Home Buying in Ellenville>Question Details

Helen_prada, Home Buyer in Ellenville, NY

if its a all cash deal do you still pay closing costs

Asked by Helen_prada, Ellenville, NY Tue Sep 20, 2011

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On all cash deal on a Condo from owner do I as the buyer need title insurance
0 votes Thank Flag Link Mon Mar 14, 2016
Hi, Yes but there won't be any of the bank fees included so they will be considerabley less. The bank fees and title insurance are typically the bulk of your closing costs.

Chris
0 votes Thank Flag Link Wed Sep 21, 2011
Helen
You will be paying a recording fee for the transfer of the deed to your name. I would suggest you get title insurance to make sure you will really own the house. Included in title is municipal searches (to make sure the house was legally built and have not added anything without proper approvals) and survey (so you know what is the land you are buying). You also need to pay your lawyer.
Before closing you should have paid a home inspector (so you know what you are getting) and an appraiser (to make sure you are not overpaying). I also recommend homeowners' insurance.
At closing you will pay back the seller prepaid real estate taxes and things like oil (if oil heated).
0 votes Thank Flag Link Wed Sep 21, 2011
This depends on what you and the seller agreed to. Everything is negotiable.
0 votes Thank Flag Link Wed Sep 21, 2011
Yes, you will still have closing costs, you just won't be paying lender fees. Usually you will see fees such as title insurance (if you opt for it, which in my opinion you should), attorney's fees, transfer fees, recording fees etc. These will differ based on your states local and common law as well as jurisdiction possibly.

Contact a title agency/attorney to receive an estimate.
0 votes Thank Flag Link Wed Sep 21, 2011
Yes! You will not have to pay the bank related expenses but you will still have to pay the Title related expenses. These are recording fees, attorney fees, title insurance, title search fees & a couple of others. These costs are small though compared to the bank fees you would pay if you on a mortgage.
0 votes Thank Flag Link Tue Sep 20, 2011
Helen,

When it comes to closing costs, there are two separate categories, financing and title transfer. Typically, in a financed transaction, you have closing costs related to the loan origination, pre-paid financing fees, appraisals, and document recording fees. If you purchase a home with all cash, you can avoid this category of closing costs. However, the closing costs related to title transfer will still apply, as it does for every transaction. Those include the items that Dominic has already listed.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Sep 20, 2011
In terms of closing costs, home warranty is not a closing cost and not required.
Property tax is part of home ownership and not a specific closing cost
We do not typically have escrow fees in NY, but check with your attorney.

As a cash buyer, you will be saving yourself a huge chunk of money that you would have paid in conjunction with getting a mortgage.
Web Reference: http://gailgladstone.com
0 votes Thank Flag Link Tue Sep 20, 2011
Helen,

Yes there will be closing costs associated with an "All Cash Deal"

Some of these costs are as followed:
1)Escrow Fees
2) Title Fees
3) Home Warranty
4) Recording Fees
5) Pro Rated Property Tax

Discuss this further with your Agent as he or she will have all of these answers for you.

I hope this helps!

DOMINIC PIETRANGELO
KELLER WILLIAMS HOLLYWOOD HILLS
323.497.2596
dominic@kw.com
http://www.theurbanhomesgroup.com
dre#01860025
0 votes Thank Flag Link Tue Sep 20, 2011
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