Real Estate Agent Fees and Representation
Real estate agents typically charge 3% of the sale price. Often, both buyer and seller have separate agents, resulting in a total commission of 6%. It’s important to understand who pays which agent. The seller’s agent, naturally, is paid by the seller. The buyer’s agent’s fee may be covered by the seller, or in some cases, by the buyer. Both agents typically work together to show the property since the seller’s agent usually holds the key. See also: real estate transactions fees risks and title insurance
Identifying Risks in International Property Purchases
Several key risks exist when purchasing a home internationally. A crucial factor is the thoroughness of the title search conducted by the title company. An inadequate search or the omission of a municipal search could reveal outstanding debts from previous owners. Buying a property in cash presents a heightened risk. While title insurance isn’t mandatory for cash purchases, it’s strongly advised. Without it, you assume 100% of the risk. See also: international real estate a smooth secure process
Title Insurance: When is it Necessary?
Title insurance is recommended in all cases, not just those involving financing. Even with a cash purchase, it protects you against claims from previous owners or errors in documentation. While not mandatory for cash transactions, it significantly mitigates risk. For mortgage-backed purchases, title insurance is always required by the lender. For a more comprehensive guide on title insurance, see understanding and obtaining title insurance a comprehensive guide.
Disclaimer:
All the information provided in this article is for informational and reference purposes only. First Title Group is not responsible for any decisions readers may make. Each situation is unique, and we recommend seeking our advice before making important decisions regarding title insurance. Contact us via WhatsApp at +1(786) 624 9154 or send an email to info@firsttitlegroup.com.