Cash FSBO closing

[sub120]

How do, I'm considering paying cash for a condo I'm renting in Park City Ut. I was wondering if a realestate lawyer is all we need to get the transaction closed & what would be the aprox costs involved to close. Thanx ahead of time -Jerry

[FlyingRon]

Get owner's title insurance, that will cost but it's money well spent.
An inspection may be advisable
A real estate lawyer can prepare the contracts and handle the closing and tell you what else you will need.

There's often some nominal charge with filing the deed.
There may be some transfer tax as well.
If there was any broker under contract to the seller, they may be owed a commission.
If there were any taxes, HOA dues/assessments, or utilities paid in advance, you will need to reimburse the seller for these.
If there is an existing mortgage, there will be small charges with determining the payoff amount and transferring that to get the security released.

Who pays what fees is negotiated in the offer contract.

[sub120]

Super, thank you so much for the advice. The buyer is up to date on all HOA, no broker involvment and their is no current assesments. Can you give me ball park including the title insurance? -Jerry

[FlyingRon]

"Up to date" means squat. If it's an annual assessment that's paid in January (for example) in advance and you close on November 1, you'll need to reimburse the seller for two months worth. Similar with water and sewer and property taxes if they are done that way.

Your lawyer can compute the exact values. Around here they get about $500 for contract review/closing plus the miscellaneous fees probably run several hundred dollars.

Around here on $100,000 value, title insurance runs $350 or so but that varies state by state.

[sub120]

Thank you for the clairifiction, you've been very helpful. -Jerry