Canada to Arizona Real Estate Info
What fees or costs are involved in puchasing property in Arizona?
When you purchase a property in Arizona, you will incur closing costs. These include lender, title and HOA fees, as well as property tax and insurance impounds. You should estimate 2-3% of the purchase price for your total costs if you are obtaining a loan. The total may be half if you are paying cash. Lender fees include all charges to process and obtain the loan; title fees include title insurance, and all processing and recording fees, (Click here for an Example of estimated title fees) ;HOA (or condo) fees include transfer and dsclosure fees (typically $200-$500) as well as monthly fees collected for the remainder of the quarter, and possibly next quarter; property tax impounds paid can amount to 2-7 months worth of taxes depending on the time of year closed; insurance costs would include the first year's insurance policy premium ( this amount will depend on the insurance company and policy you choose).
You should also keep in mind the type of property you are purchasing and any maintenance costs involved. If you are buying a condo, typically all exterior maintenance is included in the association fee. If you are purchasing a single family home, you may have landscaping and pool (if applicable) maintenance fees to consider.
Commissions for the buyer's agent are paid for by the seller/seller's agent. So you get all the benefits of buyer representation, without the cost!!
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