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At this point you don't know the exact square feet and you won't unless you measure it. Even then, some measure the inside living space and others measure from the outside. Some measure "finished" area of basements, etc. Personally, I wouldn't give it a second thought, but I do understand your concern. I doubt very much that anyone was "lying" to you, but it's certainly possible that there was an error in measuring. Realtors usually take pretty quick measurements, and mistakes can be made. I'd guess your Realtor is correct, that the extension wasn't included in the county's figures. That might be a good thing when it comes to paying taxes.
My guess is that if there was a "substantial misrepresentation" of the home, you would have legal grounds for canceling the contract, but if you really want to do this, you need to consult an attorney.
The appraisal will provide you with a lot of information. Just relax and wait for that as if it comes in below your contract you will have something solid to work with. Again, if you are so uncomfortable, please do yourself a favor and just cancel. The bank will not fund a loan that you can't afford or that is above the appraisal in today's market.
The appraisal will provide you with a lot of information. Just relax and wait for that as if it comes in below your contract you will have something solid to work with. Again, if you are so uncomfortable, please do yourself a favor and just cancel. The bank will not fund a loan that you can't afford or that is above the appraisal in today's market.
great the bank is doing an appraisal this week, I will get more details from that
the transfer tax is in .4, it's 1.42 when the price is over $500,000
I don't know where you got your information, but this is the tax rate for all of NY State, except New York City:
II. New York State Real Estate Transfer Tax Type of Property Affected Tax Rate
All types (regardless of consideration) . . . . . .
$2.00 per $500 of gross consideration or fraction thereof (or $4.00 per $1,000)
so for a $400,000 property, the amount is $1,600 - a LOT less than "$10,000"
Unless you're buying in NYC, and then you're in the wrong forum ;-)
Last edited by Elke Mariotti; 07-24-2011 at 08:50 PM..
In the mean time, just relax and try to enjoy the process. You might want to also check to be sure the add on was done with city inspections - which might account for some of the differences. Keep us posted.
You seem to be really uncomfortable with the sale. Speak to your real estate attorney. I'm sure he/she will understand and give you the advice you need to get out of your contract. There HAS to be something you could do, like going to a bank that you know would not give you a mortgage. Contracts are usually contingent on you being able to secure one. Anyway, your lawyer will tell you what to do, just be honest with him/her. Best of luck to you!
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