12 Most Common Hidden Real Estate Cost

1. Mortgage Agent/Brokers Fees: Be sure to ask, as some may or may not charge a fee.

2. Mortgage Penalties: When paying out a mortgage before the mortgage term expires, be sure to contact your bank. Ask detailed questions e.g. will fees apply, if so, how much?

3. Down Payment: Typically 5% of purchase price (Zero Down/Cash Back may be available, but special terms or conditions may apply.)  If you would like more information on this program, simply send us an WM@Royallepage.ca to get the information sent to you.

4. Closing Cost: 2-3% of purchase price

5. Deposit: Could either be with an offer or within 24hours of offer acceptance. Deposit typically could be $5,000 - $10,000. Sometimes special conditions or terms exist, e.g. the sellers may stipulate minimum $10,000, $15,000 or $20,000 deposit only! Be sure to get this information ahead of time from your Real Estate Expert.

6. Appraisal Fee: approx $350 - $500

7. Home Inspection Fee: approx $350 - $500

8. Status Certificate Fee: approx $100 - $200

9. Legal Fees: Varies, be sure to get at least 3 different quotes

10. Property Insurance: Varies, be sure to get at least 3 different quotes

11.   Title Insurance: Varies, be sure to get at least 3 different quotes

12.   Moving Expenses: Varies, be sure to get at least 3 different quotes

Happy condo hunting & good luck in your search!

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Rainer
61,086
Bonnie Jean Hart
Home Smart Professionals-La Quinta, Indian Wells, Palm Desert, Indio, CA - Indio, CA
Bonnie & Clyde Team - 25 yrs Exp - Real Estate - L

Good over view!

Jul 16, 2011 04:02 AM #1
Rainmaker
543,882
What Not To Renovate - Milan B.
Palm Coast, FL
We provide tips & trends on home renos & designs

Hi Bonnie,

Thanks for stopping by.

Your qucik, I'm still working on it, posted it accidently live instead as a draft.

Have a wonderful weekend!

Jul 16, 2011 04:04 AM #2
Rainmaker
1,167,458
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Wandanna-good list, you never want to surprise a buyer with hidden cost if at all possible.  

 

Best,

Jul 21, 2011 04:11 AM #3
Rainer
364,487
J. A. Michail
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

An interesting blog post that I enjoyed reading! Thank you for sharing it!

Jul 21, 2011 04:37 AM #4
Rainmaker
543,882
What Not To Renovate - Milan B.
Palm Coast, FL
We provide tips & trends on home renos & designs

Hi Adrian,
Thanks for stopping by.
Apart of our job is prepare buyers and disclose the cost involved. To surprise a buyer could be equivalent to chasing them away.
Have a wonderful day!

Jul 21, 2011 06:48 AM #5
Rainmaker
543,882
What Not To Renovate - Milan B.
Palm Coast, FL
We provide tips & trends on home renos & designs

Hi John,
Thanks for stopping by.
I'm glad you enjoyed reading this post.
Have a wonderful day!

Jul 21, 2011 06:50 AM #6
Rainmaker
75,198
Barbara "Barb" Bodnar, Licensed Associate RE Broker
Coldwell Banker Residential Brokerage - Yorktown, NY
Coldwell Banker Residential Brokerage

Wandanna

a good checklist for buyers

Jul 21, 2011 11:40 PM #7
Rainmaker
543,882
What Not To Renovate - Milan B.
Palm Coast, FL
We provide tips & trends on home renos & designs

Hi Barbara,
Thanks for stopping by.
Keeping our clients updated and well informed is essential.
Have a fabulous weekend!

Jul 22, 2011 04:19 PM #8
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Rainmaker
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What Not To Renovate - Milan B.

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