The Inspection could reveal BIG PROBLEMS:
The Title Search could easily disclose LIENS:
You would be saving hundreds to lose thousands!
Either way, the CLOSING COSTS would be a WAG:
You might visit a Title Company and talk to the Escrow Officer; ask them to make up a "dummy" HUD1 using likely numbers. Most Title Companies will do this for you.
Good luck and may God bless
We would never close a property without the benefit of a title search.
Well, you would need to call a title company direct to get an actual quote. I recommend Nick Stutzman at Hatcher Stubbs, 706-243-6208. He can work up an estimate for you. It should run you about $800-$1000. You would definitely want a title search to make sure there are no liens on the property and you also want to make sure the property conveyed is the property you are buying. It's very important! You would have recording fees for the deed to be recorded at the courthouse as well as optional owner's title insurance (the price of that depends on the sales price of the home). A home inspection is not paid at closing, but it's an optional, out of pocket expense every homeowner should get. It's the only way to know what is exactly wrong (if anything) with the house. It's much better to pay $200-$250 up front to make sure you don't have foundation, drainage, etc. problems in a home. You should be able to address this during your due diligence period.
Please feel free to call me with any questions. 706-905-6425
I can understand your deciding not to use some services, especially if there is no financing involved. But it can be very risky to purchase any property wihout a title search. That $500 in attorney's fees and $250 for owner's title insurance could not only protect your interest in the property, but possibly uncover reasons not to buy the property. You may be looking up title information yourself with the online resources available. You might miss the one item that could obligate you for thousands in liens or lose you the property. I can recommend a good closing attorney to prepare your deed, perform the above services and protect your investment for less than $1000. Please seriously consider a survey also. Who is telling you the boundaries of the property? Can you be sure the seller even knows?
Patti Smisson Simkins
I would love to help your family
and friends to buy or sell a home!
Coldwell Banker Kennon Parker Duncan and Key Realtors
My Cell (706) 887-3446
Office Phone (706) 256-1000
Fax (706) 571-8875
Licensed in Georgia and Alabama
Golden Rule Agent, Outstanding Performance Award, Certified Negotiations Specialist, Accredited Buyers Representative, Customer Service Award, Million Dollar Club, Pacesetters Club,
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Hopefully you realize that you need an attorney, perhaps you should solicit an opinion from them on this plan. As far as buyer closing costs, nominal with your scenario and mainly recording fees.
Russell Harris, Realtor
Assurance Realty & Property Management Group, Inc.
Cell (706) 888-1283
Office (706) 221-1535
I presume that you're not really going to do this, but you're wondering what other closing costs there may be. There aren't any other "mandatory" closing costs, but there is prudence, as Ron Thomas, who is always correct, points out. Everybody has an escrow company handle the money-for-deed swap, because there is a risk that when you hand over the money, the deed will be invalid; or, when you record a perfectly good deed, the seller finds that the cash is counterfeit. The escrow company collects the money and deed, gets the deed recorded, then releases the cash to the seller. Very convenient, very good system, very much worth the money.
The thing about a "title search" is that clear title affects the validity of the deed. A deed truly has little value without a title company's warrant behind it. When you (or your heirs) go to sell the property, they may find that you were just holding the property for some other owner. That would be bad, and they would have zero recourse.