cash home purchase (Baltimore: sales, HOA, insurance)

[brlee62]

I'm planning on buying a home in Maryland for cash, what will my estimated closing cost be?

[AlicynD]

Since you are paying CASH - your closing costs will include the following:
1) Transfer/Recordation Tax - a percentage of the Sales Price that the State and County charge one for transferring and recording a sale. The cost vary with each County and City. For example, the total in Howard County is 2% and Baltimore County and City are 3%. These percentages are typically split equally between Buyer and Seller, so a Buyer could expect to pay 1%-1.5% in either of those cities/counties. As a First Time MD Homebuyer, you have the state transfer tax waived. In any county or city, you would expect to pay a little less than the split.

2) Tax Reimbursement - Depending on what time of year you settle, you could be reimbursing a Seller for taxes they've prepaid. For example, a Homeowner right now has paid their tax bill up to June 30th. If you settled today, you would be reimbursing the Seller for the amount of March 8, 2011 - June 30, 2011.

3) HOA or CONDO Dues or Ground Rent- Those may be collected by the title company. There could also be reimbursement for HOA, if any, depending on when you settle. Any setup or transfer fee for the HOA.

4) ADMIN Fees or Title Service Fees - Charges by a Broker and Title Company that is holding the settlement. You can get price quotes from Title Companies so your costs should be solidified.

5) Title Insurance - This is optional coverage to protect you from title defects on a property. It would be a rate based on the sales price. Again, title companies can give you the quotes.

6) Any other fees you may acquire over time - termite inspection (if you choose to have one and don't pay for it up front), if you want a survey of the property done for your own knowledge ($200-$300), home warranty that you want to purchase at settlement, etc.

Hopefully this was helpful for you

[citrix502]

I bought a house in baltimore city in august and it was a cash sale.
Am I not supposed to get the original title to the property?I'm asking this because i got a photocopy of the recorded copy from the settlement agent.can anyone tell me what happens after a sale?