Closing costs for Cash purchases

[James W.]

Does anyone know what kind of closing costs are involved when buying cash?

Below is from my recent FINANCED purchase - what can I strike out in cash?

1. Loan Origination, Lender's Title Insurance, Escrow Deposits, Daily Interest of current quarter - 7000 - don't think they apply when Cash. Correct?

2. Title Insurance 500 , Recording Fees 250, Misc Fees 250 = 1000 - still apply - correct?

3. Attorny Fee - 1000. Do I need an attorney when buying Cash?

4. When I purchase cash in an auction, as-is property - do I need any of the above? How about Attorney?

Thanks.

[Ed Emmons]

you are correct for 1 + 2. You don't need an attorney for closings as long as you know what you are doing. But even then, if in your title search things look messy, it is best to hire an attorney. If you are unable to do your own title work, you are gambling that there is nothing wrong. Some things that I have found over the years are lot lines wrong, buildings not on the property, seller isn't technically the owner, IRS lien for more than value of property, right of ways, to name a few.