I've purchased a home and am slightly familiar with the closing process from a traditional sense. With a cash deal how are things different? Do I have to do my own title search/tax lien search, flood plain search, etc... since there is no bank or mortgage company doing those things or is that the responsibility of the agent? Should I hire a real estate attorney for the transaction? All of the above?
Any help would be appreciated. I've done a ton of research and am ready to pull the trigger or at least start making offers, but I am quite cautious about the legal aspects of the actual transaction etc...
The closing process will be the same as any other sale, there just won't be a lender involved. There will still be a title search, title insurance, deed recording fees, etc.
Hi, @Richard M Rajchel we pay cash all the time. We normally go through an escrow agent.
"What about tax lien search," … the title company will search the county records to see if there is a tax lien recorded against the property.
"flood plain?" … No the title company will not do a search to find out if the property is in a federal flood plain and I would recommend that you do that search yourself before you sign a contract or make sure you can "kick out" when you learn that it is in a flood plain.
Rely upon a title company which is issue you a "clean" Owner's title policy at closing to do a search of the county records and issue a Title Commitment, which will raise/disclose issues/documents recorded against/on the subject propert.
look up address for flood zone at FEMA.msc then type the address