If we are paying cash for our house, will we have closing costs?

Answer 1

Yes because a lawyer still has to do the paper work and that is what closing costs are for.

Answer 2

in case you seek for a house via a realtor you will could pay him his fee, that's often a proportion 3-6, in case you utilize a realtor and detect a house, the settlement with the living house proprietor, is you will pay money, can close in a hurry, yet you want him to pay the ultimate costs, that's often approximately 3500.00 the owner often is going for that, and you get a great purchase not having to pay it. in case you acquire a house alongside with on the industry by making use of proprietor, an identical element may well be conscious, different than their isn't realtor midsection guy to get a proportion of your cash. You tell the owner, that's what i will pay, yet i want you to pay the ultimate costs. in the journey which your cash is close to his fee, he will do it. varied situations they only conform to pay a million/2 and you pay the different a million/2. Its a lot to think of roughly earlier you seem for the living house. i offered my first living house from an proprietor, he paid ultimate costs, and that i saved 3500 to have utilities became on, taxes, assurance, all that good stuff. good success

Answer 3

The things you won't be paying are costs associated with a mortgage: application fee (which generally includes appraisal and credit report), bank attorney, mortgage tax, any other bank fees. This is the lion's share of the buyer's closing cost. You still have to pay your own attorney, plus any tax and utility adjustments, and since most banks require title insurance, which protects them as much as you, you don't need this but your lawyer may suggest it.

A number of other fees others have mentioned, such as deed taxes and updating the abstract (the actual history of ownership of the property and far more valuable than the deed document - if you lose your deed, as long as it was recorded, you can easily get another copy. If you lose your abstract, expect to pay many hundreds of dollars for a title company to put it together), are paid for by the seller in many states. But like they say, read your contract. What it says you pay for, you pay for.

Answer 4

Yes, there will be some closing costs. Not nearly as much as if you had a mortgage to deal with, but there will be some. You'll have the closing agent's fee (attorney or title company), deed preparation and recording fees, transfer taxes or stamp duty (if levied locally), and a few other odds and ends.

Answer 5

Yes. You will also have title fees and small fees for other miscellaneous items. You are only paying cash for the house not the services provided by the real estate agents.

Answer 6

Yes. The only thing you aren't paying when you pay cash is interest.

And I'm so jealous.....you're paying cash for your house. That's awesome. Congrats!!!

Answer 7

Thats a hard one to answer without looking at your purchase agreement. There are closing costs in all real estate transactions, who pays for what cost is negotiated prior to closing and listed on the purchase agreement. The title company takes the purchase agreement and then transfers the agreed terms as to the amounts and who pays for them to the HUD-1 closing statement. Knowing that you should contact the real estate agent and ask them or read your purchase agreement. You can also contact the title company and ask for a review of the HUD-1 prior to closing which you should do regardless.