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Tips for Sharing Closing Costs

Understanding closing costs and what charges they involve can help first time home sellers to better understand the selling process. In most cases, you will need to share the closing costs with your buyer. Usually payment for these fees are split right down the middle, however there are some instances where the buyer or seller will need to pay more than their equal share, and in some parts of the United States, the buyer or seller is responsible for paying all the final taxes and fees.

If you are planning on selling your home in the Charleston, SC area, you should find out as much information as you can about closing costs so that you will know what to expect when it comes time to finalize the sale of your home. These fees can vary from one state to another, so be sure to do some research on closing costs in your local area for the most accurate information.

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What are Closing Costs?

Closing costs are the additional taxes and fees that must be paid in order for a home sale to be finalized. These can include everything from escrow fees to the cost of sewer inspections. In the state of South Carolina, the estimated closing costs that must be paid average around $2,000 for lender’s origination fees and $700 for third-party fees.

Who is expected to pay for Closing Costs in South Carolina?

The person responsible for paying half or all of the closing costs can vary from one state to the next. In most cases, closing costs are negotiable which means that the seller and buyer are free to discuss and decide on who pays for what item.

In the state of South Carolina, the seller of the home is responsible for paying a portion of the closing costs. This includes the transfer fee or deed stamps, the taxes and the home warranty costs. If the home is being sold by a broker, the seller will also be responsible for paying any brokerage commission fees and other costs that they agreed to pay in the listing agreement.

In today’s market, many buyers are asking the sellers to pay some of their closing costs in order to cut down on the amount that they have to pay out. And many sellers will often agree to pay these fees, especially if they are in a hurry to sell. The closing costs that the sellers must pay will be automatically taken out of the payment that they receive for the home sale.

Recognizing what costs and fees are associated with closing costs and coming up with a reasonable negotiation with your buyer will help you to come to an agreement much faster. If this is your first time listing a home on the market, it would be in your best interest to find out as much as you can about closing costs and other aspects of the selling process before you list your home. That way there will be fewer surprises and you will have a better idea of what to expect throughout the selling process.

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We write often to give you the latest insights on owning a home or property in the Charleston, SC area.