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Old 02-16-2010, 08:32 PM
 
2 posts, read 15,236 times
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My Grandfather is selling his house and has a cash offer. He has the deed to the house and he has no known leins. What closing costs are required to be paid by the seller other than the Realtor's fee. I asked his agent to get an estimate of the seller's closing cost? But my grandfather does not think that he should have to pay to sell his house. Please advise.
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Old 02-16-2010, 08:49 PM
 
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Shouldn't be much more than nominal recording fees, his prorated share of the property taxes due for the current year. Is the buyer going to pay for their owners title policy?

There is sometimes a big difference between "no known liens" and "no liens".

You should certainly encourage your grandfather to close this transaction at a title company. Handing over the deed in exchange for cash isn't a great idea.
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Old 02-16-2010, 08:50 PM
 
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Typically the seller pays for a title policy. There will be a few hundred dollars in misc fees from the title company, $5 to the state of Texas, maybe a courier fee, a fee for the lawyer that drew up docs, etc. He will also have to credit the buyer the 2010 taxes from Jan 1 to the closing date. Then of course the brokerage fee.
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Old 02-19-2010, 01:38 PM
 
5 posts, read 31,079 times
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Your grandfather should already have a title policy on the house (given to him when he bought it). Try to find it, & the same title co could issue a new one from the number off the old one (less costs). A title policy is inexpensive - it insures the buyer that the title of ownership is clear of any liens.
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Old 03-04-2010, 05:07 AM
 
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Well, the cash offer fell through. Now he has another offer and the house is being inspected by the buyer. He is now using a title company. Today, the title company found a $10,000 lien on the house (from 2001)that my grandfather was unaware of. He will be 90 years old in April but his memory is sill pretty good and he would know about something like that. The lien is against his wife only. They have still have good credit and pay their bills faithfully. They have been scammed before so if the lien is not legetiment, what can be done to have it removed? Thanks for the previous responses.
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Old 03-04-2010, 08:01 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 12,707,763 times
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The title company should be able to give you an idea on how to deal with the lien.
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