09 Jan 2017

What are the other charges involved in purchasing a property , other than the cost of the property?

Answer No. 1
The other charges involved in purchasing a property other than the cost of property are as follows-

  • Cost of home inspection- Home inspection is required by the mortgage insurer before the closure on the house. Professionals need to be paid to inspect the home.
  • Cost of surveys- There is a need for professional survey of the property. It is necessary to know the boundaries of land in such a case.
  • Taxes are required to be considered- At closing the taxes need to be prepaid.Real Estate Lawyer is playing an important role in this whole aspect.

Answer No. 2
The cost includes the upfront costs. It is the amount invested towards the cost of the property. Another cost is the stamp duty. It is the government tax which is paid towards the home. The fee of valuation is where the assessment in the value of property in order to establish the preparation for lending. There are different types of mortgage. Fees of surveyor are also the cost incurred at the time of purchasing a property. Before the property is bought it needs to be checked from the surveyors. This helps to find out whether there is any problem associated with the property.

Answer No. 3
Legal fees are another cost incurred. Solicitor is needed to carry out the legal work on selling or buying up of property. Local search is done to find out whether there are any local plans or problems associated with the property. Fee for electronic transfer covers the cost of lender to transfer the money of mortgage from the lender to the ultimate solicitor. Fee of estate agent needs to be considered. It is the charges paid by the seller to estate agent for the services rendered by him.Real Estate Appraiser is the process of valuation of property. It is also forming a part of this whole process.

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