what are the costs of property when buying a condo?

Buyingfirstt...
Home Buyer
60657

What are and how much are the regular fees of buying a condo? I know there are title, attorney, stamps, underwriting, appraisal, credit, bank fees?? How much of that is due at closing or when?

Answers (3)
Best answer: Philip Sencer
First to answer: Patrick Thies
Ron
Builder/Developer
Chicago, IL

It really depends, but one that you should always do before you buy anything is check the title! I can't tell you all the horror stories I have heard about people who though that they were going to buy a home or condo, and come to find out, their are hidden liens, and encumbrances on the title. A quick question, how is your contract filled out. Does it say that you will pay all closing costs, or at the closing costs prorated?

Wed Oct 14 2009, 07:56
Philip Sencer
Broker
Chicago, IL
BEST ANSWER

It is all due at the closing and Patrick is correct that your lender can give you a pretty good estimate of most of them on the Good Faith Estimate all lenders are required to give you. A few of the costs are not reflected on the Estimate like attorney and there are credits for taxes, based on the closing date, to be factored in also.
My web site has some lender references if you need them.

philip

Mon Oct 12 2009, 14:06
Patrick Thies
Agent
Elmhurst, IL
FIRST ANSWER

You pretty much covered all the costs. Unless you are paying cash, you will have to talk to a lender. The lender will provide you with a good faith estimate that will spell out all the costs involved.

Sat Oct 10 2009, 13:54

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