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want to pay cash for a house. (70.000)What closing cost are expected and who pays them

  • October 06 2013 - Wilmington
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Answers (5)

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Profile picture for Outer Banks N C
Normally you pay closing cost you created and the sellers pay theirs. Cost vary by state and the way they do business in those states. You, as a cash buyer, will not have many but you will have optional ones you must decide if you want. These include a survey, an appraisal, title insurance, cost to whoever closes the sale and records the deed and inspections.


tim
  • October 06 2013
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Profile picture for DFisherBroker
Closing costs for buyers vary depending on the property, what services you elect to have done and the insurance you purchase.
With cash, you could expect to pay attorney fees ($350-$950, incl. courier, transfer, recording service & other fees…more if a short sale or if special documents needed). Title search ($75-350), title insurance (~ 0.1% of price, more if not a re-write rate), and deed recordation ($25+ based on #pages). Commission fees less $ paid by Seller (varies). You pay property taxes, pay homeowners "HOA" dues and receive rental income through end of year.
Other items: home inspection ($275-700 more for larger homes), survey ($250-450 for avg. residential lot), Septic inspection ($300-500), Well water test ($55-95), Radon Test ($10-40), pest inspection ($50-150), home warranty ($295-750 more if septic, well, and extra coverage or 5,000+ s.f. home).  [ self promotion deleted by Zillow moderator]
  • October 06 2013
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Profile picture for user47803471
Thanks Matt
I guess I need to expect a lot of give and take.
  • October 06 2013
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Profile picture for user47803471
Thanks so much Tim. Your answer was very helpful.
  • October 06 2013
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Profile picture for Matt Hiatt
I'm not sure what fees are in N.C., but in Arizona we use title companies. In cash transactions, there are title company fees (escrow fees), title policies, and small recording fees. The property taxes are prorated. It is customary for closing costs to be split, but everything is negotiable. I just sold a parcel of land that I owned, and the buyer wanted me to pay all the closing costs, which I agreed to do.
  • October 06 2013
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