Buying or selling in Murrells Inlet and wondering what closing will really cost you? You are not alone. Between lender fees, title charges, prepaids, and prorations, the final number can feel fuzzy. This guide breaks it down so you can budget with confidence and make smarter decisions in Horry and Georgetown Counties. Let’s dive in.
What closing costs include in South Carolina
Closing costs are the one-time expenses needed to complete your real estate transaction. They cover third-party services, lender fees, title-related costs, and certain upfront expenses for taxes and insurance. Exact amounts vary by property type, loan program, and county recording fees.
Buyer costs at a glance
- Lender charges: origination, underwriting or processing, application, and any discount points you choose.
- Appraisal and credit report.
- Title search, settlement or closing fee, and title insurance. Lender’s title insurance is typically required. An owner’s policy is optional but recommended.
- County recording fees for the deed and mortgage.
- Inspections: home inspection, termite or wood-destroying insect, plus septic or well if applicable.
- Prepaids and escrow deposits: first year of homeowners insurance or first month, prepaid mortgage interest from closing through month-end, property tax prepaids, and the initial escrow deposit your lender requires.
- HOA transfer or estoppel fee if the property is in an association.
Seller costs at a glance
- Real estate commission. Nationally, total commission often falls around 5 to 6 percent of the sale price, though it is negotiable and may vary locally.
- Payoff of your existing mortgage and any liens.
- Recording fees for releases, payoff letters, and required certificates.
- Outstanding property taxes and prorations for the portion of the year you owned the home.
- Owner’s title insurance and seller-side settlement fee where local custom applies. Who pays which title items can vary by community and contract.
- Any negotiated seller credits, such as closing cost help or repairs.
How much to budget
Buyers: plan for 2 to 5 percent
As a buyer, a common rule of thumb is 2 to 5 percent of the purchase price for closing costs, not including your down payment. On a 300,000 dollar home, that can be roughly 6,000 to 15,000 dollars. Your actual number depends on your loan type, rate points, prepaid escrows, and local title and recording fees.
Sellers: commission and payoffs drive the net
As a seller, your largest cost is usually the real estate commission, often around 5 to 6 percent of the sale price. After that, your mortgage payoff, prorated taxes, and routine settlement fees determine your bottom line. Your final net proceeds are highly specific to your loan balance and any negotiated credits.
Horry and Georgetown county mechanics
Murrells Inlet spans Horry and Georgetown Counties. That means recording fees, tax billing cycles, and some line items can differ based on which side of the county line your property sits. For precise figures, verify with the county Register of Deeds for recording fees and with the county Assessor and Treasurer for current tax amounts and billing schedules. Local title companies and closing attorneys will combine these county numbers with state title insurance rates to give you an accurate estimate.
Key county check points:
- Recording fees for deeds and mortgages, including per-page charges.
- Any state or county conveyance or documentary fees applicable to your deal.
- Property tax millage rates and when taxes are billed so prorations are correct.
- HOA or POA transfer fees if your community has one.
Prepaids, escrows, and prorations
What you prepay as a buyer
- Homeowners insurance: often the first year due at or before closing.
- Mortgage interest: from your closing date to the end of that month.
- Property tax and insurance escrows: your lender usually collects a cushion, often around two months of escrowed items, to ensure upcoming bills are covered.
How prorations work for taxes and HOA
At closing, taxes and HOA dues are prorated between you and the other party based on the closing date. The settlement statement typically uses a per diem calculation. Title will use either the last billed tax amount or a current estimate from the assessor. Ask which figure they will use so you can plan accurately.
Title insurance and recording fees
Title insurance protects against covered title defects. The lender’s policy is tied to your loan amount and is commonly required by your lender. An owner’s policy, tied to the purchase price, is optional but recommended for long-term protection. Combined premiums for lender and owner policies often range around 0.3 to 1.0 percent of the purchase price in many states, but the exact South Carolina premium depends on filed rate schedules and endorsements. Title search and settlement or closing fees commonly range from about 300 to 1,200 dollars depending on the file. County recording fees are modest flat or per-page charges that vary by county. Always get a current quote.
Murrells Inlet example estimates
Estimates only - verify exact figures with your lender and title company. County fees and title premiums change.
Below are simple scenarios to help you ballpark cash needs on the Horry or Georgetown side of Murrells Inlet. Your numbers will differ based on loan program, insurance, taxes, and negotiated terms.
