Closing CostsClosing costs are all the fees and payments that are due when you purchase a home, charged by the lenders and third parties involved throughout the entire closing process. These are charges on top of the down payment, principal and interest related to the mortgage loan.

THE SELLER GENERALLY PAYS FOR:

  • Standard CLTA owner’s Title Insurance
  • Real estate agent commission
  • Document preparation fee for deed
  • Documentary transfer tax ($1.10 per $1,000 of the home sales price)
  • Any FHA or VA loan fees required by the Buyer’s lender
  • Payoff of all loans in the Seller’s name (or existing loan balance if being assumed by the Buyer)
  • Interest accrued to Lender being paid off including statement fees, re-conveyance fees, and any prepayment penalties.
  • Any judgment, tax liens, etc. against the Seller
  • Recording charges to clear all documents of record against the Seller
  • Tax proration (for any taxes unpaid at time of transfer to title)
  • Any unpaid Homeowners dues
  • Any and all delinquent taxes
  • Notary fees
  • Escrow Fee (50%)
  • Seller’s Portion of Sub-Escrow fee
  • Demand fees

Buyers guide to closing

THE BUYER CAN BE EXPECTED TO PAY FOR:

  • Title Insurance premiums (ALTA Loan Policy)
  • Escrow Fee (50%)
  • Document preparation (if applicable)
  • Notary fees
  • Recording changes for all documents in Buyer’s name
  • Tax proration on (for date of acquisition)
  • Homeowner’s transfer fee
  • All new loan charges (except or those required by Lender for Seller to pay)
  • Assumption/Change of record fees for takeover of existing loan
  • Recording charges to clear all documents of record against Buyer
  • Beneficiary statement fee for assumption of existing loan
  • Inspection fees (roofing, property inspection, geological, etc.)
  • Fire insurance premium for first year
  • Buyer’s portion of Sub-Escrow fee
  • Escrow Loan Tie-In fee

Who Pays for What in Real Estate

CLOSING COSTS TO NEGOTIATE IN YOUR PURCHASE CONTRACT:

  • Termite inspection
  • Termite work
  • Home warranty
  • Any city transfer/conveyance tax
  • Any bonds or assessments (usually paid by the Seller)

Below is a general example of South Carolina closing costs from BankRate.com (NOTE: this does not convey true numbers for every transaction; please see your lender and/or attorney for exact costs for your transaction specifically; this is an example only.)

Loan amount: $200,000

South Carolina Closing Costs Example:

Overview
Average origination fees charged by lenders $1,058
Average third-party fees $837
Average origination plus third-party fees $1,895
Itemized fee averages
Below are listed the averages for fees. Added up, they do not equal the averages listed above. That’s because each lender charges for some of the fees listed below, but not all.
Origination fees charged by the lender
Document preparation $80
Broker, originator or lender $1,108
Tax service $75
Third-party fees
Appraisal $414
Attorney, closing or settlement $656
Credit report $21
Flood certification $10
Inspections (pest, etc.) $125
Postage/courier $100
Survey $575

Pin It on Pinterest