Are you wondering how much cash you’ll need at the closing table in Mount Pleasant? You are not alone. Closing costs can feel confusing, especially if you are relocating or buying in a coastal market for the first time. In this guide, you will learn what typical buyer closing costs look like here, who usually pays which fees in South Carolina, how attorney-led closings work, and how to estimate your totals early with confidence. Let’s dive in.
What are closing costs and how much to budget
Closing costs are the one-time fees due at the end of your purchase. They are separate from your down payment. If you are financing, plan for about 2% to 5% of the purchase price in buyer closing costs. Cash buyers typically see 1% to 3% because there are no lender fees.
For a simple ballpark, a buyer purchasing a $500,000 home with a loan might bring roughly $10,000 to $25,000 to closing, not counting the down payment. Your total depends on your loan program, insurance, property type, and exact timing. Many line items are negotiable, so your final number can shift based on your contract.
Who pays what in South Carolina
In South Carolina, many items follow custom, not law. Sellers commonly pay the owner’s title insurance policy and real estate commissions, while buyers typically pay lender-related fees, the appraisal, inspections, recording fees for the mortgage, and prepaids and escrow reserves. These customs apply broadly in Mount Pleasant as part of the Charleston market.
Several charges are negotiable. You can ask for seller concessions toward your closing costs, request credits in lieu of repairs, or negotiate who pays certain HOA transfer or estoppel fees. Work with your agent to match concessions to your loan program rules and the current market.
Buyer cost categories and local ranges
Below are the most common line items you will see in Mount Pleasant. Ranges reflect typical Lowcountry experience. Your lender, closing attorney, and contract will determine exact amounts.
Lender fees
- Loan origination or processing fee: often 0.25% to 1.0% of the loan amount, or a flat fee. Some lenders also charge a third-party processing fee of about $300 to $800.
- Underwriting, application, and credit report: about $30 to $800 in total, depending on lender structure.
- Discount points: optional cost to lower your interest rate. Often 0 to 2 points, where 1 point equals 1% of the loan amount.
- Appraisal: typically $450 to $800 for a single-family home in the Charleston area. Larger or complex properties may cost more.
- Mortgage insurance or program fees: FHA, VA, and USDA loans have specific up-front costs or funding fees. These vary by program and may be financed.
- Estimated total for lender-related charges: about $1,500 to $6,000+ depending on loan size and points.
Title and attorney fees
- Title search and exam: often $150 to $500.
- Closing or settlement attorney fee: commonly $250 to $800 for a straightforward closing in South Carolina.
- Title insurance: two policies exist. The lender’s policy is based on your loan amount and is usually required by your lender. Owner’s title insurance is customary for the seller to pay in South Carolina, but this is negotiable.
- Lender’s title policy premium: often around 0.3% to 0.6% of the loan amount, depending on the underwriter’s schedule.
- Wire, courier, and escrow administration fees: typically $25 to $150.
- Recording fees for deed and mortgage: usually $10 to $150 per document in Charleston County.
Prepaids and escrow
- Prepaid interest: a partial month of interest based on your closing date and rate. This can range from a few hundred dollars to more.
- Homeowners insurance: most lenders require your first year’s premium at closing or proof of payment. Coastal markets often see higher premiums.
- Flood insurance: if the property is in a Special Flood Hazard Area and you are using a regulated lender, flood insurance will be required. Premiums vary by structure, elevation, and coverage.
- Property tax escrow: lenders often collect 2 to 6 months of taxes and insurance to set up your escrow account.
- Estimated prepaids and escrows: about $1,000 to $5,000+, driven by insurance and taxes.
Inspections and reports
- General home inspection: about $300 to $700, depending on size and complexity.
- Wood-destroying organism (termite) inspection: about $50 to $200, commonly used in Charleston County.
- Radon, mold, or specialty inspections: $100 to $600 each if needed.
- Survey: often $300 to $1,000+ depending on lot size and complexity.
HOA and community fees
- HOA transfer or application fee: commonly $100 to $400, with some communities higher.
- Estoppel or resale certificate: required by many Mount Pleasant associations. Fees and who pays are subject to the contract.
- Prorated dues: you and the seller split current period dues according to the contract and closing date.
Miscellaneous fees
- Title endorsements or gap coverage: typically $50 to $200.
- Additional attorney document prep beyond standard: varies by need.
- Local recording and small county fees: appear on your settlement statement and are relatively modest.
Local Mount Pleasant factors to watch
- Flood risk and insurance: Mount Pleasant has low-lying, tidal areas. If your home is in a mapped flood zone, your lender will require flood insurance. Get quotes early so your monthly payment and cash-to-close are accurate.
- HOA and POA prevalence: Many subdivisions and condos have active associations with transfer fees, estoppels, or capital contributions. Confirm amounts and who pays during due diligence.
- Termite and moisture: Warm, humid conditions make WDI inspections and moisture checks routine. Build these into your budget and timeline.
