I hope everyone is enjoying the summer season.
This week I was asked a question that many a condo buyer in South Florida must consider. What are the costs involved in the purchase of my luxury home in Aventura? Obviously, this is an extremely important question and it indicates to me, a Realtor that this buyer is abreast of all that is transpiring. He/She will receive no surprises when they sit at the closing table, signs all the required documentation and walks away with the key to your new home.
I seasoned Realtor should answer all your questions.
Here is this week’s query:
Question:What are my financial obligations when purchasing a luxury home in Aventura?
A nswer:. On the day of the closing, the day you take ownership of your new home, you will incur the following expenses.I have presented below fees for both cash buyers and those borrowing money from a bank.
Recording the deed with the county
Buyer’s Attorney's’ fee if employed
- Recording the deed with Miami-Dade county. Typically this is a nominal fee and there is a cost per page.
- The bank will require an insurance policy on the title. This protects them for some reason the legal transfer of the ownership of the property has been compromised.
- If you hire an Attorney you will be required to pay for their service.
- Taxes and Recording fees on the mortgage and the accompanying mortgage. In layman’s terms, the bank requires the money they have loaned to you is recorded in the public records.
- Survey Fees if you are purchasing a single family home
- A Bank fees for securing loan.
Appraisal fees and inspection fee payments are typically payable at the time these examinations are performed.
Next week the topic on hand is fees incurred by the seller. Of course, if I can assist you with any real estate transaction I can be contacted at 786.797.9088