Montana

Montana is a beautiful place to live in, what with the presence of mountains, lakes, rivers, forests and wildlife. Many people, especially retirees, are lured to this place because of its low population despite its vast areas of land and natural setting. The state derived its name from the Spanish word Montana which means mountain or mountainous.

In Montana, there is a wide range of properties for sale – homes, vacation homes, farms, ranches, lakefront and riverfront properties. Real estate prices are actually reasonable given the majestic scenery in the state both during the summer and winter. Prices may vary depending on the location and size of the property as well as the amenities available. The appreciation rate for real estate in 2005 alone was pegged at 12.5 percent.

Real estate transaction

Marketing your home for sale in Montana can be done in different ways. Online marketing is the current trend which makes selling fast and convenient. Real estate experts have confirmed that many potential buyers of properties in Montana rely on websites that have property listings and many times closed the deal even without a personal visit to the property. So do check out several websites that offer free listings of homes and properties for sale or you can create your own web page for the sole purpose of selling your home. Do include pictures that show great views of your home and the location as well. Keep in mind that a picture speaks a thousand words.

Real Estate Forms Needed

Selling a home in Montana requires a real estate sales agreement. If you are selling by yourself, the agreement can be done by a lawyer and the earnest money can then be deposited to the trust account of the lawyer. Once finalized by the buyer and seller, the title company gets the agreement and comes up with a title insurance. After getting the money at closing, the title company takes charge in recording the new owner of the property with the county. The new deed is usually written by an attorney of the title company. In other cases, the buyer can get his own attorney for the transaction.

Fees required

The closing fee usually charged by the title company is $250. The title insurance would normally cost $900 for a property worth $250,000 and is paid by the seller. An additional fee of about $50 is charged to the buyer if there is a loan and the lender needs a lender’s policy. The cost of making a deed is about $50 while the fee for recording the title is $6 for each page. A cash transaction would normally involve just one page but if there is a loan, it could run to around 15 pages for the loan alone.

Property taxes

Taxes for residential properties in Montana are computed in quite a different manner. The state’s Department of Revenue taxes only 16.66 percent of the reappraised increase from the prior year. If the property is covered by the homestead exemption, only 69 percent of the appraised value will be levied. In the end, the taxable value is pegged at 3.4 percent of the appraised value and the tax rate is .425. In addition, if your annual income is lower than $17,670 for single individuals or $23,560 for married people, you can apply for an exemption. All government forms can be downloaded from the website of the Montana Department of Revenue.