Closing Costs

Closing Costs for Purchasers

Attorney's Fees: Because of the complex nature of Real Estate Closings, the South Carolina Supreme Court requires that attorneys participate in and oversee them. Attorney Fees typically include review of title exam, preparation of reasonably necessary loan documentation and settlement statement, receipt and disbursal of all closing funds, usual, normal pre-closing correspondence and conferences with clients. Approximate cost: $550.00 plus document preparation $100.00

Title Search: This is done to insure that the seller is the sole and rightful owner of the property and that there are no outstanding mortgages, liens, or rights of third parties that may adversely affect the title. Approximate cost: $275.00

Title Insurance: Insures the title from defects. Approximately $150.00 for the first $50,000. $3.00 per $1,000 for the next $50,000, and $2.10 per $1,000 from $100,000 - $500,000. Example: Title insurance on a $400,000 mortgage would be approximately $510.00

Buyers Transfer Fee: This is levied by the town of Hilton Head Island. It is Œ of 1% of the purchase price. Example: $200,000 purchase price X.25% = $500.00 transfer fee. This money is put back into the community in the form of beach parks, bike paths, etc. Some communities are also charging a transfer fee often also Œ 0f 1%

Survey (includes elevation certificate): If you are obtaining a mortgage on the property, your lender may require a survey. Your insurance company will probably require an elevation certificate. Survey may already be available from POA or seller. Otherwise approximate cost $575.00.

Adjustments: Prepaid items paid by seller (ie: taxes, regime fees, etc.)

Record Fee: Cost to record deed. Approximately $25.00.

Appraisal Fee: Your lender will require a current appraisal of the property being purchased. Approximate cost is $350.00

Credit Report: Required by lender. Approximate cost $80.00.

Home Inspection: You have the option as the purchaser to have an inspection done of the property. For a villa or condo, the average fee is $150.00. For a home the cost averages $250.00. Stucco homes are substantially more.

Palmetto Electric Deposit: Your closing attorney will insure that the electric is transferred into your name the day of closing. Palmetto Electric Company rrequired $100.00 security deposit, which is collected at closing.

Origination Points: Depending on the type of loan and the interest rate, you may have to pay "points" at closing. Basically, you're paying to buy down the interest rate or to get a special financing program. Example: 1 point is 1% of the loan amount. On a $100,000 loan, you would pay $1,000.

Processing Fee: Sometimes charged by lenders (about $350.)

Underwriting Fee: Sometimes charged by lenders (about $350.)

Your lender can provide you with a "Good Faith Estimate" shortly after you apply for your loan which will itemize your approximate closing costs.

This information is believed to be accurate but is not guaranteed and must be verified as each individual closing has different circumstances.