9 questions to ask before buying a condo

Experienced buyers and investors already know what to look for when buying a condo, but first time home buyers might miss to look for some crucial information. Because buying a condo is different than buying a house. When buying a house you are responsible for maintenance, utilities, and more. With condo, you are responsible for interior maintenance, but someone need to take care of exterior. That "person" is Homeowners Association, known as HOA. They collect monthly fees for upkeep the common area. So we've come up to first question to ask: #1 WHAT ARE THE MONTHLY DUES AND WHAT IS INCLUDED (COVERED) Monthly dues set by HOA vary from property to property, so make sure you are aware of the am

CLOSING COSTS ITEMIZED

Customary fees associated with a real estate transaction and the party that typically pays these fees, although in real estate everything is negotiable! Transactions and customary fees vary by market trends, cash or loan buyers... SELLER'S RESPONSIBILITY Owner's Title Insurance Policy* Half of the Escrow Fee* (negotiable) Excise Tax* Real estate Brokers Commissions* Loan Balances (if any) Pro-rated Property Taxes Current Utility Balances Homeowner's Association Fees (condominiums only) Pro-rated HOA Dues & Miscellaneous HOA Fees (as above) BUYER'S RESPONSIBILITIES Lender's Title Insurance Policy* Half of the Escrow Fee* Home Inspection Recording Fees First Year Fire Insurance Premium First Y

Understanding the title insurance

Prior to the development of the title industry in the late 1800's, a homebuyer received a grantor's warranty, attorney's title opinion, or abstractor's certificate as assurance of home ownership. The buyer relied on the financial integrity of the grantor, attorney, or abstractor for protection. Today, home-buyers look primarily to the title insurance to provide this protection. Title insurance companies are regulated by state statute. They are required to post financial guarantees to ensure that any claims will be paid in a timely fashion. They also must maintain their own "title plants" which house duplicates of recorded deeds, mortgages, plats, and other pertinent county property records.

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