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is there closing costs if property is paid in cash

  • March 17 2014 - US
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Answers (5)

Yes, but they are minimal.  You can get with the title company and they should be able to tell you what your closing costs will be.
  • March 18 2014
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Hi Carole,
You don't mention whether you are on the buyers side or the sellers side, or what State you're located in, every area is different.  On the off chance you are located in Utah: as a seller you are going to be paying the taxes from Jan 1 to the closing date, that is credited to the buyer and they will be responsible for the entire tax amount.  The seller will also provide a title policy, our average sales price is around $1MM where I live, and a basic policy is just over $3000.  As others mention, HOA dues, water, sewer, etc, are prorated at closing so that the seller pays their share.  The sellers pay the commissions here as well.  And the title companies here charge fees to handle a closing, and record lien releases at the County.

On the buyers side, there are still County recording fees, proration of the items mentioned above, the title company closing fees...but if you close at the right time of year and get the money from the taxes, it could all be a 'wash.'  Though in November you have to pay the whole years taxes.
  • March 17 2014
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Yes, but they are minimal. Make sure you pay your property taxes and Home Owners Insurance when they are due, because no one will be escrowing them for you.
  • March 17 2014
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Profile picture for Matt Hiatt
Yes, but they should not be much (depending on where you are buying). Here in Maricopa County (Phoenix), the seller will have to purchase a title policy, and the buyer may have a few hundred in escrow fees, plus pro-rated property taxes, but again, should not be much.
  • March 17 2014
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Yes there are still closing costs involved.  I can give you a break down of costs if you would like.
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  • March 17 2014
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