I am buying home and paying cash for it, how much are closing costs?

Like if you get a mortgage I know that closing costs are 2 to 4% of the purchase price when you go with a loan, but how much percent is it when you pay cash for the whole purchase price?I am buying home and paying cash for it, how much are closing costs?
The costs will be less, but not zero. The escrow company will give you an estimate in advance and it will be very close to the final number.





The real reason I am answering this question is to tell you that absolutely you should get title insurance and close in escrow, no matter what. Don't let anyone talk you out of this. Without title insurance, your home may be subject to liens you don't know about, and you don't know for sure that the seller has good title, no matter what they tell you, no matter how much you trust them. Every knowledgeable buyer closes in escrow and gets title insurance. There is no other good way to do this. Don't pinch pennies on this point.I am buying home and paying cash for it, how much are closing costs?
Your closing costs will be very different. In theory, you could spend almost nothing. Most ';closing costs'; are costs imposed by your mortgage bank to ensure you're actually buying something of value with their money. The bank requires you to get the home inspected, a title search and title insurance, etc.





You could go without these things, but then you're taking the risk on yourself. In theory, you only have to pay the county clerk to record the deed, which is going to be like $25 or something minimal. Your need for all the other stuff depends on your situation. If you're buying the house from a family member, you probably already know the condition of it and don't need an inspector. You will want an attorney to prepare the deed and have it properly recorded.





In any case, you will certainly save on the mortgage company's closing fee, which is usually about 1% of the value.
The percentage is just an estimate of what you would pay for fees. It matters not whether you pay in cash or get a loan.





There are non-recurring closing costs. These include:





Title Policies


Escrow or closing


Notary


Wire fees


Courier / Delivery


Attorney fees


Endorsements


Recording


State, County or City Transfer Taxes


Home Protection Plans


Natural Hazard Disclosures


Home Inspection





And pre-paid recurring closing costs, including:





Fire Insurance Premium


Flood Insurance (if required in your area)


Property Taxes


Prepaid Interest



Honestly I'd say it might be ';Cheaper'; but I'd ask the Realtor that your using if you are using one.. Congrats on the new home!!!! It sure beats Renting, I have been there done there and no matter how much one pays for rent you never own.. I've been on both sides of the fence, so I understand.. let me know what you find out k???


Congrats again!!
Great answers already. Once note: title insurance is necessary not just to protect yourself from defects in title, but also to make it easier to sell the house later...