When negotiating an international deal for a real-estate property, such as an apartment or a house in a foreign country, the question of financing and payment terms are crucial for the completion of the deal. After walking through numerous real estate agent offices, meeting a lot of real estate brokers, viewing the properties and settling on a final decision, making sure that the asset seller has full title to the property, that his (or his company) has a solid reputation, that no legal restrictions or tax penalties may expose the buyer to unexpected risks – it’s time to think about moving the deal to its final stage by moving your hard-earned money to the desired global location, where the property current owner is located.
Every real estate closing agent knows that personal bank checks cannot be trusted anymore. That is why the closing agents insist on receiving actual funds in their account, before they can close the entire transaction and pay all the parties involved. Some states require wire transfer arrangements in order to secure the operation. Whether you are using a buyer’s broker who is sharing the commission with the listing broker, who is representing the seller, or you are doing all the hard work yourself, you don’t wish to pay yet-another high commission to the banks. Real estate buyers will always have a clear interest in minimizing the banking transfer fees, by all means possible.
Cutting Closing Costs
Many property buyers around the world are already taking advantage of Covercy’s cutting edge technology to save considerable amounts of money on their bank transfer fees and always lowering their currency exchange rates. Every global real estate deal has its unique foreign currency risks, different national and local tax requirements and specific estate laws. Since real estate transactions involve substantial sums, Covercy enables you to significantly cut your transfer costs to a fraction of what you’ll pay your city bank.
Closing costs are the sums of money a real estate has to pay in order to successfully complete the purchase. Typical closing costs are:
- Your attorney fee
- Flip tax
- Property tax
- Recording fee
- Appraisal fee
After paying handsomely all these fine professionals, clerks and officials, real estate attorneys and appraisers, perhaps the last thing you wish to do is share some more of your cash with a banker.
It makes perfect sense that after learning to understand complex real estate terms such as abstract of title, bridge loan and capitalization rate, every real estate buyer will want to make the actual funds transfer through a highly trustworthy service. Banks have been around since the year 1397, so many home buyers still rely on the good-old banking system to handle this operation, more out of habit than on purely rational decision-making. So it’s time to reboot the system and discover the hidden costs of real estate financing.
Removing Hidden Fees from Real Estate Deals
While we have all grown to trust the bank closest to our own house, new digital services like Covercy can prove each day that brick-and-mortar banks cannot offer the lowest fees, and will sometimes hide or mask their transaction fees, by giving you unjustifiably high exchange rates. End result: the property buyer gives away hundreds, sometimes even thousands of dollars, Euros, Pounds (or whatever your local currency is) to his trusted bank, for no reason.
So if you’ve found a great real estate investment in Berlin, or the dream vacation house in the Caribbeans; If you’ve decided to buy that perfect holiday retreat in France, or a promising building in fast-rising city – always think about the extra funds you might lose by choosing the traditional way of transferring money internationally.
If you are in the final stages of a real estate deal overseas, consider saving money on your next, and very important, wire transfer. Test Covercy out, compare the bottom-line fees & low exchange rates with the terms proposed by your street bank.