Transaction Costs of Buying or Selling a Home in Iowa
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Transcript of Transaction Costs of Buying or Selling a Home in Iowa
When you are buying or selling a home, there will be many
professionals you will need to contract or hire to help with
the process. This includes:
Assessors
Multiple Inspectors
One to Several Lawyers
Notaries
Appraisers
Realtors
And many more
Who is Involved?
Does Your Realtor Provide DifferentServices Based on the Value of Your Home?
No. Regardless of the price of your home, your realtor will:
List it on the MLS (Multiple Listing Services)
Market the home
Provide you with a yard sign and lockbox
Show the home to potential buyers
Coordinate negotiations, closing documents and contracts
Who Else is Involved in the ProcessBesides the Realtor?
Assessors: A representative of the county that
the home is located in. This person will assess
your home's value for tax purposes. The value
that the assessor places on your home will be the
value on which your property taxes are based.
Appraisers: Represents your bank or lender and
assesses the value of your home to help
determine the loan amount the bank will provide.
Who Else is Involved in the ProcessBesides the Realtor?
Who Else is Involved in the ProcessBesides the Realtor?
Attorneys: In Iowa, the attorney is typically
contracted by the bank or closer coordinating the
sale of your home. Generally, fees associated
with the attorney review and preparation of
documents are paid based on the attorney's
hourly rate and the complexity of the document.
Who Else is Involved in the ProcessBesides the Realtor?
Pest Inspectors: Will typically need to be hired to
evaluate the home before closing documents are
signed. This can vary in price depending on the
company you choose to conduct the inspection.
Who Else is Involved in the ProcessBesides the Realtor?
Home Inspectors: Will inspect the home to
assess the condition of the exterior and interior of
the home, as it relates to life and safety issues.
This inspection is important because it prepares
the buyer for what repairs need to be made.
Bank or LenderYour bank or lender will have multiple fees that
need to be paid to secure your loan. These fees
can include:
Escrow
Credit report
Underwriting fee