Example 1: 250,000 dollar purchase
- Buyer estimate:
- Closing costs at 2 to 5 percent: about 5,000 to 12,500 dollars.
- Prepaids and escrows: a few hundred to a few thousand dollars for insurance, prepaid interest, and initial escrow deposits.
- Title search, settlement, and recording: often several hundred dollars combined, depending on the title company and county schedule.
- Cash to close equals down payment plus costs minus any seller credits.
- Seller estimate:
- Commission example at 5.5 percent: about 13,750 dollars. Commission is negotiable.
- Mortgage payoff and any liens: varies by your balance.
- Prorated taxes and any HOA dues through the closing date.
- Owner’s title policy and seller-side settlement fee where local custom applies.
Example 2: 400,000 dollar purchase
- Buyer estimate:
- Closing costs at 2 to 5 percent: about 8,000 to 20,000 dollars.
- Prepaids and escrows: tax and insurance deposits sized to the property’s annual bills.
- Title and recording: typically in the same several-hundred-dollar range, plus title insurance per state rate tables.
- Cash to close adjusted by any seller concessions.
- Seller estimate:
- Commission example at 5.5 percent: about 22,000 dollars.
- Mortgage payoff, prorated taxes, and HOA items as applicable.
- Owner’s title policy and settlement fee by local custom and contract.
Example 3: 650,000 dollar purchase
- Buyer estimate:
- Closing costs at 2 to 5 percent: about 13,000 to 32,500 dollars.
- Prepaids and escrows: larger homes can carry higher insurance and tax escrows.
- Title and recording: add title premiums per rate tables and standard settlement charges.
- Cash to close depends on your down payment and credits.
- Seller estimate:
- Commission example at 5.5 percent: about 35,750 dollars.
- Payoff of any mortgages or liens plus prorated taxes and dues.
- Owner’s title policy and settlement fee if customary or negotiated.
Get a precise estimate before you offer
To turn ballpark ranges into real numbers, use a simple workflow before you write an offer or accept one.
Share your target price and any planned credits. If you are selling, gather your estimated mortgage payoff and any known liens.
Ask your lender for a preliminary Loan Estimate based on your loan program. This shows lender fees, prepaid interest, and escrow deposits.
Request a title quote from a local title company or closing attorney for Horry or Georgetown. Ask for lender and owner title insurance premiums, title search and settlement fees, and the current county recording fee schedule.
Pull the latest county property tax amount or millage rates for the property to estimate prorations.
Build a net sheet. List buyer-side costs and prepaids, and seller-side expenses like commission, prorations, settlement fees, and payoffs. Show low, mid, and high scenarios where items vary.
Update your numbers when you receive the formal Closing Disclosure at least three business days before closing. That is the point when your cash to close becomes final.
What to bring to closing
- Government-issued photo ID.
- Certified funds or a completed wire for your cash to close. Confirm wire instructions by phone with the title company using a trusted number. Do not rely on email alone.
- Any required affidavits or association documents listed by the closing agent.
How I help buyers and sellers in Murrells Inlet
You deserve clear numbers and calm guidance from contract to keys. I coordinate with trusted lenders and local title professionals to pull current county fees, title rates, and lender estimates so you can plan with confidence. My construction and project-management background helps you understand inspection results, repair credits, and the budget impact of each decision.
If you want a concierge-level process with local authority and national reach, I am here to help. Let’s connect to build your net sheet, model scenarios, and move forward with clarity. Connect with Mitchell Adkins to get started.
FAQs
Buyer budget in Murrells Inlet: how much should I set aside for closing costs?
- Most buyers should plan for about 2 to 5 percent of the purchase price for closing costs, not including the down payment.
Owner’s title insurance in South Carolina: who usually pays?
- Local custom varies by community and by contract, so confirm with your title company and the listing agent before you budget.
South Carolina transfer or deed taxes: will they be a big expense?
- South Carolina’s conveyance and recording fees are not typically a large percentage, but you should verify current state and county amounts for your specific deal.
Property taxes at closing in Horry and Georgetown: how are they prorated?
- Taxes are prorated based on your closing date using either the last bill or a current estimate, so ask the title company which figure they will use.
Cash to close timing: when will I have a final number?
- Your lender’s Closing Disclosure, delivered at least three business days before closing, along with the final settlement statement, provides your firm cash to close.
