Home Buying in Covington>Question Details

moennichca, Home Buyer in Covington, LA

What is the normal practice when buying a property with cash in Louisana who pays the closing fees buyer or seller. Private sale no realtor involved.

Asked by moennichca, Covington, LA Mon Nov 11, 2013

What are the closing fees when there is no mortgage.

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Answers

4
Hi Moeninchca


i would contact local escrow company to find out from them

good luck


Omar Khamisa
Mortgage Loan Manager
Omar@MSJMortgage.com
NMLS#: 369325
Cell: 510-648-5535
0 votes Thank Flag Link Mon Nov 11, 2013
There are closing costs for both buyer and seller. Whether or not a realtor is involved, if closing costs are to be covered by the other party that must be addressed in the contract.

As a cash buyer, you can expect an attorney/notary fee for conducting the title search ($500 appx) and title insurance (based on sales price) should you chose to purchase it (I strongly suggest an owners title policy). If there is to be an appraisal, that is generally the Buyer's cost unless otherwise specified in the contract.

Real estate property taxes are prorated. Since St Tammany taxes are paid in arrears, if you close on Dec 1 the seller credits the buyer for 11 months of taxes. Then when the tax bill arrives in Dec, the buyer is responsible for the full tax bill.
0 votes Thank Flag Link Mon Nov 11, 2013
There are usually closing costs associated with both sides of a deal. In Louisiana, closing fees for a cash buyer are minimal. The largest expense is the title insurance. You can certainly negotiate that the seller pays some closing costs, but you'd probably be better off keeping your closing cost out of the negotiations and try to get the best deal.
0 votes Thank Flag Link Mon Nov 11, 2013
Sometimes it depends upon the company that handles the closing. Frequently the closing agent will charge both sides some fees, sometimes it's all one sided. Bottom line though, who pays closing fees is negotiable between the parties involved.
0 votes Thank Flag Link Mon Nov 11, 2013
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