NLIC.org

Michele Said:

How much does it typically cost to close on a house when NO loan is involved?

We Answered:

Even if there is no loan involved in this real estate transaction it would be very prudent on your part to make sure all things are done accordingly to the laws and requirements of your state.

Therefore if you should open your real estate transaction with an escrow closing agent as well as a title policy to protect you against future possible claims against your property.

If you have already identified First American Title company as the title company you would want to use, call them, see if it is legal for them to also act as the escrow closing agent in your state. In California the title companies are authorized to serve in both roles. I am not sure that is the case in all states.

While speaking with them you might also inquire of the charge for such services. If they are unable to a act in both the roles of escrow closing and title then you might get a referral from the title officer you are speaking.

In most cases you would be required to

#1 Pay escrow fees (States vary, but this could cost about $350)


#2 Title fees (There are a couple of type title insurance policies you would want the home owner's policy, the cost could be approximately $500

#3 Prorated taxes (Depends on what the county has determined value of the property- I have no idea)

#4 One year of hazard (fire insurance) (Cost of insurance would depend on the value of the property as well as what you wanted included in the insurance and the deductible. Average cost is between $500 to approximately $750)

These are the possible cost you might pay. If there is a sale the seller might be required to pay fees also for the close of the transaction, especially if back taxes are owed or other liens are found on the property.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Harold Said:

Hi, does anyone know of a good title search company with reasonable prices? How much does it cost?

We Answered:

Title insurance is a one time CYA thing when you buy. You do not renew it. When you close, you pay x dollars for the 'coverage'. Your bank or real estate person or whoever can point one out. Make sure the price is in line with what others charge. All these companies - they're about the same.

Why would you buy a house now ? There's a bubble on.