are there any closing costs for cash sales?

Asked by Danel Powell, Detroit, MI Fri Feb 1, 2008

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Bill Schwent, Agent, Santa Fe, NM
Fri Feb 1, 2008
Yes; and no. There may be attorney fees and/or title company closing fees, recording fees, inspection fees and others all of which should be deliniated in the purchase agreement. Since most of a buyer's closing costs are typically associated with the financing, your costs on a cash transaction will be considerable less that if a mortgage is involved. Also, bear in mind that all costs are negotiable between the buyer and the seller. You could, in the terms of your offer, have the seller pick up all of your costs as noted previously. If the seller accepts, you could, indeed, have no closings costs!
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smith3gary, Agent, White Lake, MI
Fri Feb 1, 2008
Danel, You will usually be paying for such things as real estate commissions, private home inspector, appraisal fees, loan fees, State and Local taxes and fees, escrow charges, advance payments such as property taxes and homeowner's insurance, title insurance premiums, pest inspections, City inspections or re-inspections and the like.

I agree with Bill, all costs are negotiable. I always recommend a private home inspection to buyers and in your case, also suggest paying for an appraisal. Better to spend a few hundred extra than find out you cannot afford to make major structural repairs on a home you purchased for more than market value.

Make sure you understand all items on the City of Detroit property inspection before signing an Affidavit of Compliance and Responsibility (ACR). When I did not pass my first inspection prior to selling my home in Detroit, the inspector found 10 items the first missed.
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Maureen Fran…, Agent, Birmingham, MI
Fri Feb 1, 2008
Typically there are no attorney fees in mi unless you chose to hire one. A buyer would still have tax prorations, perhaps a compliance fee to the real estate agency and some recording costs. If you had a survey you would pay for that as well.

Your fees should be nominal and the title company or your Realtor should be able to help you understand what they might be.
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Susie Genet, Agent, Tulsa, OK
Fri Feb 1, 2008
Yes, there are costs for closing that are not associated with the mortgage, i.e., title insurance (if you get it), taxes, deed recording, and closing company fees.
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