DFW REI Club

 Dallas/Fort Worth Real Estate Investor Club

Cash closing = title costs?

  • 18 Oct 2017 11:48 AM
    Message # 5320645

    How much would a Title company (on avg) charge for an all cash closing?  The house I'm buying is 65K.


    Thanks,

    SL

  • 19 Oct 2017 1:14 AM
    Reply # 5321710 on 5320645
    Robin Carriger (Administrator)

    Depending on which title company you use, with the title policy included, I would think total closing costs for the seller should be about $1000.00 and the cash buyer's closing costs should be under $500.00.

    Thanks,

    Robin

  • 25 Oct 2017 1:47 PM
    Reply # 5352032 on 5320645

    Title Insurance Policy rates are the largest fee at closing. This fee is fixed by the state and is a percentage of the purchase price. The fees that are variable are ESCRO fees, doc preparation fees, affidavit fees, etc. 

    https://www.tdi.texas.gov/title/titlerates2013.html

    If you are paying cash then there is no Lendor title policy, survey, appraisal, or home inspection, required. That is where the Lion's share of the savings are found when buying with cash. 

    IMO

    Which title company you use for your cash purchase won't make much difference in cost unless they are quoting you ESCRO, and document preparation fees that are way out of line with the industry normal. You can always call around and check to keep them honest.

    That being said, Title Insurance and ESCRO is a very competitive commodity type service industry. At the end of the day you will pay nearly the same price no matter where you go, but quality of service can be appallingly different. So, you should choose a Title company with a competent attorney and a hard working agent that will work for you, and run around and meet people and get things signed if necessary to close on your deadline not theirs. 

  • 10 Nov 2017 10:56 AM
    Reply # 5580290 on 5320645

    Hi Scott,  I realize this message thread is a bit old but wanted to offer this suggestion for anyone that might be looking at it down the road.

    Many title company websites offer a free "tools/calculators" area where you can plug in the particulars about your deal and whether you are the buyer or seller.  It will tell you what the closing costs are going to be.  I personally like the one from Rattikin title.

    Gloria


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