Are you trying to budget for closing day in Greenville and wondering who pays for what? You are not alone. Whether you are buying your first home or selling a longtime place, closing costs can feel confusing. In this guide, you will learn the typical totals, the line items to expect, local Upstate South Carolina customs, and smart ways to negotiate. Let’s dive in.
What closing costs are
Closing costs are the one-time fees, prepaids, and prorations you pay at the end of a real estate transaction. Buyers see lender charges, title and recording fees, and prepaid items like insurance and taxes. Sellers see commission, title-related costs, and prorated taxes or HOA dues. Your exact numbers depend on price, loan, and what you negotiate.
Typical totals in Greenville
- Buyers in Upstate South Carolina typically pay about 2% to 5% of the purchase price in closing costs. Lower totals are more common for cash buyers, or when lenders offer credits. Higher totals can apply with smaller down payments or more prepaids.
- Sellers typically pay about 6% to 10% of the sale price, with the largest cost often being real estate commission. Excluding commission, seller fees and prorations often land around 1% to 3%.
These ranges are estimates. Your Closing Disclosure and settlement statement will show exact figures for your property and loan.
Buyer closing costs: what to expect
Lender fees and points
Common lender charges include an application or origination fee, often around 0.2% to 1.0% of the loan amount, plus underwriting and processing that can range $300 to $1,000 combined. You may also choose discount points to reduce your interest rate. One point equals 1% of the loan amount and is optional.
Appraisal, credit, inspections
Most financed purchases require an appraisal, typically $400 to $800. A credit report fee often runs $25 to $50. Inspections are paid outside of closing but are part of your overall budget. A home inspection may cost $300 to $600, and pest, radon, or septic tests typically range $75 to $400 each.
Title, settlement, and recording
Expect a title search and lender’s title insurance if you have a mortgage. These usually cost from the hundreds to low thousands, depending on price and insurer. A settlement or closing fee with the title company or closing attorney often ranges $300 to $1,000. Recording fees are modest in South Carolina and often $10 to $200 combined. For current recording details, check the Greenville County Register of Deeds.
Prepaids and escrow
You will prepay items like the first year of homeowners insurance and a portion of property taxes. You will also pay prepaid interest for the days between closing and your first mortgage payment. These items vary by price, timing, and lender requirements.
Seller closing costs: what to expect
Commission and title items
The largest seller cost is usually the real estate commission, commonly 5% to 6% of the sale price and negotiated with your listing agent. Sellers may also pay for the owner’s title insurance policy in many South Carolina transactions, though this is not a hard rule and can be negotiated. A separate seller settlement fee, if charged, often ranges $150 to $600.
Payoffs, prorations, and repairs
If you have a mortgage, the payoff is settled at closing. Property taxes and HOA dues are typically prorated to the closing date. If you agree to repairs or credits after inspections, those show on the settlement as well.
Local Greenville customs
- Closings are commonly handled by a title company or a South Carolina closing attorney. You will receive a detailed settlement statement and, if you have a loan, a federal Closing Disclosure.
- In many Southeast markets, including parts of South Carolina, sellers often pay for the owner’s title insurance. This is a custom, not a rule, and can vary by transaction. Confirm with your closing attorney or title company.
- South Carolina does not impose a large statewide transfer tax like some states. Recording and documentary fees are typically modest. For fee schedules, refer to the Greenville County Register of Deeds.
What is negotiable
Buyer strategies
- Ask for seller concessions to cover some closing costs or to buy down your interest rate. Loan programs limit seller-paid costs, so check rules with your lender. For an overview of closing documents, see the CFPB guide to closing.
- Compare title and closing providers. Settlement fees can vary, and either party can request a preferred provider.
- Consider lender credits that reduce upfront costs. This can raise your interest rate, so compare the tradeoffs using a calculator like the Bankrate mortgage calculator.
Seller strategies
- Concessions can widen your buyer pool. Model your net proceeds, including commission and any credits.
- If inspection items come up, consider a price credit instead of making repairs. It can simplify your timeline and limit contractor coordination.
- Clarify who pays for owner’s title insurance and settlement fees. These items are negotiable and influenced by local custom.
For specific seller concession caps, confirm details with your lender. Program rules vary for conventional, FHA, VA, and USDA financing. You can review agency information at HUD’s FHA page and the VA home loan site.
Examples by price point
Below are simple illustrations using typical Upstate South Carolina ranges. Buyer totals include lender fees, title and recording, and prepaids. Seller totals include commission.
$250,000 purchase
- Buyer: 2% to 5% equals about $5,000 to $12,500.
- Seller: 6% to 10% equals about $15,000 to $25,000. Commission at 5% is $12,500 of that range.
$400,000 purchase
- Buyer: 2% to 5% equals about $8,000 to $20,000.
- Seller: 6% to 10% equals about $24,000 to $40,000. Commission at 5% is $20,000 of that range.
$600,000 purchase
- Buyer: 2% to 5% equals about $12,000 to $30,000.
- Seller: 6% to 10% equals about $36,000 to $60,000. Commission at 5% is $30,000 of that range.
How to prepare for closing
- Ask for itemized estimates early. Buyers should compare Loan Estimates from lenders and request a title quote. Sellers can ask for a net sheet that estimates payoff, commission, and prorations.
- Review your Closing Disclosure. Buyers receive it at least three business days before closing. Use the CFPB sample Closing Disclosure to understand each line.
- Confirm who pays what. Align on owner’s title insurance, settlement fees, and HOA transfer charges in the contract.
- Plan your prepaids and cash to close. Coordinate insurance, wire instructions, and tax prorations with your lender and closing attorney.
- Time your closing date. Your prepaid interest changes based on the day you close and your first payment date.
Helpful resources
- County recording and deed questions: Greenville County Register of Deeds
- Closing day basics and your Closing Disclosure: CFPB guide to closing
- Sample Closing Disclosure form with explanations: CFPB sample CD
- Plan payments and compare scenarios: Bankrate mortgage calculator
- Program information for government-backed loans: HUD FHA and VA home loans
Buying or selling in Greenville should feel clear and manageable. If you want help planning your closing costs, net proceeds, or a strategic negotiation, reach out to Mary Sloka for friendly, data-driven guidance tailored to your move.
FAQs
What closing costs do Greenville buyers typically pay?
- Buyers often pay lender fees, appraisal, credit report, inspections, title search and lender’s title insurance, settlement fees, recording fees, and prepaids like insurance and taxes, totaling about 2% to 5% of the price.
How much do Greenville sellers usually pay at closing?
- Sellers typically pay about 6% to 10% of the sale price, with the commission as the largest cost, plus title-related fees, prorations, and any negotiated credits or repairs.
Who pays for owner’s title insurance in South Carolina?
- It is common in many South Carolina transactions for the seller to pay for the owner’s title policy, but this is not a rule and can be negotiated based on local custom and contract terms.
Are there big transfer taxes in South Carolina?
- South Carolina does not have a large statewide transfer tax like some states, and recording fees are typically modest; check the Greenville County Register of Deeds for current fee schedules.
Can a seller pay a buyer’s closing costs with FHA or VA loans?
- Yes, sellers can offer credits, but loan programs limit seller-paid costs; buyers should confirm specific caps with their lender and consult HUD or VA resources.
When will I see my final closing numbers?
- Buyers receive a Closing Disclosure at least three business days before closing, which lists all line items and the cash needed to close.
