Does a cash buyer have to pay closing cost ?

Asked by Starlit, 49801 Fri Mar 4, 2011

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Bill Eckler, Agent, Venice, FL
Sat Mar 5, 2011
BEST ANSWER
There are a variety of closing costs associated with any transaction that are shared between the buyer and seller.

Some of the common buyer expenses associated with a cash transaction can be:

recording fee
HOA dues & transfer fee
condo approval fee
survey
inspection
real estate administrative fee
title insurance and legal fees
prorations & taxes

Bill
0 votes
Can they still charge the cash buyer $500 for settlement? I read my agreement and the cost for 'closing services' is included in the title policy paid by seller, the buyer pays for the fees you mentioned above and loan closing costs, since there is no loan, there should be no loan closing fees, yet my title company is still charging a $500 Settlement Fee in addition to the fees you list. How can that be? I don't read anything in the AS IS Residential Contract 9C (i) that supports such a fee.
See my Q and Contract Terms Here
http://www.trulia.com/voices/Home_Buying/In_the_FLORIDA_AS_IS_Residential_Contract_I_a-888156
Flag Mon Aug 29, 2016
Starlit, Home Buyer, 49801
Sat Mar 5, 2011
Thanks to you all for the answers wish you were here in OHio
0 votes
allan erps,A…, Agent, Pearl River, NY
Sat Mar 5, 2011
Yes but Less is the answer. No Mortgage Tax and other related costs. Of course you still need Title insurance, representation, recording of the deed, transfer fees, reimbursement to seller for prepaid taxes, etc. Best of Luck!!
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sat Mar 5, 2011
Both the buyer and the seller will have closing costs; and who pays what will be stipulated in the contract. If you are using a Real Estate agent, the agent will provide you with a Closing Cost Estimate for your costs.
Web Reference:  http://www.321property.com
0 votes
Trang Beusch…, Agent, Campbell, CA
Fri Mar 4, 2011
Yes, typically a cash buyer will have closing costs. The only time that you may not have any closing costs is when you are able to negotiate in the purchase contract for the Seller to pay for all of it, or to credit you for all your closing costs.
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Fri Mar 4, 2011
Good Evening Starlit,

The closing costs for a cash purchase are less than a mortgage purchase, but there are still a closing fee charged by the Title Company and pro-ration of taxes back to the seller for taxes paid in advance also a deed recording fee. I hope this answers your question.

Have a Great Evening!!

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
Thank you I'm selling for 60,000 cash to settle my moms estate The current taxes for it are due by Sept14 I was told all I would have to pay is closing between 5-600 now they tell me I will be charged for state and county taxes too is that right
Flag Tue Aug 11, 2015
Linda Fullen, Agent, Richmond, TX
Fri Mar 4, 2011
A cash buyer has closing cost from the title company. The seller has their own closing cost but will sometimes contribute to the buyers closing cost, otherwise the buyer pays their closing cost.
0 votes
Michelle Spr…, Agent, Las Vegas, NV
Fri Mar 4, 2011
There are always closing costs in real estate transactions, regardless of the finance type or lack thereof. While transactions that require financing typically DO have higher closing costs on the buyer side, there are still other fees to consider and (possibly) negotiate the seller paying for even in a cash transaction. These fees can be escrow fees, transaction fees, transfer tax, recording fees, etc.
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