Buying or selling a home involves a lot of things, it also raises questions. In this column ‘Ask Bob’, real estate expert/broker Bob Bartikoski of RE/MAX Paradise Homes Bonaire answers a real estate question from a reader. This time:
Question: When I look at real estate listings the listing show the listing price and then say “Buyers Cost” or “Kosten Koper” or “k.k.” What does this mean?
That’s a good question all of the above mean that the buyers pays all of the costs associated with transferring the deed into the buyers name. These costs usually add up to about 7% of the purchase price. If you purchase a house for $300,000 you will pay $300,000 for the house, plus about $21,000 in buyers costs. Although the exact amounts differ, buyers costs consist of the following items:
· Government transfer tax – this is 5% of the purchase price of the house minus the value of any furniture that you purchased
· Notaris Fees – This is the cost of the legal fees charged by the Notaris office. These services include checking the title, removing any old liens or mortgages
· Kadaster Fees – This is the fee charged by the Kadaster office to register the deed
· Property tax – When you buy a property, the cost of the property taxes and lease land fee (if any) is pro-rated between the buyer and seller based on the purchase date.
· Mortgage deed – If you get a mortgage to purchase your property there is normally an additional fee from the Notaris to make the mortgage deed.
So when you are making your budget to purchase a property don’t forget about the buyers costs.
Please email me directly if you need more information on a specific property at [email protected]. Bonaire: +599-717-7362. Call for free from the US: 1-866-611-7362. See all our listings here.