I am buying a new house, and paying cash since I sold house which was already paid for lived in it for 40yrs will I have to pay closing cost

Asked by arellanobertha, Sunnyvale, CA Thu May 2, 2013

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Jim Schaffra…, Agent, Cedar Park, TX
Thu May 2, 2013
It varies somewhat by area and is subject to final negotiated terms on the purchase. Typically however, at least you will not pay closing cost related to a loan which run as high as 3-4% of the purchase price.
You may be subject to things like Title insurance and a few state and local fees but your closing costs are usually minimal.
Call a local title company and ask them. They can tell you to the penny what you would be subject to.
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Chad Proctor, Agent, Austin, TX
Thu May 2, 2013
As a buyer, the majority of your closings costs are from the financial instute providing the loan. So you will not have any of those. In our area, the builder would pay the title policy if you are paying cash, so that should not be an expense to either. However, there are still some costs associated to the closing transaction at the title company. All of these vary from state to state but in our area, your total closing costs would be quite minimal...less than $500.
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Ricardo Pena…, Agent, Pflugerville, TX
Thu May 2, 2013
Hi Bertha,

Your closing costs shall be minimal since you are not using a lender, on the other hand you may receive some credits depending on the time of the year you close. If you are using an agent he/she may be able to explain to you in detail.

Best of luck!
Web Reference:  http://www.Mister512.com
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Brenda Sours, Agent, Austin, TX
Thu May 2, 2013
Yes you will have closing costs but they will be very limited.
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Jeff Harris, Agent, AUSTIN, TX
Thu May 2, 2013
These guys are right. You still have some closing costs, though they are minimal. Just a few hundred dollars.
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John Crowe, Agent, Austin, TX
Thu May 2, 2013
Yes. You have to pay some title and recording fees. Should be minimal.
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Jeffrey Schn…, Agent, Austin, TX
Thu May 2, 2013
Arellanobertha,

Yes, of course. The cost of processing your transaction, recording the deed transfer, and other sundry items, still exists in every transaction, even if you pay cash. You'll have no lender related fees, but you will have title related fees.

Jeffrey Schnabel
Broker | Partner | Keller Williams
512-913-7480
schnabeljs@gmail.com
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