Understanding SC Seller Closing Costs
Most home sellers just think about the real estate commission when calculating their closing costs in SC, but there are more.
The video above details a hypothetical scenario and discusses all of the associated closing costs when selling a home.
Many times I meet with a seller and they get confused with who pays for closing costs. This confusion comes from buyers periodically asking a seller to pay their costs.
This is pretty common, especially in a first time buyer transaction and it is easy for sellers to become frustrated. The best way to simplify this situation is to just look at the math problem, and how it affects your bottom line. In other words, how much money will you make at the end of the day is really the most important.
In SC, the most common hidden cost is the tax service fee. It costs $70 for the closing attorney to notify the federal government that you had a recent real estate transaction. Not a huge fee, but still the little ones add up.
Another example that many sellers do not think of is the courier fee. Yep, there is a fee for the attorney to fed ex your payoff to the bank, the day that you close. They normally charge $50 per mortgage for this.
And then there is the recording fee. Another $35 here for the attorney to record the transaction at the courthouse.
How about the fee to pay the state? Yep, another cost are the tax stamps. This is calculated at $1.85 per $500 of the sale.
Termite letters are sometimes paid for by the buyer, and sometimes paid for by the seller. Many sellers get confused between a termite bond and a termite letter. A bond is a warranty against termites, and even if you have a bond, the termite letter is a necessary part of the transaction and is a document mandated by the state of SC noting any moisture related issues, and also any pest infestations. They generally cost between $150 and $200.
There are several other larger fees that are noted in detail, as well as some information that will help streamline the process and avoid surprises at the closing table.
Please watch the video above and feel free to contact me anytime you have a question.
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