If I'm running numbers for a cash purchase, what costs do I need to factor in for "closing." Is there a closing even if there is no bank?
I would assume title search, owners title insurance, any home inspection, attorney fees, and taxes. Anything else?
Yes, there's still a closing for a cash purchase. The actual costs vary by region, but some things you might see - in addition to what you listed - are document recording fees, notary fees, doc prep fees (some of these things could be included in what you're calling "attorney fees" or they might be separate line items), etc. It will also depend on what your purchase contract states in regards to who pays what (i.e. buyer or seller or split between the two).
Of course, some of the costs typically associated with purchasing a property (i.e. home inspection, appraisal, property insurance, etc) would be optional if it's an all cash purchase. Not suggesting you don't do these things, but no one is going to make you if there's no lender involved.
The best way I've found to get an estimate of actual closing costs is to just contact whoever would handle the closing and ask them for a ballpark estimate for what the typical costs are. They should be able to give you a pretty good idea.
last house I purchased was 38.5K
cost to close was about $750
attorney fee was the bulk $600
title insurance $110
Recording fee $26
E-file fee $5
My $120k cash purchase had just around $9000 in closing costs on my end.... I planned for around $10,000. This varies not only by location, but house to house and deal to deal.
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