Robin, Other/Just Looking in 92646

What percentage would the closing costs be on a cash purchase home in California?

Asked by Robin, 92646 Sun Nov 20, 2011

The home is $70000...what would the closing costs include?

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1 vote Thank Flag Link Sun Nov 20, 2011
The amount of closing costs would depend on how the costs are allocated between the buyer and seller. If you're purchasing with all cash and have fully allocated all the escrow fees, title insurance, and transfer taxes to the seller, then you're looking at just paying for your prorated property taxes and some recording fees. If you close within the next month, then you should be looking at about $1K for closing costs, since we're almost at the end of the year.
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1 vote Thank Flag Link Sun Nov 20, 2011
On a cash purchase pretty much the only costs will be escrow fees and title insurance. You should call a bunch of title companies and shop around...Chicago, First American, Corinthian, etc.. Get some quotes. Then if you choose to get home inspections those costs too and of course you will have to get a property insurance policy.
0 votes Thank Flag Link Tue Nov 22, 2011
Should be under $1000. I close several cash purchases every month and they rarely break $1500. Baring any outside costs.
0 votes Thank Flag Link Tue Nov 22, 2011
No set parameters. Depends on the deal.
0 votes Thank Flag Link Sun Nov 20, 2011
True, the C.C. for a CASH sale would be lower.
This could be more than offset by the Property Taxes, depending upon the month that you close:
December would be ideal, as they only collect 1 month's taxes; however, that is probably an unrealistic timeline in your case.
January flips the situation to mean 5 month's taxes.

If the Closing Costs are a "deal breaker" for you, I suggest you contact your Title Company, and have them run a dummy HUD1 to give you a better idea of what you're up against.

Good luck and may God bless
0 votes Thank Flag Link Sun Nov 20, 2011

Both Sally and Lance are dead-on with their comments. The 3% value I provided is extremely conservative and depends on the County (and possibly the city) the property is in and what your purchase contract states.

Here is the customary "who pays what" for California:

As Lance points out, if you want accuracy contact your local escrow/title company for a quote (highly advise you do this), or you can construct your own estimate here:

0 votes Thank Flag Link Sun Nov 20, 2011

On a cash deal you have significantly lower closing costs, but they depend upon what the customary split is between buyer and seller in your area. Some places split them, some have the buyer pay, some have the seller. In order to determine exact fees in your area contact a local title company.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
0 votes Thank Flag Link Sun Nov 20, 2011
There is no set percentage. I hear agents toss around the 2-3% number but usually that also includes loan fees. Since you're paying cash, your closing costs will be a lot less.

Your Realtor and/or title company closing person would be able to give you a good estimate. You'll have to pay your portion of title insurance (which varies), along with other closing & recording fees. Plus you may need to pay a portion of your taxes up front. Some states require an attorney as well, but I don't think that's common in CA.
0 votes Thank Flag Link Sun Nov 20, 2011

You can use the conservative "guesstimate" of the 3% of purchase price ($2100).

0 votes Thank Flag Link Sun Nov 20, 2011
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