Purchasing all cash question

[Matthew Aubert]

I am looking to purchase a property (sfh) with all cash. I could use a realtor but if I don't then the seller's realtor will receive entire commission which no big deal. Just as long as the agent doesn't try to bamboozle me since they're representing the seller. My big question is what am I liable for at closing like insurance, taxes and such? Do I pay taxes upfront for the year? 

Also what leverage do I have since I'm paying all cash. Can I offer a lower amount since there's no mortgage? I understand the closing can be much quicker. At closing (for Texas) do I receive the deed to the property that day?

Any advice would be beneficial. Thanks in advance.

Matt,

[Bruce Lynn]

I would use your own realtor so that you get representation and someone can answer all your questions with your best interest in mind.  If you use the seller's realtor, they are representing the seller, not you and should share all the information you provide with the seller.

You will have closing costs even with all cash transaction and some of that can depend on how the contract is written.

At minimum you will have an escrow fee...somewhere around $400-$500 for the title company handling the transaction.

Who is paying for title insurance?  You or the seller?  That's negotiable on who pays, but the amount itself is set by law.  Cost is based on the price of the home.   Not required, but recommended.  

Who is paying for the survey?  New survey might be around $500 depending on where the property is, and how large, and some other factors.   Possible you could use an existing survey.

Will you get a home warranty?  Who is paying for that?  You or the seller?

You will probably have a charge of $150 to write a deed and perhaps another $30-$150 in filing fees....should be on the lower side of that.

You should get a deed the day of closing, but the recorded deed normally comes back to you a few days or maybe a month later after it is recorded with the county.  You could get that by mail or email.

Insurance on cash transaction is not required, so that part is up to you.  You may can pay monthly, yearly or not at all.   You arrange for that if you want it.

Taxes will depend on when you buy the property and if taxes have already been paid for the year.  Typically now if you close in the next month or few months, the title company will collect some taxes from the seller for 2020 taxes and give you a credit for that.   Then you pay the entire bill when it becomes due in December 2020/January 2021.

If there is an HOA you may have a transfer fee or capital contribution fee.

That should cover most of the big stuff.....occasionally there can be other charges as well.