Closing costs South Carolina: How much are closing costs in South Carolina, Calculator, Attorney fees, Tansfer tax, Title insurance - Cain Mortgage Team (2024)

FAQs

How are closing costs calculated in South Carolina? ›

On that day, you'll sign a number of documents, as well as pay a few fees, which are known as closing costs. South Carolina's closing costs average 1.66% to 4.94% of a home's value, with this variance depending on a number of factors, including location, services used and lender.

A typical range of total fees for the Attorney is between $1000 and $2000.

Cash home buyers pay lower closing fees or settlement charges. South Carolina closing costs for cash buyers are around 1% of the purchase price. Cash home sales don't have a financing contingency. So, you skip mortgage closing costs as a cash buyer.

Calculating Transfer Taxes

The transfer tax is set by state or local authorities, so South Carolina residents should focus on the rate set in our state. We call it the “deed stamps” rate, which is currently $1.85 for every $500 paid for the property. Here is how it works.

Closing costs are typically 3% – 6% of the loan amount. This means that if you take out a mortgage worth $200,000, you can expect to add closing costs of about $6,000 – $12,000 to your total cost. Closing costs don't include your down payment, but you may be able to negotiate them.

Cash to close includes the total closing costs minus any fees that are rolled into the loan amount. It also includes your down payment and subtracts the earnest money deposit you might have made when your offer was accepted, plus any seller credits.

At South Charleston real estate closings, the buyer and seller must be represented by a lawyer.

Typically, the buyer chooses the closing attorney according to the South Carolina Consumer Protection Code. This ensures the attorney provides the buyer with a clean title to the property as intended. Realtors and lenders must heed the buyer's choice of closing attorney.

Lawyers in South Carolina typically charge between $150 and $440 per hour, with the average being $249. For comparison, District of Columbia has the highest average hourly rate at $392 while West Virginia has the lowest average hourly rate at $162.

There's no set number when it comes to closing costs. Typically, homebuyers pay around 2 percent to 5 percent of the home's sale price in closing fees, while sellers pay slightly more — between 6 percent and 10 percent of the home's price — when you factor in real estate agent commissions.

What is the difference between closing costs and cash to close? ›

Cash to close is the total sum you'll need to pay when you close on a home purchase. It includes more than just closing costs, such as prepaid expenses and the remaining down payment.

📊 The data:

Based on the latest median home sale price in South Carolina ($301,130), that translates to a total cost of roughly $16,924. Home sellers typically pay for agent fees for both their listing agent and the buyer's agent out of their sale proceeds. This way, neither side has to bring extra cash to close.

Buyers are the ones who predominantly pay the closing costs in South Carolina. But it can be split between the buyer and seller. Discuss with your buyer what expenses they are willing to pay and bargain to reduce your closing costs.

Average wire transfer fees

Wire transfer fees have a wide range – from $0 to $50, depending on how and where you're sending the money. Domestic outgoing wire transfer fees typically range from $0 to $35, while international outgoing wire transfer fees are usually $35-50.

From R 1 000 001 to R 1 357 000, the transfer duty is calculated at 3% of the value above R 1 000 000. From R 1 375 001 to R 1 925 000, the transfer duty is calculated at 6% on the value above R 1 375 000 PLUS a flat rate of R 11 250.

Depending on the buyer's loan-to-value (LTV) ratio and downpayment, a seller can contribute anywhere from 3% to 9% of the sales price in closing costs.

DEED STAMPS or taxes due on the sale and transfer of the property will be deducted. Usually the SELLER pays 100% of this cost, but it is possible that it may have been negotiated that you only pay 50% or the BUYER pays all. ATTORNEY FEES for the SELLER will usually range between $250 and $1000, but it could be more.

Today's mortgage rates in South Carolina are 6.313% for a 30-year fixed, 5.517% for a 15-year fixed, and 7.519% for a 5-year adjustable-rate mortgage (ARM).

The premium for the title insurance policy is paid only once by the purchaser as a part of the closing costs. The title insurance policy insures that the lender has a proper mortgage lien on the property, and that there are no defects in the title which may adversely affect the lender's lien.