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The listing agent works for the seller and first and foremost represents their interests. An agent at The Real Buyer’s and an exclusive buyer’s agent represents you and looks out for your interests.
Since The Real Buyer’s Agent doesn’t take any listing and only works with buyers we are always happy to provide you with a referral to a listing agent.
There are four school districts in the tri-county area surrounding Charleston. Click to our Schools page for more information
Depending on where you are purchasing property, the price of the property, your lender’s terms, the distribution of fees charged to buyer and/or seller (which can be part of your negotiation when you put an offer on a piece of property) typical closing costs on the purchase of real estate range anywhere between 3% to 7% of the purchase price. Your lender by law must supply you with a pre-settlement “Good Faith Estimate.” (GFE) It will not necessarily give you all of the actual costs; it should give you an idea. Make sure to ask your mortgage professional which costs may not be accurate and make sure you fully understand the GFE.
Depending on where you are purchasing property, the price of the property, your lender’s terms, the distribution of fees charged to buyer and/or seller (which can be part of your negotiation when you put an offer on a piece of property) typical closing costs on the purchase of real estate range anywhere between 3% to 7% of the purchase price. Your lender by law must supply you with a pre-settlement “Good Faith Estimate.” (GFE) It will not necessarily give you all of the actual costs; it should give you an idea. Make sure to ask your mortgage professional which costs may not be accurate and make sure you fully understand the GFE.
Typical Buyers’ Fees …
A Buyer’s Agent pledges to work for the Buyer:
Loan origination fee, usually 1% of your mortgage amount
Discount point (or points), each usually 1% of your mortgage amount
Assumption fee (if you assume the seller’s old mortgage)
Title search fee
Lender’s title insurance fee
Owner’s title insurance fee (optional but advisable)
Survey fee (if applicable)
Two fees that may have been paid when you applied for the loan:
Lender’s inspection fee
Recording fees
Prepaid interest on your mortgage, covering the time between settlement and the first regular monthly payment
Prepaid mortgage insurance premium
Property tax, possible reimbursement to seller and/or payment on future taxes
Assessment, possible 1 to 3 month local improvement charge or association fee (especially applicable to condominium buyers)
Lawyers fees (if applicable)
The short answer is no, there is not an additional cost to use an exclusive buyer’s agent.
In general, takes are broken down into two brackets. Second homes and investment property are taxed at 6% and primary residents are taxed at 4%. To be eligible for the 4% rate you must qualify and be approved for the 4% Legal Residence exemption. Primary residents also receive some additional tax credits that further reduce your tax bill such as the property tax relief credit, which discounts the school operating tax from your tax bill. Additionally, if you are over 65 years of age, or certified totally and permanently disabled or blind, you may qualify for the Homestead Exemption. Up to the first $50,000 of your home’s appraised value could be totally exempt from taxes. You may research or estimate your county taxes by visiting our County Tax page.
Answer: This is such an important question that we actually published it in a chapter of the book … You may view or download Common Mistakes Smart Buyers Make here.