I just want to sell my house for cash. Can I just sign a quick claim deed over and be done with it? What are the closing costs for? Who are the closing costs paid to? Who is responsible for those? Does there have to be a contract?
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#1 by ang l at May 13th, 2009
you always need a contract to settle the details on the sale. closing costs are for real estate taxes due. and other item. you need a lawyer. when selling a house you always get the money on the day of closing. either the bank gives it to you if a mortgage is involved, or the person who is buying the house. you always get cash. hope this helps. again get a lawyer.
#2 by satarnag01 at May 13th, 2009
Closing cost can be for any cost associated with the sale or purchase of the property. In my area, closing cost for the seller is usually for escrow. Closing cost are also negotiable and any party can pay any or all portions. Yes, there has to be a contract to be upheld in court. You can simply write on a piece of paper “I, Amy Smith, hereby sell my property located on 123 Main Street Mytown, CA to Mr. Buyer Brown for the amount of $100,000 US dollars” Then you and the buyer sign and date it. He hands you cash and you sign over the deed and it is settled. If you have any lien holders, then you contact your lien holders and pay them off.
It’s a dirty transaction and you might want to use a neutral third party, like escrow, to do this for you but it is legal as long as it’s on paper (even on a napkin).
#3 by 9 daughters at May 14th, 2009
The only difference is there is no loan. You still go through escrow with a title company (or escrow company). You still have a written contract. In fact, the title won’t handle your escrow without one. The closing costs that apply to the loan will disappear but there are a lot of other closing costs that happen whether it’s cash or loan. The good news is the big one are the ones that go with a loan so closing costs should be substantially less. Some closing costs are the seller’s, some the buyer’s. Your title company should give you an estimate of who pays what.
You can do a quit claim deed but it’s normally only done in situations like a divorce. It’s not a good deal at all for the buyer because there are no guarantees. It doesn’t even guarantee you actually own the property.
#4 by Rosa Morales-Portillo at May 16th, 2009
Paid Seller’s escrow fees and a percent to a Real Estate Agent who can handle the sale and transaction for you. Ask a accountant regarding Tax cash sale implications.Good Luck
#5 by AllCourt at May 18th, 2009
satarnag01 is correct. Just scribble the agreement somewhere and hand over a deed and accept the check. There will be some closing fees for recording the deed, if you choose to do that (recommended so it’s public record that ownership passed to a new party), plus potentially some taxes due, but those are basically lienholders that you go pay, just as satarnag01 suggested.
All the other stuff about using an escrow/closing company or attorney are just STRONGLY RECOMMENDED but not required for a legal transaction.