Home Buying in Penn Hills>Question Details

berk29, Home Buyer in Penn Hills, PA

cash purchase, is it necessary that the buyer have a closing agent and is that agent required to be the same for both the buyer and the seller?

Asked by berk29, Penn Hills, PA Sat Jun 16, 2012

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Depends if you wnat title insureance or not. If you want to ensure against fraud from previous sales then yes you will need a closing agent. If you have unlimited funds to defend against title disputes would be the only reason I can think of to not pay a couple hundred dollars for a closing agent.
0 votes Thank Flag Link Sun Jun 17, 2012
The answer to your questions is "no" and "no". However, the purpose of a closing agent or title company is to protect the buyer and seller. I would not recommend buying a house without a professional title search, unless you are qualified to do one yourself and are willing to accept the consequences if the title ends up being flawed somewhere in its history. With title insurance, you are covered.

With "dual agency", both the buyer and seller use the same agent. Dual agency is not a requirement. You might wish to have an agent represent just you the buyer, instead of sharing the same agent, especially if you think there would be any conflicts of interest. If you need more information, please email your questions to: Virginia.Stump@remax.net.
0 votes Thank Flag Link Sat Jun 16, 2012
The purpose of a closing agent is to collect the deed and the money and distribute them properly. In the old days, without closing agents, the party with the gun usually went off with both the deed and the money.

Actually, what really happened more frequently is that the seller took the money and gave the buyer a deed, but when the buyer went to record the deed, they found that some other buyer had gotten there first.

Today, a closing agent's job is to verify that the terms of the purchase agreement have been fulfilled, to get the deed recorded and get the money to the seller. Usually, this is in the best interest of the buyer.

Hope this helps,
0 votes Thank Flag Link Sat Jun 16, 2012
Cash buyer or buying with mortgage do not eliminate the necessity for your own buyer representation. Please have a competent realtor in your area represent your best and undivided interest with your purchase.

Best of luck.

Maria
0 votes Thank Flag Link Sat Jun 16, 2012
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