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Don't know where to ask

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7PM789
Frequent Contributor

Don't know where to ask

So ł'll try here.

My great uncle passed away and ł was supposed to inherit the family cabin which was in his name.

A nephew of his is staking a claim to the estate meaning ł now have to purchase the property from the estate because he passed without a will.

If ł purchase it with cash what kind of hidden fees am ł going to encounter?

ł'm not concerned with having any inspections done, it's an "as is" sale on a cabin in the woods...

Will there be lawyer fees, paperwork surcharges or anything like that?

The assessed value is $31,000 if that helps
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 1 of 4
3 REPLIES 3
StartingOver10
Moderator Emerita

Re: Don't know where to ask

There are very few fees associated with a cash purchase, but you will want the services of a good real estate attorney.  I can't give you your costs because we don't know where your are located and each state has their own fees assocatiated with the transfer of real property.  The very best place to get a quote is from the attorney or title co that will handle the transfer. You can negotiate who pays these fees. Costs you may incur include:

  • Attorney fees
  • Owners title (this is a negotiable item)
  • Settlement Fee(s) - buyers and sellers side
  • Lien Search (usually seller's side)
  • Document Prep (usually seller's side)
  • Doc stamps on the deed (seller's side) - doesn't apply everywhere - this is a tax by the government for the transfer of real estate and is generally small
  • Survey (Buyer's side)

You have a choice for a survey when you pay cash. It is an extremely good idea to get one so that your title insurance has fewer exclusions -it benefits you in the long run.

Message 2 of 4
7PM789
Frequent Contributor

Re: Don't know where to ask

Ok, thanks for the info

ł'm located in western N.Y.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 3 of 4
Anonymous
Not applicable

Re: Don't know where to ask

Definitely follow the above advice and find yourself a real estate attorney or closing company. Even if you are buying from family. IIRC there are also mineral rights to take into account up there. Pay for a survey as well. My FIL bought a property in Olean and it turned into a bit of a nightmare. Hope it works out for you.

Message 4 of 4
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