Home Buying in Branson>Question Details

Superglide, Home Buyer in Branson, MO

What closing cost are there in a cash purchase of a home, and how much ?

Asked by Superglide, Branson, MO Sat Jul 23, 2011

Help the community by answering this question:

Answers

2
In some areas, there's a sizeable transfer tax, typically imposed by the county or state. It's not unusual for it to be in the range of 1% of the purchase price. On a $200,000 purchase, for instance, it could be $2,000. Your Realtor will be able to tell you what the tax is where you are. Or just check with the local tax assessor.

There may also be property tax for the amount already paid by the seller. For example, let's say that property tax on the home is $2,000 a year and it's paid semiannually--January 1 and July 1. So the seller paid $1,000 on July 1. You buy the property and close on it on August 1. You'll have to repay the seller the prorated portion of the tax--for the months of August-December that he's already paid for. In this example, it'd be $834 (5/6 of $1,000).

For your own protection, you may want title insurance. And then there's the cost of the title attorney.

Hope that helps.
0 votes Thank Flag Link Sat Jul 23, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Most cash transactions should include a fee for recording the deed, Homeowner's insuance and possibly title seach fee. How much for some of these costs will depend on the purchase price. Many other costs such as survey, title insurance policy, title insurance endorseents for survey etc can be negotiated for the seller to pay.
0 votes Thank Flag Link Sat Jul 23, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer