Real estate transactions in South Carolina, like elsewhere, involve various expenses beyond the property’s price. These expenses, incurred to finalize the sale and transfer ownership, are collectively known as closing costs. These costs can include loan origination fees, appraisal fees, title insurance, property taxes, and recording fees. For example, a buyer might pay for the appraisal and loan origination, while a seller typically covers the cost of a real estate commission.
Understanding the division of these expenses is crucial for both buyers and sellers to accurately budget and avoid unexpected financial burdens. A clear delineation of responsibility for each cost contributes to smoother, more transparent transactions. Historically, customary practices often dictated these divisions, but negotiations and contractual agreements now play a larger role in determining which party bears specific costs.
