What Are the Hidden Costs of Purchasing a Property?

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With digitalization taking the world over, the virtual world has come to be the future of everything. Starting from companies opting for work from home to legal documentation, everything is happening online. 

If you are on the lookout for a property, then you must be aware that it requires an array of documentation to be done. With e-signatures on the rise, these documentations have become all the more comfortable now. The process that would take days at a time before now only takes a matter of a few minutes. 

If you want to have a hassle-free documentation experience, you should check out CocoSign. You can get a purchase agreement at CocoSign in the blink of an eye. This online platform offers various templates for different industries.

Opting for CocoSign is one of the most comfortable and most convenient options that you can choose. Besides, this platform has been recognized by some of the most reputed brands of all time. Some of these brands include the New York Times, Forbes, CNET, Android Authority, Top Ten Reviews, etc.

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What are the hidden costs while purchasing a property?

Buying a home is a huge step. Of course, besides the total cost, there are surplus miscellaneous expenses that one needs to be aware of. At the time of buying the house too, you might not be fully aware of these expenses.

Hence, it is imperative to do your research before you opt for buying a property. Also, choosing for CocoSign online e-signature will also make your work way more accessible as you can take care of all these expenses in a matter of minutes.

Some of these expenses are as follows:

Stamp Duty

This is one of the enormous costs while buying a property. There are two kinds of stamp duty – one requires you to pay for the property transfer, and the other one expects you to pay for your mortgage registration.

It is duly to be noted that your mortgage registration depends on the price of the property you are investing in and its location.

Getting your stamp duty in place requires a lot of documentation to be done. But, with e-signatures, you can now expedite the process without worrying about wasting time.

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Renovation Costs

Buying a property is only the beginning of your expenses. A property might require a new coat of paint, or some furniture might even need restoration. Hence, it is imperative to opt for renovation right after buying a property.

Opting for a renovation means you might have to get contractors in place and get your legal processes done. With CocoSign at hand, you can now get your documentations done within a matter of minutes. You can make arrangements with contractors without worrying about the legal activities involved here.

Also Read: What You Should Consider When Selecting an E-commerce Platform

Essential building and pest inspections

This is a minimal amount, but still, it is something that you need to arrange. Termites can damage properties and get you to pay thousands of dollars to get all your structural damage into place. 

As clichéd as it may sound, but protection is any day a better option than cure.

Hence, it is imperative to get your property inspected and pay for the cost. However, even this will require you to get a contractor or a subscription done in which case, opting for e-signatures is the best way to get it done.

Real Estate Agent Commission

You might not have to pay any additional amount during the transaction, but, in case you are buying a property through a real estate agent, you will have to pay a commission. A commission is usually a percentage of the total sale price that you will need to shell out.

Even if you are on the lookout for an agent, you will need proper documentation from their company. With CocoSign e-signature services, you can now get these procedures done just as quickly.

Lender Mortgage Insurance

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You can always save up twenty percent of the price for a deposit and avoid the lender mortgage insurance. In any other case, you will be liable to pay the lenders mortgage insurance. 

In such a case, you should also consider paying for mortgage protection insurance. This will cover the repayments in case you are sick or are not being able to work. You can even get your furniture and valuables insured in case you are on the move.

Insurances require an array of legal documentation to be done. With CocoSign, you will be able to carry these out in the blink of an eye.

Conclusion

Buying a property is no child’s play. There are an array of factors to be considered while buying one. And more than that, you are required to make several payments in several places simultaneously.

Making several transactions means an array of legal activities. By opting for CocoSign, you will be able to make your real estate transactions smooth and hassle-free.

Besides, CocoSign also offers eighty templates suitable for various forms of legal activities in different industries that are absolutely free of cost!

Be a part of CocoSign today and experience seamless online legal documentation.