Sellers
Proceeds From Sale
When Will I Receive Proceeds?
Not at the closing because the deed must be recorded prior to disbursement of funds. Quickest means to get proceeds is via wire transfer because your bank will place a hold on a check of this size.
Closing Cost Quote
mybottomline@ashelaw.com
Why do I need a Closing Attorney?
South Carolina law dictates that only South Carolina attorneys can close transactions involving South Carolina property.
What are Deed Stamps?
Transfer tax charged by the county on all transfers of property for value. Calculate contract price divided by 500 then multiply by $1.85 to determine deed stamps payable at closing.
What is a Certificate of Assessment?
If applicable, it is a written statement issued by your property manager stating the status of homeowner dues and amounts to be collected at closing.
What is Non Resident Withholding Tax?
If you are a nonresident and sell property in South Carolina 7% of gain from the sale is paid to the SC Department of Revenue. Questions regarding gain amount should be directed to your tax advisor.
Why am I Paying for a Pest Inspection?
Expense is customarily paid by the seller unless contract states otherwise. Realtor obtains inspection and invoice is paid at closing.
Miscellaneous Costs
Property taxes, homeowner dues, balance of special assessments, realtor commission and costs you agreed to pay for buyer.
Terminating Insurance, Electricity and Water
After closing because seller remains liable until deed is recorded, appraisers and inspectors need electricity and water to perform services and buyers needs it during the walk through.
Mortgage Payoffs
What is the Amount of My Mortgage Payoff?
It is not the amount reflected on your statement. Final figure is based on the date the bank receives funds and includes interest for the month of closing and processing fees. Money remaining in escrow is refunded after payoff processing. Debt is satisfied on the public record within ninety days of closing.
Should I Make my Payment for the Month of Closing?
Not if you are closing during the first week of the month because your payment will not be processed in time to be reflected on the payoff statement. Otherwise make your payment as soon as possible to ensure timely processing. Same for homeowner association dues for month of closing.