Are there closing costs when buying a home with cash ?
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My husband and i have the money to pay cash we made an offer but are not sure if we have to pay closing costs for a home paid in cash? Can someone help me?
home cash From Home Cash ad
My husband and i have the money to pay cash we made an offer but are not sure if we have to pay closing costs for a home paid in cash? Can someone help me?
There will be some costs but exactly what will depend on your contract and the state you are in. In my state, a cash buyer traditionally still pays for 1/2 the closing fee (attorney here, title company other places), recording of the deed, etc. In my area, it would probably be $1,000 or less.
The closing attorney needs to get paid. You should have an owners title insurance policy. You may have to pay a prorated amount of annuall property taxes, and you should have an insurance policy.
the only closing costs that would NOT be there would be mortgage related costs – so you will still need cash for the rest (figure 3-5% of the house price)