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Buying Real Estate in Baltimore Maryland - The Questions that People Ask. |
Q. When buying real estate in Baltimore, Maryland, do I need an attorney?
A. No. The Maryland contract form is prepared by your agent. It was written and approved by attorneys.
Q. Will I require an attorney to settle or close the sale?
A. No. Maryland permits "title companies" to conduct real estate settlements. This saves buyers and sellers money at closing.
Q. In Baltimore, MD, are there new homes that are already completed that I can purchase?
A. Yes. Some builders construct "spec" homes in Maryland to have homes ready for new buyers.
Q. What is the advantage of having a home built from the beginning?
A. You have control over the colors of counter tops, cabinet selection, flooring, etc. and can customize your house to your lifestyle.
Q. If I buy a town home, will I have to have a Homeowner Association?
A. In most communities in Maryland, expect to have a Homeowner Association for any home, town home or condominium that has common areas. Maryland requires maintenance for multiple home communities to pay for certain services, i.e. grounds maintenance of common areas, tot lots, snow removal, etc.
Q. Will I know about the Homeowner Association before making my purchase?
A. Yes. Maryland requires that buyers be provided a copy of the Homeowner Association Documents prior to settlement. The buyer has 5 days to rescind the contract if they object to any of the disclosure in the documents. The buyer's earnest money will be refunded.
Q. Is it a good idea to have a home inspection for a resale home in Maryland?
A. Yes. Only a home inspection by an experienced home inspector will discover defects that a home buyer cannot see when looking at homes to buy. Home inspections give the home buyer information about the condition and expected costs of maintenance or future repairs.
Q. How much does a home inspection cost?
A. Based on the market value of homes, the home inspection will cost approx. 0.00085% of the sales price. On average home inspections range between 200 and 300 dollars. Properties with acreage will be higher than town homes, single family homes, or condominium homes on small lots. It is expected that the buyer will pay for the home inspection at the time of the inspection.
Q. How much are closing costs in Baltimore, Maryland?
A. Closing costs vary from county to county. Maryland closing costs are higher than many states because the state and some counties use the transfer of title as a source of revenue. Estimate approximately 3-4.5% of the purchase price for closing costs plus down payment. Your agent should provide you with a Buyer's Closing Cost Estimate when your contract is written. Your lender will provide a Good Faith Estimate when you make loan application.
About AuthorMarti Kougel is a writer and real estate professional in the Baltimore MD Real Estate market.
Source: ArticleTrader.com
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