South Carolina homebuyers pay an average of $3,316 in closing costs.
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Like it or not, buying a home involves more than just the down payment. And in South Carolina, you’ll pay between 1.09% and 1.66% of the purchase price to cover closing costs.
Thanks to steady economic growth and rising incomes, the South Carolina property market is booming. If you want to get in on the action, don’t forget to factor in closing costs. At the moment, closing costs come to an average of 1.17% of the sales price — which can quickly add up if you’re paying top-dollar for your home.
In South Carolina, the average home sells for somewhere between $200,000 and $300,000. If you find a property within that range, you’re looking at paying between $2,480 and $3,720, before taxes. These fees cover closing attorneys and title insurance, as well as property inspection, appraisal and origination services.
Some homeowners will also need to pay for mortgage insurance and flood certification, or post HOA or condo fees. Many of these fees are negotiable, but taxes aren’t. Like all states, South Carolina charges property and transfer taxes. According to our sample data, expect to pay around $3,269 in closing costs after taxes.
South Carolina homebuyers pay an average of $3,316 in closing costs.
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The closing costs in South Carolina depend on the lender and the market, as well as the type and price of the property. Generally, though, expect to pay the following closing costs:
South Carolina’s closing costs are among the lowest in the country. In terms of the average closing costs before taxes, the state ranks 41. For context, buyers and sellers in DC, New York and California are hit with the highest closing costs, while those in Missouri, Nebraska and Iowa are on the other end of the spectrum.
Houses make up the majority of the market in South Carolina — and in recent years, the state has seen a growth in million-dollar-plus homes. Condos, apartments and townhouses round out the offering.
If you’re selling a property, you’ll need to provide the buyer with a written and signed disclosure form. Required by state law, the Residential Property Condition Disclosure Statement has to detail the following information:
The disclosure is designed to protect the buyer. Most buyers hire an independent home inspector to confirm the information in the seller’s disclosure. Your mortgage lender may also require you to get an additional wood inspection, which assesses if the home is free of termites and fungi. Sometimes, the seller will pay for this, but the responsibility is typically with the buyer.
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When you’re calculating how much money you’ll need to buy a house, look past the down payment to the closing costs. They vary based on your lender and the size and type of the property. But in South Carolina, they typically add up to about 1.17% of the sales price.
Some of these costs are fixed, others aren’t. To save, take the time to compare mortgage lenders.
In South Carolina, the seller pays the property taxes for the time they occupied the home that year, and the buyer pays the tax bill at the end of the year.
Yes. Unlike most states, South Carolina requires an attorney to oversee the entire real estate closing. The only other state that requires this is Georgia.
Yes. As a buyer, you have the right to choose a closing attorney to represent you. The lender must accept your preference, so long as the attorney is qualified.
While many closing costs are mandated, you could negotiate a lower fee with your appraiser, home inspector and closing attorney. These individuals work outside the mortgage company, so they can set their own prices, and the fees can vary by as much as 10%.
It’s illegal for a lender to give you false or misleading information about your closing costs. This law is outlined in the Real Estate Settlement Procedures Act. If you find yourself in this situation, you can file a complaint with the US Department of Housing and Urban Development.
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