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  1. #1
    Join Date
    Jul 2013
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    7

    Default Do You Need a Real Estate Agent or Lawyer to Buy Property for Cash

    My question involves real estate located in the State of: Texas
    I am wanting to purchased a new home in Texas after I sell my home Oregon. I want to pay cash. I have asked and asked on Zillow what the closing costs might be. No answer. I wonder if I am possibly not getting an answer because Real Estate Agents mostly deal in loans and maybe I only need to have an attorney who specializes in real estate to help me get all the proper paper work and guide me through what I need to check out such as liens on property, taxes owed, etc. I am retired, and I need to be careful with my funds and costs, and future costs.

  2. #2
    Join Date
    Jan 2006
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    38,867

    Default Re: Do I Need a Real Estate Agent or Real Estate Lawyer if Paying Cash to Purchase

    https://www.zillow.com/mortgage-lear...ing-costs/amp/


    That will explain a lot. Obviously if you’re not going to finance the purchase you wouldn’t have cost attributable to obtaining a mortgage.

  3. #3
    Join Date
    Nov 2013
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    672

    Default Re: Do I Need a Real Estate Agent or Real Estate Lawyer if Paying Cash to Purchase

    I've made several cash land purchases with only a closing attorney, but for a home I planned to move into, I'd want an agent. In general for the homes I've bought with an agent the seller paid closing costs. I paid the costs (minimal with no mortgage) of the closing (attorneys fees) on two because I had approached them to buy. My Agent asked for and got things I would not have thought of. On the latest one, she had them include a home warranty, made sure the inspection was done to her specifications, and that repairs were made before closing. Oh, and had a tractor included

  4. #4
    Join Date
    Sep 2010
    Posts
    19,421

    Default Re: Do I Need a Real Estate Agent or Real Estate Lawyer if Paying Cash to Purchase

    Zillow is not a reliable means of determining anything.

    The settlement house (varies with region of country, could be a title company, could be a lawyer, could be a dedicated escrow ofice) can give you a estimate of what the costs will be.

    A real estate lawyer can represent you and handle the closing at the same time. As the buyer, who does the closing is YOUR decision.

    You'll want owner's title insurance as well.

  5. #5
    Join Date
    Feb 2008
    Posts
    1,151

    Default Re: Do I Need a Real Estate Agent or Real Estate Lawyer if Paying Cash to Purchase

    I'd go with a real estate attorney and a title company in Texas. Rather than an RE agent. Those are the ones who are going to be doing all the closing work, not an agent.

  6. #6
    Join Date
    Mar 2013
    Posts
    17,471

    Default Re: Do You Need a Real Estate Agent or Lawyer to Buy Property for Cash

    Quote Quoting Judypa
    View Post
    My question involves real estate located in the State of: Texas
    I am wanting to purchased a new home in Texas after I sell my home Oregon. I want to pay cash. I have asked and asked on Zillow what the closing costs might be. No answer. I wonder if I am possibly not getting an answer because Real Estate Agents mostly deal in loans and maybe I only need to have an attorney who specializes in real estate to help me get all the proper paper work and guide me through what I need to check out such as liens on property, taxes owed, etc. I am retired, and I need to be careful with my funds and costs, and future costs.
    When you sell your home in Oregon you will receive a HUD-1 (or similar) settlement form which will give you all the costs and fees for that particular sale.

    Here's a sample:

    https://www.hud.gov/sites/documents/1.PDF

    Then google Texas title escrow company, pick one, go to its website and familiarize yourself with its services and fees. If you can't figure it out, call them up, give them a ballpark figure as to how much you will be spending on your next home and ask for an estimate of fees and costs.

    You shouldn't need a lawyer or a real estate agent.

    However, if you buy from a seller who has a real estate agent, the purchase contract is likely to look like this:

    https://www.trec.texas.gov/forms/one...ontract-resale

    If you buy a FSBO (For Sale By Owner) you and the seller will have to come up with a contract that you can both live with. You can start with the TREC approved contract or write up one of your own.

    As I wrote earlier, you can do this without a real estate agent or a lawyer.

    BUT if, at any point during the process you have to ask things like "What does this mean?" or "How do I _____?" that's when you need either a lawyer or a real estate agent to represent your interests.

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