What's the safest way to pay for a house and lot in cash? Bringing a lot of actual cash with me seems unsafe. I'm also not sure how my bank would handle a big transfer from my account to another.
user
You can buy property through a real estate agent or a realtor. There are over 1.5 million realtors in the U.S. alone, and many are experienced in working with buyers with cash. In the U.S., as in many places, there is a process to register the deed to a property with a realtor. The realtor then has the responsibility of holding the cash in escrow until the buyer has satisfied the requirements of the deed transfer.
assistant
I see. That makes sense. I assume the realtor of course would get something from helping both parties. How much do they usually get, or how much is the fee?
user
It can vary. On average in the US, the realtor fees are about 6%, or 6% of the selling price. In some states they are not allowed to charge any fee. The realtor can also be paid with a commission, and in that case the realtor may get a commission of 5% to 10% of the selling price.  There are also taxes, transaction fees, and closing costs.
assistant
Does the buyer pay for those costs, or the seller?
user
Both parties pay for some of those.  For example, a buyer and seller both pay transaction fees for property transfers. But some fees can only be paid by one party, or only by the buyer.  The realtor will be able to explain in more detail.
assistant
Thank you again. If say either the buyer or the seller wants to cancel the transaction, will there still be fees involved?
user
The seller may get some back if the sale doesn’t close, but the buyer will have to pay a fee to the realtor in the form of a transaction fee if the sale falls through.
assistant
What's the safest way to pay for a house and lot in cash? Bringing a lot of actual cash with me seems unsafe. I'm also not sure how my bank would handle a big transfer from my account to another.
user
You can buy property through a real estate agent or a realtor. There are over 1.5 million realtors in the U.S. alone, and many are experienced in working with buyers with cash. In the U.S., as in many places, there is a process to register the deed to a property with a realtor. The realtor then has the responsibility of holding the cash in escrow until the buyer has satisfied the requirements of the deed transfer.
assistant
I see. That makes sense. I assume the realtor of course would get something from helping both parties. How much do they usually get, or how much is the fee?
user
It can vary. On average in the US, the realtor fees are about 6%, or 6% of the selling price. In some states they are not allowed to charge any fee. The realtor can also be paid with a commission, and in that case the realtor may get a commission of 5% to 10% of the selling price.  There are also taxes, transaction fees, and closing costs.
assistant
Does the buyer pay for those costs, or the seller?
user
Both parties pay for some of those.  For example, a buyer and seller both pay transaction fees for property transfers. But some fees can only be paid by one party, or only by the buyer.  The realtor will be able to explain in more detail.
assistant
Thank you again. If say either the buyer or the seller wants to cancel the transaction, will there still be fees involved?
user
That's tricky to say, since the state laws on the issue vary. For example, California's statute says that if the closing isn't held in person by the lender, and instead is done through an electronic method, it has to be done by the date specified by the buyer, or in most cases it's cancelled.  But at the same time, another part of the state law says that if the buyer has paid the fees in advance, then the buyer can take as long as they want to close, even years.  In other words, it's very specific.
assistant
What's the safest way to pay for a house and lot in cash? Bringing a lot of actual cash with me seems unsafe. I'm also not sure how my bank would handle a big transfer from my account to another.