I am often asked about typical closing costs in our market for both buyers and sellers. Although I am not an attorney (disclaimer!), here are categories a seller will typically see on his/her/their side of the closing statement: (all figures are APPROXIMATE)
- Closing attorney fees and charges to include review of settlement statement, preparation of deed as well as any required tax and mechanic’s liens affidavits and other normal conveyance documents, (generally $550-750). Additional attorney or paralegal fees on an as-needed/billed hourly basis might include preparation of power of attorney, work required to clear title defects, or post closing issues ($75-200/hour).
- Deed Stamps is the term given to the Beaufort County transfer tax, calculated at $3.70 per $1,000.00 of sales price, amount established by law.
- Recording Fees for deed and any releases, $10.00-35.00, amount established by law.
- CL-100 or Termite Letter was, until a few years ago, always a seller expense. Our standard resale contrct now has a box to check as to which party will order and pay for this, generally $100-250.
- Assessments, POA/Regime Fees, and Property Taxes are pro rated at closing with the seller responsible for the portion of the year that correlates with ownership.
- South Carolina Capital Gains Tax Withholding requires purchasers of real property to deduct and withhold from proceeds to NON-RESIDENT sellers an amount equal to 7% (for individuals) or 5% (for corporations) of the estimated gain at closing. The gain figure is provided by seller, assuming, of course, there is a gain…. But if there is not now, there will be again soon!
- Sales Commission is negotiable and not a set amount. Beverly Serral Properties fee for service will vary depending on several factors; please ask. It is our goal that this will be the best money you spend in the sale of your property!