Need Closing Cost Help/Information

6 Replies

I'm a bit ignorant when it comes to closing costs. I've made a 100% cash offer on a home and I'm not sure how to proceed.

1. What items are there?

2. Where/Who can I obtain what is required?

3. Can I pick the company for, say, the title insurance? Or does the seller dictate? 

4. Can I choose/ask the seller to split costs with me? Is there any traditional way of who pays or is it on the buyer?

Please provide any relevant info.

There are local "normal" ways the closing costs are divided between the buyer and seller.  When you say you made an "offer", I assume it was verbal, and not in the form of a purchase agreement.  A local title co. can guide you on what is ordinary, and give you an estimate of closing costs for each.  Who picks/pays for the title co. is negotiable, but locally it will be traditionally either the buyer, or the seller.  When you make a written offer, a signed purchase agreement, it should dictate all these items, so there is no misunderstanding.

Yes, it is verbal thus far.

You mentioned a local title company will help. Will I have to go to any other location for anything else or will this location be a "one stop shop" to finish up business related to closing costs?

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@Jeff Lee  Congratulations on your deal. Here are my own personal suggestions

1) Consult a Title company. I have used Mosley/Rogers Title on Texas St., United Title on Airline (Next to 2Johns Steakhouse), Interstate Title on Benton Rd. The choice is yours but as @Wayne Brooks  mentioned they will be able to lead you in the right direction. 

2) I am not a Realtor by any stretch of the imagine but... You need to get a contract in writing. Google... "Louisiana Buy/Sell Agreement" and one of the first search results will be a exact replica of what Real Estate agents use in the State of Louisiana. 

3) Did you appraise the property? I have suggestions on appraisers if you need anyone

4) Are you going to inspect the property? I also have suggestions if you need anyone. 

5) Have you chosen a Homeowners Insurance Policy?

6) What is your strategy with this deal? Buy/hold, Fix/flip... 

Just my two cents sir... I don't want anything "unexpected" to happen that you didn't plan for. 


@Jeff Lee  Hey Jeff.  Just now seeing this.  Here's a link to the official downloadable contract Louisiana Buy/Sell Agreement. I'll throw a second vote in for United Title.  On a cash sale you'll mostly be concerned with the cost of specific inspections and the appraisal if you get one.  The taxes will be split accordingly by the Title company.  The Title insurance is usually provided by whoever the Title company is most friendly with. 

The Buyer and Seller can agree on the place of closing.  Typically the party paying closing costs picks where to close.  I highly recommend a thorough inspection as well. 

If you have any questions on the contract, feel free to contact me.  Good luck with your purchase.