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In this article

1. What is the Average Closing Cost Percentage in SC?
2. What Exactly are Closing Costs?
3. Factors That Will Affect Closing Costs
4. Calculate Your Closing Costs With Our Estimator
5. Who Pays Closing Costs In SC?

Closing costs can be a bit confusing for pretty much anybody, whether you are a new homebuyer, an experienced one or a refinancing homeowner.

On this page we will give you everything you need to know about closing costs in South Carolina as well as a calculator you can use to estimate what your closing costs are going to be.

What is the Average Closing Cost Percentage in SC?

The average closing costs can range from 2% to 5% of the total loan amount.

In South Carolina, the average closing cost amount is $3,540 for a $295,000 mortgage. That is just a bit more than 1% of the loan amount and a fair amount less than the national average of $6,800.

What Exactly are Closing Costs?

Closing costs are basically expenses that come with the mortgage loan processing process. They include fees such as loan origination fees, appraisal fees, survey fees, title insurance fees, taxes and others.

Since mortgage loans are offered by lenders, closing costs are also charged by and paid to lenders.

Factors That Will Affect Closing Costs

Not all lenders have the same items on their closing costs so you should expect that value to vary wildly from one lender to another. Also, the location of your house will play a role in determining how much you will pay.

Keep in mind that appraisers, surveyors and other third parties charge different fees in different areas. If you want a more accurate South Carolina closing costs estimate, contact us at Moreira Team and we will give you a breakdown of each item based on your type of loan, property, and location.

Calculate Your Closing Costs With Our Estimator

Who Pays Closing Costs In SC?

In South Carolina, both the buyer and the seller have their own set of closing costs to pay. The division of these costs can be negotiated between the parties, but traditionally, each have their set of costs to pay. Here’s a general breakdown.

Typically paid by the Seller:

• Real Estate Agent Commissions
• Title Transfer Tax or Warranty Deed
• Owners Title Insurance
• Attorney Fees
• HOA Transfer Fees
• Prorated Property Taxes and HOA Dues
• Any Negotiated Repairs or Credits
• Outstanding Mortgages or Liens

Typically paid by the Buyer:

• Lender’s Title Insurance
• Appraisal Fees
• Origination Fees and Discount Points
• Credit Report Fee
• Prepaid Expenses
• Recording Fees
• Attorney Fees
• Home Inspection Fee
• Survey Fee

All of these costs are negotiable, and the specific division of costs should be clearly outlined in the purchase and sale agreement.

Buyers and sellers should consult with their real estate agents or attorneys to ensure they understand all the costs involved in the transaction.