We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Closing costs in South Carolina
A booming market with some of the lowest closing costs in the country.
Like it or not, buying a home involves more than just the down payment. And in South Carolina, you’ll pay between 0.87% and 1.31% of the purchase price to cover closing costs.
Why we like:
- Competitive loan offers
- 1,500+ lenders with reviews
- Simple application
Why we like: LendingTree
- Compare rates from a number of lenders.
- Get alerts when a better deal is available.
- Simple application.
Average closing costs in South Carolina
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 $1,620 and $2,430, 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 $2,623 in closing costs after taxes.
Ready for a mortgage in South Carolina? Consider one of these lenders
Who pays closing costs in South Carolina?
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:
Buyer
- Closing attorney: Varies
- Title search: $300
- Title insurance
- Appraisal fee: $200 to $400
- Property inspection fee: $300 to $700
- Recording fee: Usually $10 for the first page; $8.50 for additional pages
- Origination fee
- Surveying fee: $200 to $800 based on size of land
- Settlement fee: $200
- Property tax: Prorated at closing
- Condo/HOA fees (if applicable): Prorated at closing
- Flood certification: $10
- Credit report: $25
- Recording of the mortgage (deed of trust) fee: $35
- Homeowners insurance
- Mortgage insurance — if down payment is less than 20%
- Archive and courier fee: $50 to $100
- Miscellaneous condo fees: Varies
Seller
- Broker fees: Usually 6% of sales price
- Own attorney: Varies
- Title insurance on buyer:
- $2.75 per $1,000 up to $100,000
- $1.75 per $1,000 up to $100,000
- Deed recordation tax: $2.60 per $1,000 of sales price
- State deed stamps: $1.10 per $1,000 of sales price
- Property tax (if applicable): Prorated at closing
- Document preparation fee: $150 to $250
- Recording fees: Usually $10 for the first page; $8.50 for additional pages
- Mortgage payoff: Subject to loan balance
- Courier and wire transfer fee: $20 to $50
- Condo/HOA fees (if applicable): Prorated at closing
- Miscellaneous condo fees: Varies
How do closing costs in South Carolina compare nationally?
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.
What to know about buying or selling a property in South Carolina
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:
- Legal issues, including zoning restrictions, building codes, and whether you’re part of a homeowner’s association or if any part of the property is leased.
- The water source and sewage system.
- Any issues with the structure of the building, including the foundation, roof and walls.
- Any problems you encountered with the plumbing, electrical, heating, cooling and mechanical systems.
- Any history of environmental conditions, such as asbestos or termites.
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.
Bottom line
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.
Frequently asked questions
Read more on this topic
-
HSBC Bank vs. Bank of America mortgages Both lenders are big names for banking, but we dive in to see how their mortgage services stack up.
-
Veterans First mortgage review Veterans First has experience working with military borrowers, but there may be delays in closing.
-
Guaranteed Rate vs. Quicken Loans mortgages We look at Guaranteed Rate and Quicken Loans to help you find out which one is a better option for your next mortgage.
-
CitiMortgage vs. CIT Bank mortgages Both CitiMortgage and CIT Bank are available nationwide, but one might be the better option for certain homebuyers.
-
PHH Mortgage review PHH offers conventional and government-insured loans, but its customer service is lacking.
-
What is a HELOC and how does it work? A HELOC is a good option for borrowers who want flexible funds to use for renovations or emergencies, but there are risks.
-
Wintrust Mortgage review Conventional and government-backed loans with down payments as low as 3.5%.
-
State Employees’ Credit Union mortgage review You'll find conventional mortgages in five states, but look elsewhere for government-insured loan options.
-
PrimeLending mortgage review PrimeLending offers rate locks and a variety of conventional, government-insured and renovation loans.
-
Credit Union of Texas mortgage review This institution focused on members in Dallas offers conventional, FHA and VA loans to eligible borrowers.
Ask an Expert