I am paying cash for a home. I am going to use a Title Company. What all is necessary?

The house needs a lot of work and we are aware of this we are leasing it at the moment. Also what is the difference between title escrow and title ins.? Is a survey %26amp; inspec. necessary when paying cash? I talked to the title company they are suggesting I pay for all of the amounts.


Thanks for your answers in advance.

I am paying cash for a home. I am going to use a Title Company. What all is necessary?
Nothing is necessary when you are paying cash, but necessary and wise are two different things.





It is wise to obtain title insurance. This insures that you receive clear title to the property, and if issues come up, this insurance pays to have it cleared. A survey is not necessary either, if you have a plat map and can locate one survey pin, you could probably find the others. If you are buying as is and know the issues with the house, an inspection isn't needed either, but a good home inspector could find things with the house that you may not know about.





Good luck to you.
Reply:Lue, if paying cash you will need to bring a "certified check" to closing, not cash. Your bank can tell you how to handle this. You just need to prove where the cash came from.





Title insurance is a good thing for a buyer to purchase. Should a problem arise after closing with the chain of title (which is the history of ownership) the title company advises you then takes care of it.





A survey isn't necessarily necessary, but a whole house inspection is. For example, if the property has a serious structural issue or some other major/costly issue, you want to know about it before you buy it. Writing an offer "contingent upon an inspection" gives you an "out" if something is wrong that you may not want to pay to repair.





Of course they will tell you to pay all of them. But in most state the county has a record of the property lines (which is what a survey tells you.) It's an additional expense you don't need to pay.
Reply:Escrow means a third independent person will hold and than disperse the funds at closing. Title insurance means that the title company is insuring that they do their job correctly and if they screw up you will be compensated.





Are you using a real estate agent or an attorney??





Either way take their advice, the amount you pay them could be nothing compared to what they could save you in the long run.





YES YES YES get it inspected, the title company will check and see that the deed is good, but nothing else.





As far as a survey, the property will already be recorded by the county. You won't be able to change its boundaries even if the surveyor tells you one thing and the way it is listed with the county(legal description) says another, unless you are prepared to spend some $$$$ and time in court. Even that doesn't mean it will end up the way it "should". But if the seller made a "mistake" about the size of the property or where they think the boundaries are you will know and use that as a bargaining chip.
Reply:The escrow instructions should state clearly that you are taking the house as-is. This will protect the seller from claims you might make. You should also have an instruction that the lease payments will be prorated to close of escrow. That way if you close mid-month, you will be entitled to a credit for half a month's rent. The title company will include title insurance as part of the package. This protects you so make sure it is there.
Reply:The title company will take care of all the paper work for you but as far as inspection no it is not necessary since you are paying cash what that is for is for the lending company that gives the customer monies to purchase the home that the home won't fall apart in the amount of th=time the home is finance for but since you don not have that problem then you are fine.
Reply:You should take the house
Reply:YES!!!!