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Financing in Downtown Miami : Real Estate Advice

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Activity 2
Wed Jun 1, 2016
Jim asked:
I'm currently on the back end of financing with Citi and this came up with the condo questionnaire. I've looked at the court dockets for the lawsuit and it seems like the HOA is…
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Fri Feb 19, 2010
Adrian Diaz Sieckel answered:
Hi Nancy,

At the closing table don't forget documentary stamp tax at closing beside attorney, title, mortgage and other misc closing costs as outlined by Bill below. This is all spelled out in your HUD statement that you will receive just prior to closing to review the accuracy of the costs of the transaction.

Once you own it you are going to pay utilities, property tax, mortgage and association dues. When you look at your potential condo purchase review the budget and condition of property to make sure you don't get a special assessment for renovations, shortfalls (delinquencies) or other such things.

Property taxes vary from city to city as well and the concept of appraisal for taxing purposes and sale value are different so keep an eye on what is called the millage rate for your city.

If you need any other information or want to know where to look just shoot me an email or call and I'll be happy to help if you need it.

Sincerely,
Adrian
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