Home Buying in Chicago>Question Details

Damilola, Home Buyer in Chicago, IL

what documents do i need when paying cash for a house?

Asked by Damilola, Chicago, IL Fri Sep 7, 2012

Help the community by answering this question:

Answers

15
You need Proof of Funds. Seller and the Goverment need to see that the money comes from a legitime account. And a Realtor or an attorney to write the sales contract and addendums pertinents.

Good Luck,

Maria Cipollone
Century 21
http://www.FlaHomeSpecialist.com
1 vote Thank Flag Link Fri Sep 7, 2012
Contact me for a detailed list of all the documents so you don't miss anything.
0 votes Thank Flag Link Mon Feb 17, 2014
without getting an attorney what other purchases when buying a home cash do I need to do. Example to I get a title search, a survey etc. do I need a title clerk to do the paper work? who purchases the new deed?
0 votes Thank Flag Link Sun Feb 16, 2014
Damilola -- For the offer, a proof of funds statement which clearly shows your name, and a balance above the asking price. If the funds are not in a U.S. account they may ask that it be moved to one.

With cash purchases the closings the closing room fee is often "split" between the buyer and seller, so feel free to ask your attorney to request that during attorney review.

The attorney will guide you through all other documents at cllsing and explain the expenses and fees on the Settlement statement or RESPA.

Good luck!

Michael Vrielink
Managing Broker
Chicago Real Estate Artists
0 votes Thank Flag Link Tue Sep 11, 2012
Hi,

It's not so much what documents that you need, its more about what you'll find at the signing table!!

Buyng a home is an important financial and legal event. As such, you will need an experienced Chicago closing lawyer to protect your interest and to make sure any tax liens have been satisfied, that the title to the property is free and clear of any encumbrances and all of the documents have been properly drafted and signed. For a FREE consultation about your real estate closing issues, call Mark Brosius at 773 704 4168. or read more about him here http://www.urbchicago.com/real_estate_closing_attorney_lawyers
0 votes Thank Flag Link Tue Sep 11, 2012
They will ask you for a proof of funds letter or a bank statement showing funds available . If using 401k funds you will need a statement from that account . As well as a Id once the transaction goes to the table.
0 votes Thank Flag Link Sun Sep 9, 2012
Period of funds or a bank statement. That's it.
0 votes Thank Flag Link Sat Sep 8, 2012
Proof of funds, sales contract, disclosures, an attorney and a Realtor.

At closing you will also be required to bring an ID.
0 votes Thank Flag Link Sat Sep 8, 2012
where is you agent or attorney..if you do not have one your in trouble..you need lots of stuff
0 votes Thank Flag Link Sat Sep 8, 2012
Your agent or the other agent if you do not have one will tell you, but you will use the standard R E contract and you will need a bank statement showing that you have the $$$ available. The contract will give you a time frame, usually 5 business days for an insoectiona nd the attorney review. You will need an attorney and my web site has some references.
0 votes Thank Flag Link Sat Sep 8, 2012
Hi Dami

The Government and Escrow Company wants to see that the money is legitimate.

If you are resident in the US then Bank Statements, if you are a foreign investor
they want funds wired to Escrow Co. / Title Co. from a a US Recognized Bank account.

You also need a good agent or lawyer to guide through the Paperwork of buying a home
as well as proper inspections and disclosures.

If you are buying with All Cash on Court Steps then it is a different ball game.

Good luck.

Perry

http://ruthandperry.com/
0 votes Thank Flag Link Fri Sep 7, 2012
Proof of funds!!!! that's the first thing the seller wants to see. After that you have your contract and contingencies, which a competent attorney and Realtor can help you with. If you would like to sit down and go over specifics then feel free to contact me. Good luck
Web Reference: http://www.myownhome.info
0 votes Thank Flag Link Fri Sep 7, 2012
Proof of funds dated within last 30 to 60 days. (30 days if buying a foreclosure) It should have your name and address on it, but i have gotten away with Ameritrade screenshots and online printouts.
0 votes Thank Flag Link Fri Sep 7, 2012
First and Foremost, you will need a Proof of Funds, which will show the Paper Trail for your CASH.
And understand that you CASH will make the transaction a little easier and quicker, but it will not solve every problem:
You need to have your inspections; General, Roof, Pest, (whatever)
You will want to get your Home Insurance, although you won't have to put the Binder in the Escrow.
You will be collecting a lot of papers; DISCLOSURES, INSPECTIONS, ADVISORIES, HUD1, etc.
Your Realtor can fill in the blanks.

I just had a horrible thought; you surely don't believe that because you are paying CASH, that you do not need a Buyer's Agent, do you?

Who's protecting your rear?
0 votes Thank Flag Link Fri Sep 7, 2012
You would need to show proof of funds. Bank Statements. You would need a valid legal form of ID with your photo, such as a Driver's Licensed or Passport (for your escrow sign off).

Then what your local real estate transactions require. Contract, Agency, etc.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Fri Sep 7, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer