Are you trying to nail down exactly how much cash you need to close on a home in North Charleston? You are not alone. Closing costs can feel confusing, especially when you are sorting through lender fees, title charges, and escrow deposits. In this guide, you will learn what closing costs include, who typically pays what in South Carolina, and how to estimate your cash to close with simple, local examples. Let’s dive in.
What closing costs include
Closing costs are more than one fee. They usually include:
- Third-party title and attorney services, plus title insurance.
- Recording fees to file the deed and mortgage with Charleston County.
- Lender charges like origination, underwriting, appraisal, credit report, and flood certification.
- Prepaid items such as your first year of homeowners insurance, prorated property taxes, per‑diem mortgage interest, and initial escrow deposits.
These items are separate from your down payment. Most costs are set by your lender and the closing attorney or title company named in your contract.
Who pays what in South Carolina
Customs vary by market and negotiation, but here is what is common in North Charleston and across South Carolina:
- Seller: Often pays real estate commissions and commonly pays for the owner’s title insurance policy. Seller also covers the deed preparation and may pay the deed recording fee. Taxes and HOA dues are prorated to the closing date.
- Buyer: Typically pays lender-related fees, the lender’s title policy if there is a mortgage, the appraisal, survey if required, their own attorney fee, and most prepaids and escrow deposits. The buyer usually pays the mortgage recording fee.
Many items are negotiable. Seller credits can reduce your cash to close, subject to your loan program’s limits.
Buyer totals to expect
As a financed buyer in North Charleston, a practical planning range for closing-related costs is about 2 percent to 5 percent of the purchase price, not including your down payment. On top of that, plan for prepaids and escrow deposits for insurance, taxes, and interest.
The exact number depends on your loan type, lender fees, whether you pay points, the timing of your closing within the tax year, and any seller credits.
Seller costs at a glance
Sellers’ largest cost is usually the real estate commission agreed to in the listing agreement. Other typical seller-side charges include the owner’s title insurance premium in many South Carolina transactions, deed preparation and recording, and prorations for property taxes and HOA dues to the closing date. Final utilities or municipal fees, if any, are settled at closing.
North Charleston examples
Below are two sample scenarios to show how the math can work. These are estimates only. Your lender and closing attorney or title company will provide exact figures.
Example: $350,000 with 5% down
- Purchase price: $350,000
- Down payment at 5 percent: $17,500
- Loan amount: $332,500
- Estimated buyer closing costs at 3 percent: $10,500
- Lender and third-party fees can total about $3,000 to $6,000
- Loan title policy and closing/title fees may range $800 to $2,000
- Recording fees often fall between $50 and $400
- Prepaids and escrow reserves estimate: $1,500 to $3,000
- Insurance first year: $700 to $1,200
- Tax prorate and initial escrow: $500 to $1,500
- Per‑diem interest to month end: $150 to $400
- Estimated total cash to close: about $30,000, including down payment, closing costs, and prepaids
Example: $475,000 with 20% down
- Purchase price: $475,000
- Down payment at 20 percent: $95,000
- Loan amount: $380,000
- Estimated buyer closing costs at 2.5 percent: $11,875
- Prepaids and escrow: $2,000 to $4,000
- Estimated total cash to close: about $109,000, depending on exact fees and any seller credits
Fill-in worksheet
Use this quick worksheet to estimate your cash to close for a North Charleston purchase.
Quick steps
- Enter purchase price: P
- Choose down payment percent: D%
Down payment = P × D%
- Choose closing costs percent: C%
Suggested range is 2 percent to 5 percent
Estimated closing costs = P × C%
- Estimate prepaids/escrow percent: E%
A typical starting point is 0.4 percent to 1.0 percent of P
Prepaids/escrow = P × E%
- Enter any seller credits: S
- Cash to close = Down payment + Estimated closing costs + Prepaids/escrow − Seller credits
Worked example
- P = $350,000
- D% = 5%
Down payment = $17,500
- C% = 3%
Closing costs = $10,500
- E% = 0.6%
Prepaids/escrow = $2,100
- S = $0
Cash to close = $17,500 + $10,500 + $2,100 = $30,100
How to use it
- Choose a lower C% if you expect seller credits or if the seller pays the owner’s title policy.
- Choose a higher C% if you are paying discount points or have higher lender charges.
- Adjust E% based on the time of year and your insurance quote. If you close near a major tax due date, your escrow needs may be higher.
Get exact local numbers
You can zero in on accurate figures well before closing with these steps:
- Ask your lender for a Loan Estimate within three business days of applying. It shows your projected lender fees and third-party charges.
- Request a preliminary title quote and recording fee breakdown from the closing attorney or title company named in your contract. Charleston County recording charges vary by document and page count.
- Get a local property tax estimate from the county or through your agent so your prorations and escrow deposits are realistic.
- Confirm who is paying for the owner’s title policy and whether any HOA transfer or estoppel fees apply.
- Compare at least two lender quotes side by side, focusing on origination, points, and underwriting fees.
Smart ways to save
- Negotiate seller credits to offset your closing costs, subject to lender limits.
- Ask about simultaneous issuance discounts if both owner and lender title policies are issued at the same time.
- Review your appraisal, credit report, and other third-party fees and ask your lender to explain any line items that seem high.
- Time your closing date to manage per‑diem interest and prepaid escrows when possible.
Timing and documents
Most South Carolina closings take place at a closing attorney or title company. If you are financing, your lender must provide a Closing Disclosure at least three business days before closing, so you have time to review and ask questions. The title company typically shares a settlement statement for final review as well.
Ready to plan your North Charleston move with clear numbers and a confident plan? Request a Free Home Valuation & Consultation with Nicole Lemieux to get local guidance, trusted vendor referrals, and negotiation strategies tailored to your goals.
FAQs
How much should a North Charleston buyer budget for closing costs?
- Plan for about 2 percent to 5 percent of the purchase price for closing-related costs, plus prepaids and initial escrow deposits, in addition to your down payment.
Who usually pays for title insurance in South Carolina?
- It is common for the seller to pay the owner’s title policy, while the buyer pays the lender’s policy if there is a mortgage, though the contract can change this.
Can a seller help pay my closing costs in North Charleston?
- Yes, seller credits are negotiable and can reduce your cash to close, subject to your loan program’s limits and the terms of your purchase contract.
Are property taxes due at closing in Charleston County?
- Taxes are prorated to the closing date, so each party pays its share for the year; buyers also fund initial escrow deposits for future tax payments when using a mortgage.
When will I see my final closing figures before settlement?
- Your lender must deliver a Closing Disclosure at least three business days before closing, and the title company typically provides a settlement statement for review as well.
