|
I've never heard of the buyer paying for agent (not saying that doesn't happen), but typically the seller will pay their agent's fees as well as your agents fees.
Percentages vary, but what will usually happen is the seller will sign an agreement that they will pay a fixed rate commission (lets say 6% for sake of argument) and then they'll split that percentage between the listing agent and the buyers agent. Sometimes it's 50/50 sometimes it's 60/40, etc.
If you are getting into a larger (newer) development like a high-rise, etc. where there is lots of inventory then you might be able to get by with ONLY a real estate attorney, but again since it shouldn't cost you anything to hire a licensed broker you might as well get one to help you out.
I know here in Chicago there are buildings that basically have 100% dedicated agents who essentially guide people through buying units ONLY in those buildings. The developers spin it as it allows you (as the buyer) to get the "best deal" and in a way it should help your bottom line, but in the end it's just a way for the builder to make a bit more money... they'll agree to a 4% sales fee rather than a typical 6-7% fee, etc.
Condos will typically be just like a house when you take possession. No furniture, sometimes no appliances, etc. All of that will be divulged when you are checking places out + looking at MLS listings, etc.
BTM also makes a good point about parking. Sometimes it's included... sometimes it's not. Here in downtown Chicago you will typically take out a separate loan for a parking spot since it's essentially an "owned piece of real estate". Not sure where you are looking and what the parking situation is, but make sure you ask the questions...
Association fees are crappy... but you really can't do much to get around them. Sometimes they are worth it and sometimes they just aren't. But some new buildings will have pools/gyms, etc. that make it easier to swallow since you'll be able to cancel your gym memberships, etc.
One other thing that you need to check on is transfer taxes. Most cities either (1) don't have them or (2) they are paid by the seller. Unfortunately for me here in Chicago, they are paid for by the buyer @ $7.50 per thousand. So that adds up to 3-4k of additional expenses that wasn't planned on when we bought our place.
Again, you really should talk to a bank/agent sooner than later in this process. They will take you through step by step and let you know what to expect for all of your closing costs, etc.
|