what are the closing costs associated with a cash transaction?

Asked by Mare, Evanston, IL Tue May 25, 2010

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Robin Wilson, Agent, Winnetka, IL
Thu Jul 15, 2010
The generic answer is Closing costs will be the same in a cash transaction as a financed transaction, as your contract will still require the seller to provide a clear chain of title in the form of title insurance (http://definitions.uslegal.com/c/chain-of-title/) as well as other closing fees: commission, atty fees, survey, recording fees, state & local taxes, transfer stamps if applicable in your area - these are commonly on the seller side. The buyer in a cash transaction will not have the closing fees associated with obtaining a loan (mortgage insurance for instance, or interest associated with a loan). Otherwise aside from getting a great deal as a cash buyer, closing costs will still get their due. Email for a estimated closing cost chart.
Web Reference:  http://www.wilsonliving.com
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Scott Godzyk, Agent, Manchester, NH
Tue May 25, 2010
When selling it would be any commission you are paying, the cost to prepare a deed, if you have a mortgage any currier or wiring fees for payoffs and if your state has transfer taxes on sales.

If you are the buyer, the attorney fees to search the deed, prepare closing docs and conduct the closing . You will have recording fees for your deed and if there are any transfer taxes in yoru state.

i hope this helps
Web Reference:  http://www.ScottSellsNH.com
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Anna M Brocco, Agent, Williston Park, NY
Tue May 25, 2010
If you are a seller, your agent can give you a breakdown--generally--if there is an existing mortgage, it will need to get paid, attorney fees if applicable, broker fees, transfer taxes if applicable, prorated taxes, HOA fees if applicable, etc.
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Lori Jeltema, Agent, Suffolk, VA
Tue May 25, 2010
If you are purchasing, you would have the normal attorney/closing company fees. you would have to call a local settlement company to get those numbers. I would purchase enhanced owner's title, so you may want to add that in. There are a lot of variables such as prorates on taxes, how you are paying your home owner's insurance, etc. A good company can run you a sample hud to give you some figures.
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