Lenders order an assessment to assess the value of the house. The appraisal fee may vary depending on the location of the property, its size and the number of units involved. The typical fee range is $ 200 to $ 700, but it can go higher. “If you buy, say, a $ 6 million property, you can pay appraisers a $ 2,000 fee,” Mr Rodriguez said.
Among other things, the appraiser will evaluate the condition of the house. “If the appraiser wants to fix the problem, it’s usually the seller’s responsibility,” Mr Yecies said.
Title search and insurance
To ensure that there are no problems with home ownership, retention rights or judgments against it, a title search will be performed. Buyers could theoretically do this themselves by examining public records, but most real estate and mortgage brokers recommend hiring a professional. Title companies may charge $ 150 to $ 500 to search for titles.
Almost all creditors will require title insurance as additional protection against possible disputes after closing – this is usually paid by the buyer once. Fees can range from a few hundred dollars to several thousand dollars, depending on the condition of the purchase and the price of the property. Owner title insurance is optional, although it is also often recommended. In many states, you can shop for the best deals. The American Land Title Association, a business group, has a searchable database of home insurance companies by state Website.
A survey of the land is ordered to confirm the boundaries of the property. Costs also vary by marketplace. According to Quicken Loans, professional surveys cost an average of $ 400 to $ 700. “If there is a survey 10 years or less old, the title company may allow the use of that survey,” said Mr Yecies. “I always recommend people get a survey.” What if you have a border dispute with a neighbor over the location of a fence or who owns a tree? “
Some states require the buyer to have a real estate lawyer present in the final transaction.
The lawyer will usually check all the necessary documents and documentation and deal with any problems. Legal fees will vary widely, usually depending on the location and type of property purchased. Expect to pay either a flat fee or an hourly rate, which usually starts at around $ 150 per hour. Some law firms may offer a discount if they are hired to represent the buyer in the sale and purchase of the house.
A credit report will be ordered to determine your creditworthiness. Some creditors may cover these costs; otherwise, expect to pay between $ 30 and $ 50 per message. However, you could pay more if there are inaccuracies in the report that need to be corrected.