11-16-2012 03:31 PM
I know you would work with your lender on approx. closing costs.
I will be purchasing property and paying cash.
How can I estimate what approx. closing costs will be?
11-17-2012 08:43 AM
Ask your attorney. He or she will have a good idea of what you should expect and will be ablle to add things like transfer taxes that vary from town to town. You could also reach out to a lender for the same. We'll offer a helping hand even if you intend to pay cash.
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01-21-2013 01:16 PM
I agree, closing costs will vary dependent upon the variables of each property, area, title company etc. A cash transaction will in most instances require less closing costs as you will not have the lenders closing costs as part of the transaction.
Closing costs on a cash transaction will generally include, buyers portion of title insurance, closing fees, transfer taxes, recording fees, courier fees, etc.. You will also be getting in most cases a tax credit to your side of the transaction which will help minimize the affect that closing costs have on the final number you need to bring to the table. Because we pay taxes here in arrears (2012 tax are due in 2013, 2011 taxes are due in 2012) the taxes become due from the previous owner next year. You get a credit on the transaction for the taxes that will be due next year for the time you did not own the property. Hope this helps!