. We've listed some of the most obvious costs buyers should know about. Also, one of the signs of recovery is often found when businesses move to expand their footprint into areas that have been out of favor. Wegmans took a big step forward by announcing that they signed a 30-year lease for space located in downtown Manhattan, near Astor Place. With the velocity of transactions occurring with such speed, certain processes are best kept at paces that avoid big disasters, such as the condo collapse in Florida and the increase in wire fraud. At Counsellors, we invest our time and resources to give you a glitch-free close.
Please feel free to email me at ralph@counsellorstitle.com if you have any questions or would like to follow up on any of this edition's articles.
Ralph Aponte
Founder & President
732.914.1400
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What It Costs to Close:
What Buyers Need to Know
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As home prices continue to rise, homebuyers are looking for other ways to save, especially when they close on their property.
Typical closing costs are between 2% and 5% of the loan amount for the borrowers.
Closing costs and fees are the expenses that are incurred when buying or refinancing a home.
Some of these fees include:
■ Lender's Fees
■ Mortgage points
■ The loan application fee
■ The origination fee
■ The processing fee
■ The documentation preparation fee
■ The FHA, VA or USDA loan fee
■ The private mortgage insurance cost- PMI
Third-Party Fees
■ Notary fee
■ Escrow fees
■ Credit report fee
■ Appraisal fee
■ Survey fees
■ Title search and report fees
■ Owner's title insurance premium
■ Real estate commissions
■ Document preparation fee
■ Recording fees
One way that you can reduce the cost to purchase property is to put a down payment in excess of 20% of the home's value. By doing so , the lender may not require you to pay for private mortgage insurance (PMI) at closing.
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Wegmans Goes to Manhattan |
News of Wegmans first New York City store hit the Internet on Thursday.
Wegmans is planning on opening its first Manhattan location on Astor Place, just below 14th Street on the east side of town.
This is the second location that Wegmans opened in the 5 boroughs; the other is located in what was once the Brooklyn Navy Yard.
According to a press release, "Wegmans, scheduled to open in the second half of 2023...Under the terms of the 30-year lease, Wegmans will occupy space on both the street and lower levels of 770 Broadway for a total of roughly 82,000 square feet."
Wegmans Food Markets, Inc. is a 106-store supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina.
This development reinforces Wegmans' commitment to New York City. It opened its Brooklyn store in 2019, so this is its first NYC opening since the pandemic. "(The) energy that you can only experience in New York City. You can feel that energy returning to the city, and we are thrilled to be a part of it,” said Colleen Wegman, president and CEO of Wegmans Food Markets.
This newly signed lease has other ramifications; it is just further proof that New York City is coming back from its greatest economic decline since 9/11.
Even USA Today published an article, Coming Back to Life, about New York's comeback. "'The bar scene returns in full force (as seen in) New York City's Lower East Side was electric on a Saturday night."
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Tell your friends about the Eagle First Responders 5K
We rely on word of mouth referrals for signups for this special fundraiser. Counsellors Title is one of the sponsors of this event. We are looking for our friend and associates and local businesses to help with this special event.
If you enjoy working with Counsellors Title, please tell your friends by sharing this email on your social networks or forwarding to their email address.
Sat September 18, 2021
Place: 200 Kierych Memorial Drive
Jackson, NJ US 08527
Description: The race will take place in Johnson Park in Jackson. The course is fast and flat! It starts in Johnson Park, takes you through local streets, then ends back in the park.
Free race t-shirt for 5K participants guaranteed through 8/31/2021. 5K registration price increases to $35 on 8/31/2021 at 11:59 PM. ONLINE REGISTRATION CLOSES 9/17/2021 at 5:00 PM. You may register on-site at Johnson Park for the 5K ($35) and 1 Mile Fun Run ($10) on the day of the event (credit card payments preferred).
Race Day Schedule:
8:00-8:45 am: Pre-registered race packet pick up & day of event registration
9:00 am: 5K run, followed immediately by 5K walk
10:15 am: 1 mile Fun Run
5K Awards and First Responder recognition immediately following Fun Run
5K Awards:
This is a chipped race, with multiple heats. All awards are based on chip time. 1st, 2nd, and 3rd place overall winners are not eligible for age division awards.
1st First Responder
1st, 2nd, 3rd Place overall
1st, 2nd, 3rd Place male & female in each age group (19 and under, 20-39, 40 and over)
COVID-19 Safety Precautions:
All participants/attendees are advised to follow current State of New Jersey Guidelines.
***Sponsorship Opportunities***
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Get This Month's Free Rental Planner Spreadsheet |
Rental Income Planner in Excel Spreadsheet
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A.S.A.P. Attorney Settlement Assistance Program
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Our real estate secretarial services are able to assist you in every aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.
Our ASAP services can be individually customized to fit your needs. These services include:
- Documentation Preparation
- Disbursement of Funds
- Attendance at Closing
- HUD Preparation or
- Post-Closing Matters
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Our Commitment to Excellence |
Counsellors Title Agency wants to thank you for the opportunity to work with you and your clients to grow your business. Please feel free to click the link above or here to leave us a review on Google. We appreciate your business. |
Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com
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Free Online Title Insurance Calculator |
Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator
Loan officers, real estate agents and home buyers can find out how much title insurance will cost for purchases made in New Jersey.
Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. CTA's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.
It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.
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Handy Guide to Real Estate Sources |
Here are some of the most widely used governmental websites for the real estate industry.
I look forward to being of service to you, providing you with outstanding real-time information and some humor to make doing business a pleasure.
Sincerely,
Ralph
Ralph Aponte
Counsellors Title
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Counsellors Title Agency, Inc. specializes in providing title insurance, title search services and loan closing services serving attorneys, Realtors, banks and various mortgage companies throughout the State of New Jersey. CTA offers full search and insurance capabilities within all 21 counties of New Jersey for commercial, residential and new construction purchases in our Toms River, Freehold, Chatham, and Union locations.
CTA is equipped with the latest digital technologies to ensure a complete and timely transaction.
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Mr. Ralph Aponte
Our Office: 504 Hooper Avenue,
Toms River, NJ 08753
Phone Number: (732) 914-1400
Fax: 732-914-8898
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