- Market speed: Homes can move quickly. Strong pre-approval helps avoid last-minute rushes or fees and supports a smoother closing.
How attorney-led closings work in SC
South Carolina commonly uses an attorney-led closing model. A real estate attorney or a title company attorney conducts the title search, prepares documents, manages the settlement funds, and records the deed and mortgage with the county. You will often sign at the attorney’s office or with a closing agent under attorney supervision.
Timeline and disclosures
Under federal TILA-RESPA rules, your lender must provide a Loan Estimate within three business days of application. You must also receive your Closing Disclosure at least three business days before you sign your loan. This timeline gives you time to review exact costs and ask questions.
Wiring safety
Wire fraud is a real risk. Always verify wiring instructions directly with the closing attorney using a trusted phone number, not only by email. Expect to reconfirm routing instructions before sending funds and ask about the firm’s secure transfer procedures.
Estimate your costs before touring
You can create a reliable estimate early, even before you make an offer. The goal is to replace guesswork with clear, line-by-line numbers.
Steps to build a solid estimate
- Ask two or three lenders for sample Loan Estimates based on your target price and loan program.
- Request a fee sheet from a local closing attorney or title company for Charleston County items like title, recording, and attorney fees.
- Gather HOA details for the communities you like and confirm any transfer or estoppel fees and regular dues.
- Obtain homeowners and, if relevant, flood insurance quotes for the neighborhood or a comparable property.
- Build a worksheet with lender fees, appraisal, inspections, title and attorney fees, recording fees, prepaid interest, first-year insurance, escrow reserves, and HOA charges.
Sample conservative scenarios
Scenario A — $400,000 purchase, 20% down, conventional loan
- Lender fees: $2,000
- Appraisal: $550
- Title, lender policy, recording, attorney: $1,800
- Prepaids and escrow: $2,500
- Inspections and WDI: $600
- HOA transfer/estoppel: $250
- Estimated buyer cash-to-close (excluding down payment): about $8,700 (about 2.2%)
Scenario B — $800,000 purchase, 10% down, conventional loan
- Lender fees and points: $4,000
- Appraisal and inspections: $1,200
- Title, lender policy, attorney: $3,200
- Prepaids and escrow: $4,500
- HOA and other: $400
- Estimated buyer cash-to-close: about $13,300 (about 1.66%)
Quick rules of thumb
- Ask for a sample Loan Estimate matched to your price point and loan type.
- Add a 10% to 20% cushion to early estimates for taxes, insurance, prorations, and repairs.
- If flood insurance may apply, get a quote early. It can materially affect monthly payments and cash-to-close.
- For homes in HOAs, confirm estoppel or transfer fees and who pays under the contract.
Ways to reduce or control costs
- Negotiate seller concessions. Sellers can credit a portion of your closing costs, subject to loan program limits.
- Consider a rate buy-down paid by the seller. This can reduce your monthly payment and upfront costs if structured within lender limits.
- Compare lenders. Fee structures and rates vary, and small differences can change your cash-to-close by thousands.
- Coordinate your closing date. Prepaid interest depends on the day you close, so discuss timing with your lender to manage that line item.
- Prioritize inspections. A thorough inspection can uncover issues that lead to credits in lieu of repairs.
What to expect on closing day
You will typically sign at a South Carolina real estate attorney’s office. Bring a government-issued ID and arrange your funds by wire per the attorney’s instructions, verified by phone. The closing attorney or their team will review documents, collect signatures, disburse funds, and record the deed and mortgage with Charleston County. Once recording is confirmed, you receive keys according to your contract.
Wrap up: Move forward with confidence
Closing costs in Mount Pleasant are predictable once you break them into clear buckets. With a strong estimate, the right lender, and an experienced local agent, you can plan your cash-to-close and negotiate with confidence. If you would like a personalized closing-cost breakdown for a specific neighborhood or price point, reach out to Kaylan Tyler to Schedule a Consultation.
FAQs
How much are buyer closing costs in Mount Pleasant?
- Most financed buyers should plan for about 2% to 5% of the purchase price, while cash buyers often see 1% to 3%, depending on insurance, taxes, and fee choices.
Can a seller pay buyer closing costs in South Carolina?
- Yes, seller concessions are common and negotiable, though your loan program may cap the allowable amount.
How do attorney-led closings work in South Carolina?
- A real estate attorney handles the title exam, closing documents, funds disbursement, and recording; you typically sign at the attorney’s office with the attorney or a supervised closing agent.
Who chooses the title company or closing attorney in South Carolina?
- Either party can propose an attorney or title company, and the choice is negotiated in the contract; ask for a fee estimate early to compare options.
Do I need flood insurance in Mount Pleasant and how does it affect closing costs?
- If the home is in a Special Flood Hazard Area and you are financing, your lender will require flood insurance; the first year’s premium and escrow setup affect your cash-to-close.
What inspections do Mount Pleasant buyers typically pay for?
- Most buyers order a general home inspection and a wood-destroying organism inspection, with optional specialty inspections like mold or radon as needed.
