Yes, you will have to have additional monies for closing. How much depends on the purchase contract you have executed with your seller and I will highly recommend that you obtain the services of a very good inspection comany. I will say that as a purchase of a condominium, if your intent is to rent, I suggest contenta & liability insurance. Furthermire, you will need to pay some monies for closing, as a settlement fee, courier fees, and a few other fees that the settlement agent may charge. These fees are not a large amount, but there are other fees involved with a closing. Charges to look for in a transaction:
1. Application Fee to obtain approval, if applicable; ($100.-$250)
2. Maintenance fees, past and current;
3. Settlement fees; if applicable ($100.00-$300.00)
4. Courier fees and Fed. Express fees; if applicable ($15.-$45.00)
5. Owner's tile insurance which a purchase of $15,000. this fee should not be greater than $100.00;
6. You should also receive a property tax credit from January 1, 2011 to day before closing. This is based on 2010 tax amount.
Hope this helps...best of luck. PS. if the intent is to rent, please make sure that you as the new purchaser are able to rent immediately. Some condos have restrictions on not able to rent for the first 12-24 months...this defeats your investment. Very important...My suggestion is alway obtain the services of a realtor in the area that you are purchasing so that your interest are protected.
Iris I. Romero
Sky~Land International Realty