The complexity and scale of luxury homes raise the stakes. Experts such as tax and financial planners, bankers and attorneys should be consulted up front and often these professionals will take a direct involvement in the transaction.

A few reminders

• Never skip the inspection process. From the potentially hazardous to the structural, you always want to know what it is you are buying. Make sure inspections and repairs are made in a timely manner.

• While not required in every state or buying circumstance, a good local real estate attorney can save you a lot of headaches. In Manhattan, for example, real estate brokers can't write purchase agreements so buyer and seller are required to have attorneys.

• Be prepared for closing costs. Who pays for what varies by the customs of the given market. "It's the Realtor's job to tell the buyer what they need to cover, expenses at closing like transfer tax, attorney's fees, title insurance, etc.," Suvarnamani says.

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