SELLER CLOSING COSTS IN SOUTH CAROLINA
What do I have to pay at closing?
Most of the work and cost for the closing is the Buyers with their lenders, but there are some costs that SELLERS needs to remember that the SELLER pays.
SC PROPERTY TAXES are paid in arrears, so at closing, the SELLER pays the property taxes for the time the SELLER occupied the home for the current year; and the BUYER will pay the entire tax bill at the end of the year when it is due (before January 15).
The SELLER is responsible for the PREPARATION OF NEW DEED to the home. The cost to prepare the new deed will range between $125 to $250.
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. It is prudent to ask in advance what the fee will be.
A HOME WARRANTY may be required from the SELLER during negotiating the contract - this insurance is for the appliances and HVAC - the basic mechanics of the home. The cost can range from $400- 800 depending on whether there is a pool and additional features such as a central vac or multiple garages.
COMMISSION for the Real Estate Agencies will probably be the largest fee. This has been negotiated in advance with your agent. These fees usually range from 5-10%, and the agency that contracts with you, then pays the agency whose agent brought the BUYER.
A TERMITE INSPECTION that attests that the home is ready to sell and not infested with termites or having a condition prone to infestation or damage from termites that might compromise the home. The cost can range between $80-$200 depending on the company who does the report.
HOME OWNERS ASSOCIATION CHARGES have probably been paid in advance at the beginning of the year; you will be refunded the prorated amount.
SC Taxes at Closing for Sellers
Are you selling the home for more than you paid for it?
If so and you are leaving SC, you may be required to pay tax on your gain to the state of SC to hold until tax time. Download information on this tax ruling here.