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7. Closing Cost Information
General Closing Costs in Beaufort County, South Carolina:
1. Statutory Recording Fee = 0.37% of Purchase Price - used to be called “deed stamps”, a seller obligation under standard form contract.
2. Hilton Head Island Transfer Fee = 0.25% of Purchase Price - only applies to Hilton Head property, a purchaser obligation under standard form contract.
3. Register of Deeds Recording Fee = $10 for first 4 pages, $1 per page thereafter - applies to all recorded documents (deeds, mortgages, satisfactions, assignments, etc) and whoever is recording the document pays the fee.
4. CL-100 or termite letter = $125 to $250, applies to condominiums and homes, a seller obligation under standard form contract.
5. Real Estate Taxes = Prorated at closing. As taxes are paid in arrears, generally the seller will credit the purchaser at closing for the taxes accruing from January 1 through the date of closing.
6. Regime/POA Assessments = Prorated at closing. Usually paid in advance, generally the purchaser will credit the seller at closing to reimburse the seller for the prepaid portion of the assessments.
7. Title Search = $150 to $250 - a purchaser obligation under standard form contract.
8. Attorney Fees = $500 to $850 - fluctuates depending upon seller or purchaser representation (seller is less expensive), whether the purchase is cash or financed, and whether property is improved or a lot.
9. Title Insurance = $1.75 per thousand dollars based on purchase price plus $75 for lender coverage, percentage decreases as purchase price escalates, a purchaser charge under standard form contract.
10. Appraisal Fee = $300 to $475 - usually a lender requirement and a purchaser obligation.
11. Survey = $400 to $750 - not applicable to condominiums, generally optional and a purchaser obligation.
12. Lender Charges = Vary widely, can include points, origination fees, document preparation, underwriting fees, tax service fee, credit application fee - a purchaser obligation.
13. Insurance = Varies widely, not applicable to lots. Hazard, flood, wind & hail. Flood not required unless in flood zone (most all of Hilton Head Island and Daufuskie). Purchaser obligation. Regime assesses in condominiums, so a prorated charge at condominium closings.
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