The 5 most frequently asked Questions by Center City Condo Buyers
1) Is transfer tax split between buyer and seller?
Yes….and that fact is embedded into the agreement of sale. You pay 2% of the sale price, and so does the seller.
2) Can I move my stuff in prior to settlement?
Uh, no. The day you give the seller your money, it is all yours. Until then, you may not occupy or make alterations to your new Philly condo!
3) Why do I have to pay 2 months condo fees to the association?
It is called a capital contribution. Helps pad the condo association against future assessments. Almost all condos has everyone pay this when buying.
4) Do I get my 2 months capital contribution back when I sell?
Uh, no, shut up.
5) Why do I need to buy title insurance?
Because certain debt transfers with title. You buy, you may inherit someone else’s debt. Title insurance gives you a clean, debt-free title. (Abridged answer!)
You will certainly have more questions when purchasing a new Rittenhouse Square condo, or say Old City loft. Trust me. 🙂 And that is why I am here.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
