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Tips 1
Tips for Handling Closing Costs
1. What are closing costs?
Closing costs, or settlement costs, are expenses usually incurred by the buyer over and above the purchase price of the property. Closing costs normally include title insurance, loan points, escrow or closing day charges, property taxes, and document fees.
Who pays the closing costs?
The buyer normally pays the closing costs in a real estate transaction, although this is negotiatiable.
How much money should I set aside for closing costs?
Closing costs typically average between two and five percent of a property's purchase price. You can get a better idea of how much you should set aside for closing costs, however, by obtaining a good-faith estimate of settlement costs from your mortgage bank.
Tips 2
Tips for Potential Landlords
Open House Saves Time
Open House is a great method for landlords to screen potential tenants. A great time-saver, the landlord also gets a feel for the relative demand in the marketplace, and to personally witness competition between the prospective tenants. If a tenant is chosen during an open house, they feel extremely fortunate to be chosen. Most of them are willing to submit their application, screening fee and deposit on the spot.
Enforce Late Charges
With new tenants be ready to enforce late charges the first time your tenant pays late. Do not set a precedent by waiving your late charge. If you do, the tenant will be indignant when you try to enforce your policy in the future.
Make copies of rent checks
If your tenant pays buy check, make a copy of the check for your records. You may need this information for future collection efforts. In the event that a judgment is awarded in your favor, the bank account can be restrained and the money can be taken from the account.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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