Home Buying in Louisville>Question Details

Matt Branch, Both Buyer and Seller in Los Angeles County, CA

Louisville,Ky purchase

Asked by Matt Branch, Los Angeles County, CA Fri Dec 24, 2010

If I am purchasing a home in Louisville,Ky with cash what would the approximate closing costs be? I mean I am not getting a loan and there is no need for an escrow account for taxes and insurance. Other than title and deed costs what else is there and how much realistically would I be in for financially? It doesn't seem to be more than a couple hundred maybe a thousand max

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That is a question for your lender. Cost may be slightly different lender to lender.

Sharon Mitchell 502-419-7176
0 votes Thank Flag Link Mon Dec 27, 2010
Your title search, recording and attorney fees will run $350-$500. Although Bonnie is correct that title insurance is not required because you are paying cash, that is also the most logical reason to purchase it. The fee is a nominal, one-time premium that will cover you for as long as you own the home against title imperfections like liens that were not found at the time of the title search or improper transfers of ownership that affect the deed. I especially recommend this on all foreclosure or estate purchases.

Good Luck and Welcome to Possibility City!

Mark Atteberry
0 votes Thank Flag Link Sun Dec 26, 2010
Closing costs are determined by sale price. You would have your title search and should purchase owners title policy. Title Insurance is not required as you are paying cash. If you were getting a loan you would have to purchase lenders coverage for the amount of your loan. In other words you pay to insure the amount of their investment. You would also be charged a settlement fee by the closing attorney if you choose to use an attorney. With all the fraud and foreclosures out there I feel title insurance is very important. As a real estate broker I do not sell title insurance however any title company could give you a quote. Hope this helps with your question. You would also have a tax proration where the seller would be responsible for the real estate taxes from January 1st to your closing date. If I could help in any way feel free to contact me brichardson@semonin.com
0 votes Thank Flag Link Sun Dec 26, 2010
Matt, first of all, much depends on the price home you are purchasing. Let's say you are purchasing a $175000 property. You will probably pay attorney's fees of approx $425. You would want full owner's title insurance to protect your interest in the property for all time. That would be around $670 or so. Then, you must record the deed: $17. Of course, you would have homeowner's insurance, too. Other incidental costs should not amount to $200. Louisville is a great place to live!--Charlene Kline, Semonin Realtors
0 votes Thank Flag Link Sat Dec 25, 2010
One other item you might factor in is the cost of owner's title insurance. It is based on the price of the property you are purchasing, but it should only run a few hundred dollars as well.

Kevin Griesser, Principal Broker
E3 Realty LLC
0 votes Thank Flag Link Sat Dec 25, 2010
Hi Matt,

Congratulations on looking at Louisville as your next home. The closing costs all depend on your lawyer for the title search and closing as well as any taxes, etc. $500 would be a good ballpark.

Good luck with your move!

Will Myers, JD, REALTOR
0 votes Thank Flag Link Sat Dec 25, 2010
Approx bet $250-$300 should cover it. There are quite a few good Real Estate attorneys in Louisville that could help you. Let me know if you need any recommendations.
0 votes Thank Flag Link Sat Dec 25, 2010
Hi Matt,
It would definitely be less than $1,000 but it also depends on the closing office because of attourney fees, transfer taxes based on the value of the property, etc. Won't be much in the grand scheme of things.

If you need a top Louisville Realtor, I'd love to help. Cheers!
Web Reference: http://www.TrePryor.com
0 votes Thank Flag Link Fri Dec 24, 2010
I would say $500 for title search and closing and another outlay if you bought title insurance. Usually $3 per thousand in Ky
0 votes Thank Flag Link Fri Dec 24, 2010
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