I have a house we are getting ready to sell and an acquaintance offered to pay cash.
This is in Oklahoma where we pay doc stamps and I can calculate that cost, but what other fees will there be to sell a $95K home for cash?
Can I do this without a title company?
Typical closing costs for a seller are as follows:
Deed preparation and recording typically $200-300
Transfer tax (doc stamps)
$50 or so for closing attorney/title company to get your mortgage payoff plus wire transfer fees to actually pay it off
You may want your lawyer to review everything but not necessary.
As far as a title company that is a state by state requirement.
The buyer's attorney may be able to prepare the hud, get the MLC, calculate adjustments, etc...if your state doesn't require a title company.
I think that will cover everything. I may have missed something specific to your state.
I have been the cash buyer on occasion in Oklahoma & use a friendly title company... I want clear title. Abstracting of the title is $500 and up depending on how complicated & when title search last done. Since I wouldn't personally do a transaction without title work, I can't answer the required part. Other than title, a few hundred for various doc fees and maybe a small fee to the title company... Say $150ish.
You want your friend to have title insurance. If he doesn't, and a problem arises, guess who's liable (hint: the guy who signed a warranty deed over to him) and who he should be suing?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing