A Consolidation, Extension, and Modification Agreement lets the buyer assume part of your existing mortgage balance for recording purposes, dramatically reducing their mortgage recording tax. As the seller, facilitating a CEMA costs you nothing but can save the buyer thousands - making your property more attractive. The process requires your lender's cooperation and adds roughly two to four weeks to the closing timeline.
From the seller playbook: CEMA Strategy from the Seller Side
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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