Australian resident working in USA - If I buy a property what other costs do I have after purchase price?

Asked by Sandra Williams, australia Wed Jun 25, 2008

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Diane Drey, Home Buyer, 10025
Wed Jun 25, 2008
Here are sample of CLOSING costs if you buy a CONDOMINIUM in New York City - but many of these apply to other residential purchases

Real Estate Escrow 6 month reserve of taxes
Title Insurance 0.005 percent of sale price this is a BIG unexpected item
Mortgage Insurance $ 732.00
Other Fees for Prime Mortgage $ 125.00
Search- Municipal $ 350.00
Search- Bankruptcy $ 90.00
Search- Patriot $ 75.00
Tax - for Mortgage 0.01925 rate in NYC
Record Deed $ 140.00
Record Mortgage $ 220.00
Power of Attorney $ 90.00

Bank Appraisal $400.00
Bank Attorney Fee $775.00
Bank Fund & review $330.00
Bank Research $ 31.00
Bank Tax Procurment $ 50.00
Bank Wire Transfer $ 35.00
Bank Misc $ 13.00
LUXURY TAX 0.01 of purchase price if over one million in New York City
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Dot Chance, Agent, Burbank, CA
Wed Jun 25, 2008
Hi, Sandra:

In addition to property taxes, you will have some closing costs when you purchase the property. You will need to pay for an appraisal, a home inspection and possibly some other inspections depending upon the property.

A good Realtor can usually negotiate some closing costs in the purchase price. Don't forget that you will need a downpayment to purchase your new home. Your lender may have some charges to add to the closing costs.

All the best to you!
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Michael Barr…, Agent, Irvine, CA
Wed Jun 25, 2008
Hi there Sandra, You will have property taxes, etc. If you are working here is USA, you may not have to go through a lot of legal paperwork. There are some forms to be filled in for Non US citizens, or non residents , more to do with IRS that anything to do with INS.
We have in house atttorney that can help with this.If you are looking to move to So Cal or Murietta area let me know. I would be happy to help.

Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
0 votes
Karen Zenner, , Schaumburg, IL
Wed Jun 25, 2008
Hi Sandra,
You will have property taxes to pay yearly and, of course, maintainance to the property. As for any non-US citizen or resident would need to consult a real estate attorney. If the Chicago area is where you are looking, I would be happy to help!
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