If I am paying cash,don't need an inspection, title serch or survey, what type of closing cost are there?

Asked by ndenoux, Columbus, GA Wed Mar 6, 2013

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Ron Thomas, Agent, Fresno, CA
Wed Mar 6, 2013
Most Realtors will agree that you making big mistakes with this list:
The Inspection could reveal BIG PROBLEMS:
The Title Search could easily disclose LIENS:
You would be saving hundreds to lose thousands!

Either way, the CLOSING COSTS would be a WAG:
You might visit a Title Company and talk to the Escrow Officer; ask them to make up a "dummy" HUD1 using likely numbers. Most Title Companies will do this for you.

Good luck and may God bless
1 vote
Murphy Team, Agent, Portland, ME
Mon Jun 23, 2014
In your case the costs would be minimum. Not having a title search or building inspection would not be prudent. Title search will assure you that the seller is authorized to sell the property. An inspection would point out defects you may not see.

We would never close a property without the benefit of a title search.
0 votes
Joey Daoust, Agent, Columbus, GA
Sat Jun 21, 2014
Paying cash in Georgia does not require you to have any inspections but title search is to be done because if you buy a property and you might buy it so cheap that you think that it is not necessary to have title search done.. Well even if that is the case if you do not get the title search and you are able to be allowed to buy it and then some day you get ready to sell it you most likely could run into problems trying to sell it when the buyer of your home finds out that the title never got recorded over to you that you are the rightful owner to sell it and then you can't sell it until you go thru a lengthy legal process to correct it... If you get the title search done upfront and have owner's title insurance then you would be protecting yourself and your potential buyer of any possible problems with title. Also there have been cases where the title was not recorded to the new owner and still was in the previous owner's name and the new owner found out when they went to sell the home that they had been paying on a home that was not legally recorded as theirs...Prepaids such as proration of insurance and taxes would be part of your closing cost if paying cash...Surveys are usually done if large tracts of land or in a rural areas or in some cases new developments because final boundary lines might not have been set..
0 votes
Brady Blackm…, Agent, Columbus, GA
Wed Apr 24, 2013
Just because you are paying cash I would still suggest an inspection and title search. When you pay cash there is a vast difference in closing cost compared to someone getting a mortgage. There are however still cost. There are recording cost, Attorney's fees. Prorated taxes, title search & title insurance. Of course I always say talk to your attorney about title search and Title insurance so you can decide with all the facts on if you would like them. Hope this helps.
0 votes
Janet Hill, Agent, COLUMBUS, GA
Wed Mar 13, 2013
AS the other agents have all stated, even if you are paying cash for your property, you will still want a title search by an attorney. And you would want a home inpsection to provide you with information regarding the house that are obvious as well as not obvious. Home inspections begin around $250, depending on the size of the home, whether septic tank or public sewer, whether basement, crawl space or slab. Quotes from most attorneys will be around the $600-700 price, to include the title search.
0 votes
Betty D. Scy…, Agent, GA,
Wed Mar 6, 2013
I would seriously consider getting more information about a property I planned to buy. I aways have a title search and buy title insurance. If you are paying cash you have no protection in case of a title dispute. If you are not extremely experienced at looking at properties and inspections. You would want to consider getting a pest inspection and ask your agent to recommend an inspector that will walk through the home with you and inspect. If you don't ask for a report he probably will only charge about $200..could be the best $$'s you ever spend. I saw one recently for sale that had major structurial problems. Do you want to buy a house that may be condemmed soon?
0 votes
Gail Hudson, Agent, Columbus, GA
Wed Mar 6, 2013
I think you would be selling yourself short to not have a title search or inspection. You are asking for trouble. Combined the cost of both will be less than $1,000 which is a small price to pay to know that you have clear title and hopefully a trouble free home. The other cost would be the attorney's fee if about $650, recording fees and depending on the time of the year taxes.
0 votes
Garrett Groce, Agent, Columbus, GA
Wed Mar 6, 2013
Well, you would need to call a title company direct to get an actual quote. I recommend Nick Stutzman at Hatcher Stubbs, 706-243-6208. He can work up an estimate for you. It should run you about $800-$1000. You would definitely want a title search to make sure there are no liens on the property and you also want to make sure the property conveyed is the property you are buying. It's very important! You would have recording fees for the deed to be recorded at the courthouse as well as optional owner's title insurance (the price of that depends on the sales price of the home). A home inspection is not paid at closing, but it's an optional, out of pocket expense every homeowner should get. It's the only way to know what is exactly wrong (if anything) with the house. It's much better to pay $200-$250 up front to make sure you don't have foundation, drainage, etc. problems in a home. You should be able to address this during your due diligence period.
Please feel free to call me with any questions. 706-905-6425
0 votes
Patti Simkins, Agent, Columbus, GA
Wed Mar 6, 2013
Patti Simkins, Columbus and Fort Benning area Realtor with Coldwell Banker Kennon Parker Duncan and Key Realtors writes:

