What will closing costs be if I sell a property for cash to a friend be?

3 Replies

Hello,

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?

Thanks

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?

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