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State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price. These taxes are imposed by the municipality, not all states or local muncipalities impose a transfer tax.
The initial price that home buyer pays for a home does not include all of the costs to complete the transaction. These additional costs are expenses generally attributed to obtaining a home mortgage and the closing costs associated with that mortgage. Many buyers fail to evaluate the total sum of closing costs involved in obtaining
An offer to purchase that has been signed by both the buyer and the seller. A firm contract that outlines all details of the property transaction. The contract will reflect the buyer and seller agreeing to the terms of the sale.
A method of lowering the interest rate on a mortgage, either temporarily or for the entire term of the loan. Often points are paid up front to make up the difference between the rate actually charged on the mortgage and the rate at which the buyer pays. The points or money advanced to reduce the
The amount paid to the real estate firm by the buyer or seller for services rendered.
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