Home Buying in Denver>Question Details

Kch4, Home Buyer in

We have been given the option of purchasing the home we rent, going through a title company. Are closing cost different in this situation?

Asked by Kch4, Mon Apr 8, 2013

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8
Bill Pearson’s answer
At this point my suggestion is that you get a realtor or attorney to represent your interest in this property. There are many questions such as is the seller using a realtor or attorney for the contract? The title company close transaction in the state of Colorado and really shouldn't be charging different cost. You of course can check with a few. The seller needs to provide the title policy and most likely chose the title company.

I wish you much success on this transaction, and I would be happy to help in any way you might need!

Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
720-329-1470 |Bill@DenverRealtorForLife.com
5280 Magazine FIVE STAR Real Estate Professional – 2010, 2011, 2012
0 votes Thank Flag Link Tue Apr 9, 2013
yes. Most title companies will charge more when there is no agent involved since they have to do a little more work:). It's not a lot though. Congratulations on your new home then! I'll be happy to answer your questions anytime free of charge of course. YVProperties.Com - Yolanda Varela
0 votes Thank Flag Link Mon Apr 8, 2013
Use due diligence, either hire a real estate professional or attorney when entering into a contractual agreement this is a serious investment protect yourself.
0 votes Thank Flag Link Mon Apr 8, 2013
Kch4,

You may have a decent relationship with your landlord, but it is never a good idea to purchase a home without representation from a Buyer's Agent. There are too many things that you will not understand and things that can go wrong in the process. The buyer's closing costs are the same whether you use a Realtor or not. You do not pay a Buyer's Agent, the seller does. Even if you add on the cost of the commission to the price of the home it will be worth it for your peace of mind and the fact that you will be officially represented by an agent who is looking out for your best interests. Just for the record, each potential $1000.00 in additional loan amount is about $4.00 a month with the current interest rates.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Mon Apr 8, 2013
In addition to the comments listed before, it matters what State the property is in. Buyer and Seller costs vary by State as well as whether there is a lender involved and an attorney. In any case, the seller will gain the most financially.
0 votes Thank Flag Link Mon Apr 8, 2013
Closing costs should be the same but if the Title Company is preparing your paperwork, there maybe an additional fee. You should ask the Title company for a breakdown of all the fees and whether the seller or buyer are paying.
0 votes Thank Flag Link Mon Apr 8, 2013
All of your closing costs are paid to the title company and the lender, financing your loan, so these amounts will vary slightly between different title companies and lenders. Otherwise, they are the same as any other buyer purchasing with the help of a real estate agent.

Marina Bay
Cherry Creek Properties
0 votes Thank Flag Link Mon Apr 8, 2013
Depends if you are buying with a loan from the seller, a lender or paying cash. Also real estate contracts are 13 pages because there is more to the transaction than price and closing date. The title insurance rates in Colorado are pretty comparable, but who is paying for the title insurance? This is typically a seller expense and the actual closing service is often shared 50/50.
0 votes Thank Flag Link Mon Apr 8, 2013
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