It is strongly recommended that buyers and sellers obtain their own attorneys to review contracts and perform closing requirements. Attorney representation has proven critical to successful closings in many many cases!

• Attorney Fees
• Preparation of Deed - Seller's Attorney
• Transfer Tax (if not exempt) - Usually 2% for sales up to $350,000; 2.5% for sales $350,001-$1M, 3% for sales $1M-5M; 3.5% for sales over $5M
• Public Surveyor's Attest - Needed to record the deed (not required for condos). $20 per lot < 1 acre; $25 per lot for lot size 1-2 acres.
• Termite Inspection (if required by contract) - Usually $125.
• Tax Clearance Letter - $25. Seller must obtain a release statement that no taxes are due otherwise seller is required to pay any back taxes, penalties and interest before property can be transferred.
• Sales Commission - Usually established in the Listing Agreement.

• Attorney Fees
• Earnest Money Deposit - Varies depending on the terms of the purchase agreement; usually 10% of the purchase price.
• Home Inspection - Varies. Not required in the VI but recommended.
• Recording Fees for Deed and Mortgage - $15 for the first $3,000; $1 for each additional $1,000; plus $1 per page.
• Recording of Deed and Mortgage - Buyer's attorney delivers documents to Records of Deeds and obtains recordation. Buyer pays legal fees. If financing, lender's attorney may obtain recordation.
• Financing Costs - Varies by lender; may include loan origination fees, points, mortgage insurance, lender's attorney fees, lender's title policy, etc.
• Homeowner's Insurance - This may be dictated by the lender and varies greatly, depending on the property and whether windstorm, flood, etc is required. Condominiums may carry their own insurance but this also varies widely.
• Surveys and Appraisals (if desired or required by lender) - Varies.
• Title Exam/Search - Varies - Usually $125.
• Title Insurance - Policy premium cost depends on sales price but usually in the following range:
  • $50,000 - $362.
  • $100,000 - $587.
  • $300,000 - $1,420.50
  • $600,000 - $2,452.50
  • $1,000,000 - $3,602.
  • Mortage Policy - $75.

• Interview and select LENDER - Unless you are planning on paying cash, the first step you should take in buying a property is researching financing and selecting a lender. There are many mortgage packages available but this is a highly dynamic arena and rates and packages change all the time. It is critical to do your homework, establish a contact, and understand your options.

Special note: Be careful about adding new debt - such as buying a car or making a large credit card purchase. This can have a major impact on your financial profile and potentially disqualify you for loan approval! Check with your lender first!

• Establish a budget - Understand 1) how much you are qualified to borrow, including terms and conditions, 2) what the closing costs are - including homeowner's insurance, cost of a survey, etc., AND 3) how much cash you will need to complete the transaction.
• Select a realtor - this is not a requirement but is highly recommended!. Many properties are listed for sale by owner and many listing agents can be contacted directly. However, working with an agent is generally at no cost to the buyer - the seller usually pays all commissions - and realtors can prove to be great resources, in finding properties and navigating the often challenging and complex process of purchasing. Take advantage of the experience, market knowledge, and professional expertise that realtors can happily provide!
• Identify location, needs, and time frame - Where, what, when. Picking a location for your home may be secondary to finding a home that meets your needs, but most people start with deciding where they would like to be and then focus on finding either land to build or house to buy in that area. If the location is secondary, then analysing what type of house you would like to find comes first.... size, number of bedrooms and baths, features such as pool or view, level versus multiple stories or steps, condition of property - new, renovated, fixer-upper, are a few of the considerations to think about. However, more often than not, buyers will choose houses without going through all the logic - they pick houses that feel right AND meet their needs and often compromise a bit along the way - maybe a garage, corner lot, new kitchen become less important when a house has a great view, price, curb appeal.

Time frame is also a consideration. It may take time to sell an existing home. It may depend on relocation schedule. It may depend on children's school schedule. It may depend on season preference. It is helpful to identify whether you want to move in 3 months, 6 months, 1 year, etc.

• Making an offer - Once you find the property you would like to purchase, your realtor or attorney can assist in preparing an offer to purchase. Terms of the contract will include price, deposit, down payment, financing, closing date, inspection (optional) and any other additional conditions that may be appropriate. Once the offer is accepted, then the buyer contacts an attorney (if not already working with the attorney) and applies for necessary financing.

• Select a realtor - The first step in considering whether to sell a property is selecting a realtor who can give you good information on the market, recommendations for improving the salability of your property, assist with providing market exposure through advertising and informing other brokers.
• Prepare your property for sale -To maximize the successful sale of your property (successful being at the price and in the timeframe that you wish), there are improvements that can be made that will make a difference! In the case of land, establishing the boundary lines and clearing the land is a major boost to the accomplishing a sale. In the case of a house, decluttering, painting, and improving the landscaping are three things that will greatly enhance the appeal of the house. Your realtor should be able to make some objective suggestions.
• Set a realistic price - Study the market carefully and look at comparables before deciding on the asking price. An unrealistically high price discourages buyers from making even a lower offer.
• Keep it clean and tidy - Doing a major cleaning of windows, floors, kitchen sink, garage, etc prior to the listing period and then keeping it as clean and tidy as possible during the listing period is the best way to maximize your home's appeal.
• Make sure your taxes are paid and your property title is clean. Taxes and liens can derail a smooth closing.