Here's the short list: loan fees, real estate agent buyer/seller fees, lawyer fees, inspection fees, appraisal fees, conveyance fees, mansion taxes of 1% in certain states and much more.
If a buyer is gazumped they can lose the money they had already committed to conveyancing fees or paid to a lawyer.
Until recently, neither woman had ever attended a town budget meeting, nor understood the importance of conveyance revenue, a fee collected when a home sells.
This includes the conveyance lawyer's fees and the transfer duty.
A flat real estate market is bad news for cities that rely on related revenue sources, like conveyance taxes and permit fees, to supplement their operating budgets.
But when they learned that the decline in revenues from the conveyance taxes, building permit fees and interest income would total $8 million to $10 million this year, town officials decided to take more drastic measures.
"Stamp duty, estate agent fees, conveyancing and inevitable improvements to a new home all mean that punching up into the attic or digging down to create more space is now a viable alternative for those who are moving just to get more space," he said.
With 42% of people stating that they believe these options could be better utilized for payments such as estate agent fees, conveyancing costs or added expenses for mortgage advisory services.
For the current fiscal year ending June 30, Stamford budgeted $4.5 million for conveyance taxes and $11 million for permit fees.
Revenue from interest income, real estate conveyance taxes, building permits and clerk recording fees is $2 million short, and he predicted that figure would stretch to $3.2 million next year.