I can understand your deciding not to use some services, especially if there is no financing involved. But it can be very risky to purchase any property wihout a title search. That $500 in attorney's fees and $250 for owner's title insurance could not only protect your interest in the property, but possibly uncover reasons not to buy the property. You may be looking up title information yourself with the online resources available. You might miss the one item that could obligate you for thousands in liens or lose you the property. I can recommend a good closing attorney to prepare your deed, perform the above services and protect your investment for less than $1000. Please seriously consider a survey also. Who is telling you the boundaries of the property? Can you be sure the seller even knows?

Patti Smisson Simkins

I would love to help your family
and friends to buy or sell a home!
Coldwell Banker Kennon Parker Duncan and Key Realtors
My Cell (706) 887-3446
Office Phone (706) 256-1000
Fax (706) 571-8875
Licensed in Georgia and Alabama
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0 votes
Joey Daoust, Agent, Columbus, GA
Wed Mar 6, 2013
Just the normal recording and processing fees that the buyer is required by law in the state of Georgia to pay that the seller can't legally pay and certain properties would be suggested to get a title search especially on a foreclosure or if a property is rural should get a survey because property lines could have changed since last county assessment also if the property lines are wrong then when it is re-appraised by county you could end up paying more in taxes or to your benefit less...
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Hank Miller, Agent, Alpharetta, GA
Wed Mar 6, 2013
Not a smart move ignoring those issues; each one can hold significant unpleasant surprises. You didn't mention appraisal so I'll assume your paying cash means that isn't important as well. Mack did a good job on his answer.

Hopefully you realize that you need an attorney, perhaps you should solicit an opinion from them on this plan. As far as buyer closing costs, nominal with your scenario and mainly recording fees.
Web Reference:  http://www.hmtatlanta.com
0 votes
Russell Harr…, , Columbus, GA
Wed Mar 6, 2013
Well, it really all depends on how you want to close and how much you want to protect yourself. I'd be happy to talk with you one on one to assist you with this process. Just give me a call!

Russell Harris, Realtor
Assurance Realty & Property Management Group, Inc.
Cell (706) 888-1283
Office (706) 221-1535
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Mar 6, 2013
You would never get a closing attorney to perform the transaction without conducting a title search. Inspections are not required, but they are always highly suggested.
0 votes
Mack McCoy, Agent, Seattle, WA
Wed Mar 6, 2013
You could just pay recording fees. Meet the seller on the courthouse steps, swap the deed for the the cash, go inside and record the deed, and call it good.

I presume that you're not really going to do this, but you're wondering what other closing costs there may be. There aren't any other "mandatory" closing costs, but there is prudence, as Ron Thomas, who is always correct, points out. Everybody has an escrow company handle the money-for-deed swap, because there is a risk that when you hand over the money, the deed will be invalid; or, when you record a perfectly good deed, the seller finds that the cash is counterfeit. The escrow company collects the money and deed, gets the deed recorded, then releases the cash to the seller. Very convenient, very good system, very much worth the money.

The thing about a "title search" is that clear title affects the validity of the deed. A deed truly has little value without a title company's warrant behind it. When you (or your heirs) go to sell the property, they may find that you were just holding the property for some other owner. That would be bad, and they would have zero recourse.
0 votes
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