Home Власність Features of buying a home in Chicago

Features of buying a home in Chicago

by marusia

The whole process of acquiring real estate usually takes from one to two months. Registration of real estate in the property is carried out through a specialized agency – Title Company.

This company controls the entire transaction, checks the documents, keeps deposits and after the buyer deposits the full amount of money, hands the buyer the transfer documents property rights, as well as an insurance policy for title to real estate (title insurance). You take ownership after full payment of the property you are buying (including a mortgage loan) and all costs associated with this acquisition. This happens during the legal procedure – closing.

When purchasing real estate in Florida, the buyer pays part of the mandatory costs of registration of real estate in the property (closing cost). These costs usually amount to 2% of the total value of real estate (depending on the type of real estate, the administrative district where it is located, attracting financing, etc.). These costs include payment to various state authorities for registration of property, payment for determining the legal purity of the transaction, lawyers, insurance, etc.

The amount of real estate tax in different administrative districts may vary and is on average equal to 2% per year. In our district (Osceola County, Florida) – 1.66% The base of this tax is the so–called assessed value – a special estimated value set
by a professional appraiser on behalf of the local administration. This value may be lower than the real market value of the property (80% of the value) because this assessment is not carried out often. The tax is paid once a year (until April 1 of the following year) and the amount of tax becomes known on November 1 of each year.

In residential complexes, there are mandatory monthly expenses for the maintenance of real estate. In condominium buildings, this is maintenance fees, and in club villages – homeowners association fees. Real estate maintenance costs include, in addition to the aggregate payments for the maintenance of the residential complex, insurance, payments for the use of services: parking, swimming pool, security, landscaping, etc. The cost of housing is calculated by the square footage of the living area. The price usually includes: fully equipped kitchen (furniture, built-in appliances); bathrooms and toilets equipped with plumbing fixtures and accessories from leading manufacturers; air conditioning and heating systems; balcony, veranda or terrace; garage or parking for 1-2 cars.

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