What are the common costs associated with purchasing or selling a property that I should be aware of as a buyer/seller?

As a lawyer, I can advise you on the common costs associated with purchasing or selling a property that you should be aware of as a buyer or seller. These costs may differ depending on the jurisdiction or state you are in, but the following are some of the most common ones:

1. Real Estate Commissions: If you are selling a property, you may have to pay a real estate commission to your real estate agent. The commission is usually a percentage of the final sale price of the property and can vary depending on the agency and location.
2. Closing Costs: Closing costs are the fees associated with finalizing the sale or purchase of a property. These can include fees for legal representation, title search, title insurance, recording fees, and transfer taxes. Closing costs can vary, but typically range from 2% to 5% of the purchase price.
3. Appraisal and Inspection Fees: Before purchasing a property, a buyer may need to obtain an appraisal to determine the property’s value or hire a home inspector to evaluate the condition of the property. These services usually come with a fee that varies by location and the size of the property.
4. Property Taxes and Other Assessments: As a buyer, you may be responsible for paying prorated property taxes, HOA fees, or any other assessments that the seller has already paid until the end of the tax year.
5. Repairs and Renovations: If you are selling a property, there may be repairs or renovations that need to be addressed before the property can be listed for sale. As a buyer, you may also incur costs for repairs or renovations to the property after the purchase.

It's important to note that these costs are not exhaustive and that additional costs may apply depending on the specific circumstances of the sale or purchase. To ensure that you have an accurate understanding of these costs, it is recommended that you consult with a real estate attorney or a licensed real estate agent who can provide you with more detailed information and insight into the transaction.

In summary, buyers and sellers should be aware of the various costs of purchasing or selling a property, including real estate commissions, closing costs, appraisal and inspection fees, property taxes, and repairs or renovations. It's crucial to consult with professionals to get a better understanding of how these fees may apply to your specific situation.