Question 1

What are the typical closing costs for buyers in South Carolina?

Accepted Answer

In South Carolina, buyers can generally expect closing costs to range between 2% and 4% of the purchase price. This includes attorney fees (required in SC), title insurance, loan origination fees, and escrowed taxes/insurance.

Question 2

Do I need a real estate attorney to buy a house in SC?

Accepted Answer

Yes. South Carolina is an 'Attorney State,' meaning a licensed attorney must oversee the closing, perform the title search, and handle the disbursement of funds. Title companies alone cannot close real estate transactions here.

Question 3

What is the 'Due Diligence' period in SC contracts?

Accepted Answer

The Due Diligence period is a negotiated timeframe where the buyer can inspect the property and potentially terminate the contract for any reason. In SC, this often involves a non-refundable fee paid directly to the seller.

Question 4

Is South Carolina a tax-friendly state for homeowners?

Accepted Answer

Yes, SC is very tax-friendly. Primary residences are taxed at a 4% assessment rate, and there are significant homestead exemptions for residents over 65. Property taxes here are among the lowest in the Southeast.

Question 5

What is the 4% vs 6% property tax rule in SC?

Accepted Answer

Primary residences qualify for a 4% assessment rate, while secondary homes, rentals, and commercial properties are taxed at 6%. This results in a significantly lower tax bill for owner-occupants.

Question 6

Should I use a Realtor when buying new construction?

Accepted Answer

Absolutely. The builder's sales agent represents the builder's interests, not yours. A buyer's agent helps you negotiate incentives, oversees inspections, and ensures the contract protects you at no additional cost to you.

Question 7

What are 'Builder Incentives' and how do they work?

Accepted Answer

Incentives are perks offered by builders to encourage sales, often including closing cost credits, interest rate buy-downs, or free upgrades. These vary by community and often require using the builder’s preferred lender.

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