How much is approximately would be closing costs on a cash deal

[Mary Jay]

Lets say someone buys an apartment complex for 6 ml for cash.

How much should they add for the closing costs if no loan needed?

Thank you

[Jay Hinrichs]

Quote from @Mary Jay:

Quote from @Greg Scott:

Here is some ballpark costs from a recent closing, ignoring costs directly associated with financing.  I'm assuming you would get all the same documents required by a lender.  For example, it would be foolish to buy any commercial property without having a Phase 1 Environmental completed.  A lender would require you to have this done, but if you are paying cash, nobody will force you to protect yourself.

Third Party Reports: $17K

Survey $2K

Title Recording and Search $5K

Attorney Fees ?  (You'd want an attorney to look the docs over but you wouldn't spend as much as we did as most of the attorney work was loan-related.)

Of course you will also want to have insurance in place and that is often paid as a closing cost.

Somewhat of a wild card are prorations. Typically what is known is done at closing but trued-up later.

If your PSA specifies any credits for non-ready units, that will offset the other costs.

Thank you so much! Great info!
Do you know how much would you say are attorneys cost for 5-6 mln deals?
and the insurance also?

Mary Jay  not sure why this is important these are very incidental costs given the total cost of the project ????