What to Expect During a Real Estate Deal Closing in South Carolina

Closing a real estate deal in South Carolina is a significant milestone for both buyers and sellers. Understanding the process can help ensure a smoother transaction and alleviate any concerns you may have. Here’s what to expect during the closing phase of your real estate transaction in South Carolina.

1. Final Walk-Through
Before the closing happens, buyers typically conduct a final walk-through of the property. This step is crucial to ensure that the home is in the agreed-upon condition and that any repairs promised by the seller have been completed. Make sure to check for any issues, as this is your last chance to address concerns before the closing.

2. Closing Disclosure
At least three days before the closing date, you’ll receive a Closing Disclosure. This document outlines the loan details, final closing costs, and any other fees associated with the sale. It’s essential to review this information carefully to ensure that everything is accurate and as expected.

3. Closing Costs
In South Carolina, closing costs typically range between 2% and 5% of the home’s purchase price. These costs can include title insurance, attorney fees, appraisal fees, and taxes. Be prepared to come to the closing table with a cashier’s check or wired funds to cover these expenses.

4. Attorney Involvement
One unique aspect of real estate transactions in South Carolina is the necessity of having an attorney present at closing. The attorney will help facilitate the closing process, review documents, and ensure that both parties comply with state laws. Make sure to communicate openly with your attorney to address any questions or concerns.

5. Signing Documents
During the closing, both the buyer and seller will sign various documents. This includes the deed, bill of sale, and several other legal documents related to the mortgage. Ensure you carefully read each document you sign and ask for clarification if needed. Your attorney can assist with this process, ensuring that you fully understand your commitments.

6. Transfer of Funds
Once all documents are signed, funds will be transferred. This typically includes the earnest money deposit, down payment, and any closing costs. The closing attorney will handle the distribution of these funds and ensure all parties receive their payments appropriately.

7. Title Transfer
After closing, the title of the property officially transfers from the seller to the buyer. The closing attorney will record the transaction with the county clerk’s office, making it a matter of public record. This step is crucial, as it confirms the buyer’s ownership of the property.

8. Receiving Keys
Once the transaction is complete and the title is recorded, the buyer will receive the keys to their new home. Congratulations, you are now a homeowner! It’s a moment to celebrate after what is often a lengthy process.

9. Post-Closing Tasks
After closing, remember to update your address with the post office, utilities, and any necessary services. Additionally, review your mortgage documents to ensure everything is in order for your future payments.

In conclusion, understanding what to expect during a real estate deal closing in South Carolina can help ease the stress associated with the transaction. With careful preparation and the right professional support, your closing experience can be smooth and successful.