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What are “hidden costs” when buying a home?

April 26, 2017Buying A Home hidden costs

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What are “hidden costs” when buying a home?

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When purchasing a home there are a number of “hidden costs” a buyer should be aware of. First, in addition to the purchase price of the home, a buyer must pay a 1% transfer tax on all homes purchased in Pennsylvania. Second, a buyer needs a title search, title insurance and a home inspection. The mortgage lender may also get a fee. When purchasing a home in Pennsylvania a REALTOR is required to provide you with an “Estimated Closing Statement” so you have a clear understanding of all hidden costs.