7 min read Mar 09, 2020

Seller Closing Costs in South Carolina

How Much are Typical Seller Closing Costs in South Carolina

According to Zillow site home values, the median home in SC sold for $188,004. Here’s how you can save approximately $5,640.12 in commissions on an average SC home by selling it For Sale By Owner on Houzeo.com

Congratulations! You’re now one step away on selling your home. Closing on a South Carolina home can be exciting but can be so frustrating for you as a seller especially if you’re not well prepared. South Carolina is also one of the most expensive states when it comes to closing costs. Different kinds of regulations make it a tedious state.

As a Houzeo For Sale By Owner (FSBO) seller, we expect you to go to your closing prepared. Our comprehensive home Seller Closing Costs in South Carolina Guide will help you accomplish exactly that.

3min Video: How to List Your Home on the MLS by Owner

2min Video: How to Request Changes to Your MLS Listing

In this section, we’ll discuss the key documents and expenses you need to be aware of when closing on a home in South Carolina.

What Are the Different Home Seller Closing Costs in South Carolina?

1.Mortgage Payoff:  One of the biggest items on your list of fees, it’s the remaining balance or prepayment penalty on your property at closing. This may include the principal balance, recording fee that costs around $35, or any penalty that the lender might charge you.

2. Real Estate Broker Commissions: In South Carolina, the average real estate commission is approximately 6% of the home’s final sales price—usually divided to the listing agent and to the buyer’s agent.  Although you can negotiate the deal, as it also varies greatly with the level of service you need. If you’re selling FSBO via Houzeo, congratulations… You’ve likely saved thousands by paying $0 in listing agent commission! Go on. Pop a bottle of the finest Champagne or Scotch. You deserve it.

3. State, County, and City Transfer Taxes or Stamps: Also known as the deed stamps, the seller is responsible for this fee—to transfer the property title to the buyer. In South Carolina, they charge a rate of $1.85 for every $500 (tax stamps) of the property’s sales price. If your home’s equity is above $250,000, you have to consider the capital gain taxes that rates for 7%.

4. Attorney and Escrow Closing Fees: The real estate attorney is in charge to prepare the deed and deliver to the new homeowner, the fee may cost at $125 to $250 depending on the schedule or the attorney’s experience. And usually, it also varies entirely of the amount of work and what type of home is being sold. Your attorney’s responsibility is to legally assist you in any way possible, to ensure the success of your sale, and avoid any lawsuits. You also have to pay for the courier fee that charges $50 per mortgage.

5. Additional Requirements: The state of South Carolina requires additional requirements such as the following:

Carbon Monoxide Alarms Effective July 1, 2013, South Carolina has required the installation of CO alarms via the International Building Code, Residential Code, and International Fire Code to prevent CO poisoning.

6. Title Insurance. Usually paid by the seller, this is an indemnification to protect the buyer in case the property has an issue with the title ($2.75 per $1000 up to $100,000) or ($1.75 per $1000 up to $100,000). This means any title issues should be resolved immediately before selling the property—liens, defects, loans, etc.

7. Title Search. It’s an examination of the property title to avoid any issues or liens that should be settled prior to closing. The fee would range from $100 to $500.

8. HOA Dues, Document Fees, and Transfer Fees: These include HOA dues, a document fee at the beginning of Escrow, and a transfer fee at the end of Escrow. If your property is part of an HOA in South Carolina, you can also check the South Carolina HOA and COA Foreclosures.

How Should I Prepare for My South Carolina Home Closing?

1. Review Your Closing Documents in Advance: Closing documents should generally be available to you in advance of the scheduled closing date. Review these documents at length and understand their provisions. Here are some key documents you’ll likely sign at closing:

The HUD-1 or Closing Disclosure: This form must be supplied to the borrower at least 3 days before the closing. Most South Carolina homes are purchased with a mortgage. If this is the case on your transaction, you’ll get the Closing Disclosure summarizing the costs in detail. If your transaction is all cash, you may get the HUD-1, although this is less common.

These documents detail amounts you’re being charged for (all fees including taxes, insurance, escrows, credits, etc.) Remember, depending upon how much equity you have in the property, you might be asked to bring a check (or send a wire) on the closing date. Ensure there are no typos in your name, address, property address, bank info, and other details. Then review every amount and the totals to ensure there are no mathematical errors or inadvertent costs. You’ll be surprised how many times these documents have errors – this is one of the reasons our founder launched Houzeo.

seller closing costs in south carolina

The Deed: This document enables the legal transfer of title from the seller to the buyer. Review the document if there’s a mistake. Read and verify the details carefully, together with your real estate attorney, including the legal description of the property, the deed book, deed book page, and the Property Identification Number (PIN), if any.

We know of a case where a Seller sold a $94,000 property, but the deed also legally transferred over the Seller’s 5 other homes worth $680,000 over to the Buyer. There was a huge scramble post-closing to correct this mistake. It could have been a nightmare for the Seller if the Buyer didn’t honestly transfer the rest of the properties back to the Seller.

2. Ask Questions: Remember to ask any question if you’re in doubt. In case such as title issues, you have to contact your attorney for advice or opinion. Before the appointment, do your research and make sure your questions are also clear and relevant.

3. Bring TWO Forms of Official ID: Bring with you your valid driver’s license or passport for identification. Don’t also forget to carry a secondary I.D. as well, just in case something came up. There will likely be licensed notary involve who’ll need you to legally swear your identification.  

Now you’re ready! You might’ve heard horror stories of people being blindsided by high closing costs in South Carolina – but that’s often the result of not preparing and educating themselves ahead of time. If you are a Houzeo For Sale By Owner Seller in South Carolina, we want you to be one of the most educated home sellers out there. Next step, log on to Houzeo.com and list your home for sale by owner. You’ll be in full control of your listing, and save thousands in the process!

Note: This is only a quick guide for all the sellers in South Carolina. Despite most information readily available online, seeking expert advice helps progress the process of selling a home.

4 min video: Learn How to Submit & Review Offers on Houzeo

Related Keywords: sell your home, property taxes, sale by owner, pay closing costs, title insurance, price of the home, sellers pay, expect to pay, title company, agent commissions, transfer taxes and recording fees, transfer taxes, attorney fees, responsible for paying, purchase price, real estate attorney, title search, buyer and seller, real estate agents, real estate agents commissions

Closing Flat Fee MLS For Sale By Owner Sellers Guide South Carolina States

Leave a Comment

Your email address will not be published.

Save $20

On Silver & up plans

Use Coupon Code:

Need help? Call us on
(844) 448-0110