when buying a property cash ???

[Ricardo A Perez]

Hello BP, 

I am new to investing and practicing on running numbers daily. I have a question when buying a property cash are you required to pay the full taxes and insurance for the next year as part of your closing cost ? i ask because i own my primary residence (bank financed) and when i bought it i was required to pay taxes and insurance in advance at closing and put them in escrow. just want to make sure i am running my number correctly for acquisition.