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Below are most of the closing costs
involved in purchasing real estate in the Hilton Head area. Some of
these, cost are specific to our area, but all are required. States
have different requirements so be sure you ask about the cost in the
state you are viewing property.
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Attorney Fees:
The South Carolina Supreme Court requires real estate closings be
handled by an attorney. Typical charges for real estate closings on
Hilton Head are $600 to $800.
Title Search: A title search is done to make sure there are
no outstanding mortgages, liens, or rights of third parties which
affect the title and to verify the seller is the rightful owner.
Cost are $250 to $350
Title Insurance: Its exactly what it says, it insures the
title against any claims by other parties. Cost are approximately
$3.00 per $1,000 for the first $50,000, $2.75 for the next $50,000
and $2.50 per $1,000 above that, plus a $25.00 binder fee. The
attorney will be able to give you an exact cost prior to closing.
Hilton Head Island Transfer Fee: This fee must be paid by the
buyer and is charged by the Town. It is 1/4 of 1% of the purchase
price. Example: 350,000 X .0025 = $875. This money is put back into
the community in the form of bike paths, parks, beach access and
parking etc.
Recording Fee: Cost to record the deed and misc. items.
$25.00 to $100.00
MORTGAGE
COST
Appraisal Fee:
Your lender will require and order a current appraisal of the
property to verify their loan-to-value. The costs are approximately
$300.00.
Credit Report: Of course all lenders require a credit report.
$45.00 to $65.00
Application Fee: Some lenders require an application fee or
upfront processing fee. You should inquire from any company about
their fees for the loan. Typical fee is around $400.00
Origination Points: Some loans require "points" at closing.
These are a percentage of the loan amount(usually 1%) which the
lender requires be paid up front. They are charged to buy-down the
interest rate or to get a special or specific type of loan. Be sure
an ask the lender if points are necessary.
Home Inspections: It is always wise to have a property
inspected prior to closing to verify its condition and let you know
if there are any defects. These fees range from $200.00 to $350.00.
Electric Utility Deposit: $100 The attorney will have
Palmetto Electric tranfer the electric billing to you as of the day
of closing. Palmetto Electric requires this deposit which it refunds
after one year.
Make sure your lender provides you with an "estimate of closing
cost" after the first few days of application.
Contact us today, if you have any questions. |
