When it comes to buying real estate in Baltimore County, there are a variety of fees associated with the process.
Title fees
cover the costs of searching for and transferring titles, and both buyers and sellers pay different closing costs to finalize a sale. In Maryland, sellers typically pay title fees, transfer taxes, homeowner's title insurance costs, and registration fees at closing. The closing is what happens when a house is sold and the owner is changed.Closing costs can vary from one home sale to the next, as the terms of sales contracts may differ. Generally speaking, buyers can expect to pay between 3-6% of the sale price in closing fees, while sellers can expect to pay 8-10%. The most common closing costs include escrow fees (paid by the purchaser) and real estate transfer taxes and realtor fees (paid by the seller). It's important to work with an experienced local real estate agent who can help you set realistic expectations about the total cost of buying a home.
You may need to get a property appraisal for your historic home in Baltimore, or you may want to hire a real estate lawyer to guide you through the sale of your house on the Eastern Shore beach. A closing lawyer will handle all the final closing documentation, distribute the funds to the seller and realtors, and perform other tasks.
Saving Money on Closing Costs
Fortunately, sellers can save thousands of dollars if they use an agent matching service with low fees, such as Clever Real Estate. This fee reimburses the real estate company for all administrative expenses related to the purchase of your home. The Maryland Mortgage Program manages the state program and you can find local programs in counties such as Howard, Montgomery and Baltimore.Be sure to check with your real estate agent to find out exactly what you'll have to pay in property taxes. Real estate transactions are costly for both parties, so keep this in mind when deciding if you're going to ask the seller to help you cover some of your closing costs. To find out how much you will owe in transfer taxes under local ordinances, ask your real estate agent.
