U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-13-2016, 06:10 AM
 
Location: Chapel Hill, N.C.
36,503 posts, read 47,462,315 times
Reputation: 47595

Advertisements

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.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-13-2016, 09:44 AM
 
Location: Cary, NC
36,795 posts, read 64,036,284 times
Reputation: 36737
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2016, 11:11 AM
 
Location: Mount Laurel
4,186 posts, read 10,228,553 times
Reputation: 3499
Quote:
Originally Posted by no kudzu View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2016, 02:19 PM
 
4,567 posts, read 9,242,639 times
Reputation: 6663
Something like this.....

Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2016, 02:32 PM
 
Location: Fort Lauderdale, Florida
11,259 posts, read 10,013,140 times
Reputation: 25103
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top