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Is there a fee called "Cash Closing Fee". In my transaction as a seller i am paying for Title insurance $1500, Transfer tax $400, Village Stamp papers $800. And in addition, there is a fee called Cash Closing fee of $625. This is sellers half and the other half is expected from the Buyer.
Does anyone know if this is a genuine charge or am i being taken for a ride.
You're most likely being ripped off and the cash buyer is definitely being ripped off unless there are details you haven't told us.
I purchased this home and others with cash,be careful what you check or what is checked in contract.
I have always said I will only pay closing costs dictated by state law.
Is there a fee called "Cash Closing Fee". In my transaction as a seller i am paying for Title insurance $1500, Transfer tax $400, Village Stamp papers $800. And in addition, there is a fee called Cash Closing fee of $625. This is sellers half and the other half is expected from the Buyer.
Does anyone know if this is a genuine charge or am i being taken for a ride.
That sounds like a genuinely inflated fee. What does your lawyer or real estate agent have to say about it? (That's a rhetorical question--I most likely already know the answer.)
Quote:
Originally Posted by 1insider
You're most likely being ripped off and the cash buyer is definitely being ripped off unless there are details you haven't told us.
usually the lender does, but since there is no lender the only fee the title company should be charging for themselves is a closing fee which is this: Closing Fee or Escrow Fee (generally calculated a $2.00 per thousand of purchase price plus $250) - This is paid to the title company, escrow company or attorney for conducting the closing.
did you sell a mansion?
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