Exclusive Buyer Realty

Survey - A drawing showing the boundaries of a parcel of land. Included in the drawing is the location and dimensions of structures, fences, decks and sheds. A survey is a pictorial representation of a property’s deed description.

Deed - An instrument that transfers title of a property to another.

Deed Description - Method of identifying the location of land and defining its borders.

Abstract of Title - A summarized, chronological compilation of all recorded instruments and history of ownership for the property.

Title Insurance - An insurance policy issued to guarantee the title to the property. If title becomes or is later discovered to be defective, the title insurance company will fix the problem at their expense or pay any losses. Policy that protects the bank is referred to as the “mortgage policy” while the policy that protects the owner is referred to as the “owner’s or fee policy”.

Homeowner’s Insurance - Fire and liability insurance on the home.

Mortgage Insurance - PMI or MIP or VA funding fee - insurance that protects the bank in the event there is a mortgage default.

Mortgage Life and Disability Insurance - Decreasing life insurance (most expensive LI coverage) and disability insurance that pays the mortgage payment if you are disabled. You should meet with a financial planner to review your insurance plans and not take these unless uninsurable.

Flood Insurance - Special policy if home is in flood zone.

Star Exemption - School Tax Relief:

The New York State School Tax Relief (STAR) Program provides an exemption from school taxes for owner-occupied, primary residences. The “basic” STAR exemption is a reduction by $30,000 from the full-value assessed value of a property. Approximate real estate tax savings range from $550 to $750 per year. The “enhanced” STAR exemption is available for senior citizens whose combined household income doesn’t exceed $60,000.

Example:

Full-value assessed value = $100,000.

School tax rate = $22.00 per 1000 of valuation.

School taxes due without exemption = $2,200
($100,000/$1,000 = 100 x $22 = $2,200).

School taxes due with exemption = $1,540
($100,000 - $30,000 = $70,000/$1,000 = 70 x $22 = $1,540).

Savings = $660
($2,200 - $1,540 = $660).

Real Estate Taxes - Equalization Rates:

The equalization rate is the percentage of full value at which property is deemed to be assessed according to the New York State Board of Real Property Services. Rates are distributed by the Board to local governments for the purpose of equality in the distribution of the property tax levy. These rates are adjusted for changes in the level of assessment and are the equalization rates used to levy taxes.

Example:

Assessed value = $100,000.

Equalization rate = 96%.

Full value assessment = $104,166 (Assessed value/equalization rate = $100,000/.96 = $104,166).

Sex Offender Data:

Internet sites list the names, addresses and other information about high-risk sexual offenders who have been released from prison and are living throughout New York State.

City of Rochester Ward Map:

The City of Rochester was governed at one point in history by “ward leaders”. Today the City of Rochester is governed by a City Council and a Mayor. Although the “wards” are no longer used to identify political subdivisions, they do continue to be used for real estate purposes. You will see newspaper ads for City properties that mention the ward they are in. Even the Realtors® MLS (Multiple Listing System) lists City properties by ward.

If you are considering a purchase of property in the City of Rochester, you need to be familiar with the boundaries of the wards. Also, if you are considering buying a home in the City contact the HOME STORE at 325-HOME (325-4663). The Home Store handles special down payment and closing cost grants that you may be able to qualify for.