Many first-time home buyers are shocked and often a little confused about the range of costs and fees charged during the process.
The majority of first home buyers think that the cost they see on a property search website is the total cost that they will pay. After all, the price is right there on the screen. Unfortunately, the reality of the process is so complex and involves a range of fees which can start to break your budget.
Before you fall in love with a dream home online and later realize that the buying costs take you over your budget, Speedy Title and Escrow Services have some costs to consider which you should include in your home buying budget.
It can seem strange to involve a solicitor in the process of buying a home. However, the reality is that the home buying process is a very legal one, with many processes designed to protect both parties. Unless you are an experienced buyer, these legal processes can be confusing and result in you causing delays and potentially missing out on your dream home. From applying for grants right through to booking settlement, a solicitor is a valuable part of the home buying process. The cost charged will depend on the solicitor or conveyancer which you hire, so don’t be afraid to ask around about prices and the services which can be provided.
Despite the world of technology we live in, more often than not, the settlement process is a manual one which involves multiple parties all meeting at one place at one time to exchange forms, documents, checks, and then sign everything off. As it involves real people and time, there is a cost attached. The cost you will pay depends on a range of factors, such as the solicitor you hire and the lender you choose to enlist if you are taking on a mortgage. When speaking with potential solicitors and mortgage providers, be sure to ask about their settlement fee costs. Title insurance in Clinton Township protects buyers from financial claims being made against the ownership of their new home, whether it’s a result of missed inheritance or a forged signature decades ago on a previous transfer. To learn more about how title insurance in Clinton Township can protect your investment, speak with a friendly professional at Speedy Title and Escrow Services by calling (586) 739-2233.
Unless you are a qualified mechanic then the chances are that you wouldn’t buy a secondhand car without having a professional inspect it and check it for potential problems. The same goes for buying a house. Unless you are qualified to conduct a thorough inspection and identify current problems along with issues which could cause problems later down the track, you will need to enlist the services of a property inspector. The cost will depend on the experience of the inspector along with the type of inspection and report they will provide. As an example, many property inspectors won’t climb up on your roof and inspect for broken tiles or potential leaks, and will simply perform a visual inspection from the ground. The same goes for checking the foundations of a property. Just as you would with your car, consider the small costs of a full inspection versus the large potential costs of repairs once the financial responsibility becomes your own.
If you have been renting since you moved out of home then it can be easy to think that the garbage collection and similar maintenance services operate for free. However, there is a cost involved in their services and one which the owner pays to the council. Depending on the timing of your property purchase, you may have to either pay the council directly for services in advance of reimburse the seller for up-front costs they paid.
Despite how strange it sounds, as the process of transferring a home is a legal one, a forged signature from decades ago or somebody who missed out on inheritance from a transfer which occurred prior to your seller being sold their home can lead to a financial claim against your title. Available only prior to settlement, title insurance in Clinton Township can protect you from these issues, either by the thorough investigation into the history of a title to uncover such problems or by providing financial settlement of claims made. To learn more about the importance of title insurance in Clinton Township, speak with a title insurance expert at Speedy Title and Escrow Services by calling (586) 739-2233.