Closing Costs

Closing Costs are onetime expenses that are incurred in the process of buying a home. Typically some are paid by the Buyer and some are paid by the Seller. As is true of so much of real estate, what is traditional in one section of the country is not necessarily the same somewhere else. Depending on the type of loan you are getting, the Lender may require that certain expenses are to be paid by the Buyer and/or certain others are to be paid by the Seller.

The expenses at Closing are divided into several categories. Depending on the loan and how your Offer to Purchase is written and negotiated, some of these, even though they are Buyers’ expenses may be paid by the Seller for the Buyer at closing.

The typical Buyers’ expenses which are considered to be Closing Costs on a conventional loan in Columbia, SC real estate practice may include:

Loan Expenses - are paid, either to the Lender at the time of application, or at Closing, depending on the Lender and the type of Loan:

Escrowed Items – these items are paid in advance at closing for a certain number of months, depending on what the Lender requires:

Title Charges:

Legal Fees:

Miscellaneous Other Expenses:

The Seller also has closing costs of his/her own including the real estate commission to their Listing Company, City & State Documentary Stamps, repair expenses and prorated utilities and taxes in addition to the payoffs on all loans, mortgages and liens that may be on the property.

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