Many families and single people have been able to fulfill their wish for their own four walls in recent years and realize a real estate purchase. Buying a house is always associated with costs that the buyer or prospective buyer should know as precisely as possible in advance. In addition to the purchase price, for example, ancillary purchase costs are incurred, which includes costs for the notary, the land register entry or brokerage fees for the brokerage of the property. There are a few things to keep in mind when buying a property, whether it’s purchasing a home or a home. In case of properties in Los Cabos, you will have the perfect deals in https://caborealestateservices.com/ Top 10 Hidden Gems in Los Cabos
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What costs are incurred when buying a property?
When buying a property, there is always the main cost factor, namely the respective purchase price of the property. This is negotiated between buyer and seller and can be completely different depending on the object. There are various factors that can affect the purchase price of a property, such as:
- Condition of the property
- Method of construction
Degree of modernization
In addition to these factors, the relationship between supply and demand also plays a major role in the purchase price. In addition to the purchase price, there are other cost factors that should be considered in connection with the purchase of the real estate. These include, in particular, the so-called purchase costs, which are always incurred when you buy real estate. These additional purchase costs, which may arise or accrue both when buying a house and when buying an apartment, including in particular:
- Notary and land register costs (about 2% of the purchase price)
- Property transfer tax (3.5 to 6.5% depending on the federal state)
- Brokerage fees (usually about 3 to 6% plus VAT)
These additional costs can amount to altogether between 10 to 20 percent of the purchase price. So, for example, if you buy real estate at a price of 200,000 dollars, you can expect additional purchase costs of between 20,000 and 40,000 dollars on average.
What documents do I need when buying a property?
There are some rules that must be observed in connection with the purchase of the real estate. Thus, a real estate purchase can only become final if the corresponding purchase contract was notarized. This means that the notary not only confirms that the signatures of the buyer and seller are in order, as would be the case with a notarized authentication. In addition, it must be ensured that both parties understood and approved the content of the purchase contract, which is documented by the notary in the form of the notarization. In addition to the notarized deed of sale, no further documents are mandatory for the purchase of the real estate. However, the prospective buyer, of course, wants to obtain more information about the object by means of some documents, among other things, to better assess whether the estimated purchase price is realistic.