What does an all cash closing look like? (insurance, credit, fees)

[no kudzu]

I'm assuming we will need an attorney for things like title insurance? Do we just take a certified check (s) made out to the developer of the property? (It is a new condo neighborhood)
Any other costs we can expect?
Thank you.

[MikeJaquish]

Cash makes for a 10 minute settlement meeting.
Are you using the condo sellers' attorney, or one of your choice for closing?
Is the condo developer offering any help with closing costs, or will they pay the closing attorney if you use their preferred attorney?


Depending on when you close, the taxes will be prorated, and the developer will credit you for the days they owned, or, if the developer already paid, you will credit the developer for the time you own it, January 1--December 31.


You will have some nominal fees for recording the deed. Should be less than $100.
Seller should pay for preparing the deed.
You will have a capital contribution for the association's reserve fund. Sometimes that is 2 or 3 months' association dues, and sometimes it is a lot more, $1000--$1500.
Of course, you will have your hazard insurance bill. And, any utility connection fees. But, you will cover these out of pocket, and in a cash deal, they will not be part of closing.

[sj08054]

Originally Posted by no kudzu

I'm assuming we will need an attorney for things like title insurance? Do we just take a certified check (s) made out to the developer of the property? (It is a new condo neighborhood)
Any other costs we can expect?
Thank you.

Who is doing your closing? They will have specific instructions on when/where/what you need to bring. Cash closing simply means you save all the time that is normally required for discussing your mortgage in a traditional home purchase.

[399083453]

Something like this.....

[blueherons]

The last one I did lasted about five minutes.

The seller paid all the closing costs, my buyer put $50,000 and wired the rest the morning of the closing.