Home Buying in Charlotte>Question Details

deluca, Home Buyer in 28216

what is the closing cost if am paying full amount in cash 37.000 zip 28216

Asked by deluca, 28216 Tue Jul 3, 2012

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19
It is hard to give an exact amount without knowing more. When are you closing? What are the annual taxes? Are you getting a home inspection or a survey? Do you want title insurance. Cash closing cost are alot less than if you were to have a loan. Give me a call and I can calculate the numbers with you.
1 vote Thank Flag Link Thu Jul 5, 2012
thank you so much for your help , am gonna try all u told me maybe they accept it

really appreciate your help
0 votes Thank Flag Link Fri Jul 13, 2012
Well if you signed the bit about $2000 minimum then that is what it is. They are getting 3% from the seller but you have to cover the difference. That is how the Buyers Agency agreement is written. It says that the agent will try and get the commission from the seller but if they don't the buyer will pay the difference. If you are paying cash for the house then the SELLER will give you his/her portion of the property tax for the year. Then you will be responsible for paying the entire years bill in December when the bills come out.

You need to ask your agent all these questions. They are representing you... and will explain it to you.
0 votes Thank Flag Link Fri Jul 13, 2012
Well if you signed the bit about $2000 minimum then that is what it is. They are getting 3% from the seller but you have to cover the difference. That is how the Buyers Agency agreement is written. It says that the agent will try and get the commission from the seller but if they don't the buyer will pay the difference. If you are paying cash for the house then the SELLER will give you his/her portion of the property tax for the year. Then you will be responsible for paying the entire years bill in December when the bills come out.

You need to ask your agent all these questions. They are representing you... and will explain it to you.
0 votes Thank Flag Link Fri Jul 13, 2012
what was in agreement 3% of listed price , 5% for land or commercial , unlisted , min. fee $2000 ..

but i didn't care cuz i know it is always must be paid by seller not buyer ..

they also want me to pay all 2012 property tax in Dec. even when the closing date will not before Aug .. i

is all this normal ? i think something is nt correct
0 votes Thank Flag Link Fri Jul 13, 2012
Ummm..... did they tell you that in the Buyers AGency agreement? Otherwise... you do not have to pay that... I have never heard of that unless it is disclosed in your Buyers Agency Agreement. Check that form.
0 votes Thank Flag Link Fri Jul 13, 2012
thank you .. they said the commission should not be less than $2000 so seller paid 3% 1110 and buyer should pay 890 .. !!!
0 votes Thank Flag Link Fri Jul 13, 2012
Then you need to ask the agent to explain all these charges to you. They will be happy to and they know exactly what the are for.
0 votes Thank Flag Link Fri Jul 13, 2012
I did the offer thru agent ..i don't have any contact with the bank only with the attorney and real estate agent
0 votes Thank Flag Link Fri Jul 13, 2012
Who is representing the bank? How did you turn in your offer? Did you do it online... thru a bidding website? Some of those have fees... Technology Fee, Commission... etc. But usually it is pretty clear when you place your bid. They also charge Buyers Premium... which is a fee over and above the price that goes to the "Auction House".
0 votes Thank Flag Link Fri Jul 13, 2012
Thank you for your fast reply ..

all mentioned to be paid by buyer is 37.500 including $500 Attorney so rest is 36.500
+ Home Protection $374

also that what was mentioned on the OTP signed by the bank and me .. i have a meeting with attorney today but really don't know what to do ?

now they ask for total 39.200 instead of 37.374
0 votes Thank Flag Link Fri Jul 13, 2012
If you are paying a real estate commission... then you have a real estate agent. Did you sign a buyers agency agreement with your contract? When you signed? Who is helping you with this? If you are paying the commission it would be outlined in that Buyers Agency Agreement ... or an Agreement of Compensation. We can not help you with out knowing more facts. But who ever wrote this contract up for you is the one you should be asking.

Call the attorney and ask for an itemization of their fees. They may be charging you for a complicated title search... or clearing up some old liens that were on the property. Making sure the title is clean... for example. If you signed a contract that said you would pay the commission because the seller is not paying... then they may be in their right to charge you the commission. It all depends on what you signed when you made and agreed on the contract terms.
0 votes Thank Flag Link Fri Jul 13, 2012
actually they sent me the contract as i said amount in cash 37.000 they added fee with almost $2200 ..
including real estate commission $900 .. does buyer pay this ? also law firm charge is almost $750 the rest are some fees
0 votes Thank Flag Link Fri Jul 13, 2012
Dont know what is the annual taxes .. didnt get home insp. or survey as it was made before for another buyer who didnt finish .. dont know what does it mean title insurance .. Sorry Am not a US citizen so really dont understand all this .. it's soo easy in my country .. u pay money , u record the contract .. u get yr keys same day
0 votes Thank Flag Link Thu Jul 5, 2012
if you are paying cash for a house your total cost should break down to be $350-$500 for the attroeny to do the transaction and doa title search fro you on the property to ensure you have no issues with the title down the road. Then you would have additional expenses if you elect to do a survey: $300 to $400. If you have a home insopection $350 (approximately and an additional $50 for a termite inspection.

However; you will also get a credit for any taxes owed. the seller will give you a credit for the property taxes form January 1st to the day you close. That is becuase you will get the actual tax bill in the mail.

Also any HOA dues that have to be prorated....

Dave diCecco
Realtor/Broker
http://www.davedicecco.com
0 votes Thank Flag Link Wed Jul 4, 2012
thank you all for your help
0 votes Thank Flag Link Wed Jul 4, 2012
For buyers, the bulk of their customary closing fees are fees related to the procurement of a loan. Generally speaking, a buyer purchasing a home with a conventional loan will be looking at closing costs in the neighborhood of 3% of the home's purchase price. You, however, are paying cash. Ask your closing attorney to give you a run down of your closing costs. Remember to add in the cost of your inspections ($250 - $400 + termite $50 - $75), survey (if single family only - costs vary depending on size of lot). Your closing attorney can give you exact figures, so that is the call for you to make tomorrow morning! Best success!

Kathleen Turner, ABR, CRS, ePro
The Kathleen Turner Realty Group
http://www.BuyAHomeInCharlotte.com
0 votes Thank Flag Link Wed Jul 4, 2012
Your closing attorney will give you the exact amount, but based on 20 plus years of experience I'd tell you to expet it to be around $1000
0 votes Thank Flag Link Wed Jul 4, 2012
Your closing cost will be: the attorney's fee ($300 - $450 usually for a cash transaction) a title search and title insurance policy. (You will want that to protect your self against any unfound liens on the property)... A survey (350) if you want one (recommended)... and your home inspection ($350 or so) and termite inspection ($50 - $75). That is about it...
0 votes Thank Flag Link Tue Jul 3, 2012
thank you .. you really helped
Flag Tue Jul 3, 2012
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