Hidden Costs in Real Estate Purchases
Posted on March 9, 2010
As Answered to a client on Trulia Voices:
Dear Nancy
At the closing table don’t forget documentary stamp tax at closing beside attorney, title, mortgage and other misc closing costs as outlined by Bill below. This is all spelled out in your HUD statement that you will receive just prior to closing to review the accuracy of the costs of the transaction.
Once you own it you are going to pay utilities, property tax, mortgage and association dues. When you look at your potential condo purchase review the budget and condition of property to make sure you don’t get a special assessment for renovations, shortfalls (delinquencies) or other such things.
Property taxes vary from city to city as well and the concept of appraisal for taxing purposes and sale value are different so keep an eye on what is called the millage rate for your city.
If you need any other information or want to know where to look just shoot me an email or call and I’ll be happy to help if you need it.
Sincerely,
Adrian
Awesome piece of info! May I reference part of this on my blog if I post a backlink to this webpage? Thank you.
I merely wanted to thank you again for that amazing site you have designed here. It truly is full of useful tips for those who are seriously interested in this kind of subject, in particular this very post. You’re really all amazingly sweet in addition to thoughtful of others plus reading your blog posts is a great delight if you ask me. And exactly what a generous present! Dan and I really have enjoyment making use of your ideas in what we have to do in the future. Our record is a kilometer long so your tips will definitely be put to great use.
Glad the info was helpful and happy holidays!
You made various fine points there. I did a search on the subject matter and found a good number of persons will go along with with your blog.
I would like to use the chance of thanking you for the professional assistance I have constantly enjoyed going to your site. I am looking forward to the commencement of my university research and the whole planning would never have been complete without surfing your blog. If I may be of any help to others, I would be pleased to help by way of what I have learned from here.
The Pleasure is ours. Enjoy!