At the conclusion of the contract of sale, the parties agree who and what are the costs. Closing Costs of the buyer usually include: expenses for a lawyer or services of a title company, general real estate insurance, registry and court fees, and amount to about 1-2% of the cost.
Payment of broker’s services is (4-6%) usually paid by the seller. Payment of tax on the transfer of ownership (0.01-2% of the transaction amount), as a rule, lies with the seller.
Additionally, you can take out disaster insurance. Its cost is from 1% to 5% per year of the value of the object and depends on many factors (for example, is there water nearby and the threat of flooding).
Property tax in the US owners are required to pay twice a year. Typically, the deadline for payment of relevant bills is until March 1 and September 1. When the transaction is closed, the buyer pays the tax for the first time, and the next time he will need to do this at the beginning of the new tax year.
Owners in New Jersey pay the highest tax in the United States – an average of 2.19% of the value of the property per year. The average for the United States, this figure is 1.19%.
Mandatory expense item. Rates range from $ 1,000 to $ 1,500.
Notary participation in the United States is optional, as each lawyer has the right to certify documents.
If the buyer does not know English, then all documents (purchase proposal and contract) must be translated by a certified specialist. Translation cost – about $ 20 per page.
There are no government fees in the United States. To conclude a transaction, only a lawyer and a title company are required.