Owners who live in a home with an HOA are generally required to be members and pay fees to fund operations. Money from HOA fees goes toward a wide variety of uses. Most often, these cover the upkeep of common areas and amenities, common area insurance, and other shared costs for the co...
You need to officially call it a purchase agreement. Don’t use “legal-sounding” words to make the purchase seem more official. Use plain language whenever possible. Define ambiguous terms. When in doubt, include the information. It’s always better to overspecify than underspecify. ...
You will pay closing costs and escrow items at the closing. These fees include property taxes, HOA fees if they apply and utility bills. You will likely need a certified check or cashier’s check for this transaction, or you may be able to wire funds directly from your bank. Personal che...
Who will pay the mortgage, HOA fees, property tax assessments, utilities, maintenance, and other home expenses? If the parties become separated, what will be done with the home? Can one party buy out the other, or will you mutually agree to sell it? If the home is sold, how will the...
Apply for down payment assistance: Particularly if you’re a first-time homebuyer, explore down payment assistance and grants that can help you cover closing costs. Use a no-closing-cost loan: Look into a no-closing-cost mortgage — but don’t let the name fool you. You’ll still “pa...
And smart financial planning isn’t a set-it-and-forget-it deal; you should be looking at the year’s budget periodically throughout the year. “You should be looking and budgeting all year long,” says Sackstein. “Keep information as you go, and adjust as needed. If it’s August and...
First, find out what fees would apply to you. Don't rely on estimates from real estate websites. Instead, get an exact number from your agent. HOA fees often have a tiered structure, with higher or lower assessments depending on the property size or level of improvement. ...
Copays: On top of deductibles, many plans also have copays, which are flat fees you pay when you visit a doctor or fill a prescription at a pharmacy. Your copays may or may not count toward your deductible, depending on the plan. Premiums: The amount you pay for health insurance each...
HOA fees also often contribute to the association’s reserve fund which is set aside for major renovation projects or emergency use. In addition to regular fees, HOAs can also impose special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs on co...
Real estate commissions represent one of the highest costs at a typical closing. Buyers don’t pay this fee, sellers do. Historically, the commission has been 5% to 6% of the home’s purchase price, split evenly between the seller's agent and the buyer's agent.However, legislation in 2024...