Closing Costs When You Sell a Home in Columbia, SC
When you are getting ready to sell your home in the Greater Columbia, SC area, one of the most important steps is to have a clear understanding of the expenses involved. This blog is to help you get started in the right direction and should only be used as a guide and not actual costs. Prices can vary depending on the real estate company and terms of the contract between buyer and seller.
- Deed Preparation. It is typically a charge of $250 by the real estate attorney closing the property to prepare the deed for the seller.
- Deed Stamps. Deed stamps are a tax for the county and the state of SC. $Sales Price (rounded UP to the next $500) ÷ 500= ______ x $1.85 = Deed Stamps
- CL-100 (termite letter) is usually $125 and most times defaults to the purchaser unless it is a VA loan, then it must be paid for (at closing) by the seller. If termite or damages are found, most times the buyer will request repairs through the repair addendum, see the terms of the contract of sale.
- HVAC (heating and air) letter. This too typically defaults to the purchaser within their inspection due diligence. If deficiencies are found, many times the buyers ask for repairs on this as well, see the terms of the contract of sale.
- Satisfaction. If there is a mortgage on the home, it usually costs the attorney $25 per loan to record the satisfaction at the courthouse; they pass that fee to the seller.
- Commission. To sell a home using a professional Realtor there are usually two agents involved, the listing agent and the selling agent, and they split the commission. This charge is regional and can vary by company. $Sales Price x __% = Commission. Contact your local Realtor for this rate. As in everything in life, you get what you pay for, and you need an expert to guide you.
- Home Warranty Fee. $455-$600, the buyer may negotiate this insurance policy at the time of contract. The seller or the buyer can pay for this, see the contract of sale for the terms.
- Buyer’s closing costs. The buyer and seller can agree to share in this cost set out by the purchaser’s loan program. Depending on the market, the seller may or may not have to participate in these expenses.
- Loan payoff. Any present mortgage or lean will need to be satisfied, only the loan holder can give an exact payoff but using the principle owed + last house payment will get close for an estimate.
- Taxes. The seller will have to pay the taxes through the day of the year owning the home. Last year’s tax bill ÷ 12 = ___ x month-of-the-year-closing = taxes due.
- Escrow. If a seller has a mortgage that includes an escrow account, the seller will be due an escrow refund after the payoff is received by the mortgage company – usually, 30-45 days post closing.
It is not as simple as finding a buyer, going to closing and giving the buyer your house keys. To sell your home in Columbia, SC you need an expert in both selling your home and getting it closed.
You need to be careful to select an agent that has the experience and knowledge to help guide you through the researching the value of your home, staging of your home, preparing your home to sell, accomplishing the paperwork to get it sold properly and walking you through the closing process without confusion.
Don’t get caught not knowing the expenses that you will face in the process of selling your home in the Greater Columbia, SC area, the Carolina Girls of Real Estate can help you with each step of the way.
What is my home worth in the Greater Columbia, SC area? Last year we sold 84% of the homes we listed (average MLS agent:39%) at 96.03% of list price at 40% faster that the average MLS agent. We can help you too.