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If you’re prepping to become a homebuyer, you need to understand closing costs. Who pays closing costs? And what do they consist of? Here’s what you need to know.
When purchasing a home, the closing is the final step before you get your keys and move in. The closing is where the financial and real estate transaction and all the legalities, documentation, and paperwork signing takes place. The closing costs pay for creating, printing, processing, and filing that paperwork.
Closing cost responsibility can vary by state, but in South Carolina, both the buyer and the seller have expenses they pay for during the closing. The seller has less to cover, often including their listing agent’s fee, cost for the home inspection, land survey fee, and HOA fees when applicable. The buyer pays for the rest of the costs related to closing, including everything related to the title, title insurance, attorney, tax transfer, and recording fees. Who pays for what isn’t always the same, however. The agreement between the buyer and the seller often defines who is responsible for which closing costs. In a seller’s market, that can fall on the buyer, and vice versa in a buyer’s market. Having an experienced real estate agent can make a huge difference in how much you pay at closing when purchasing a new home. The negotiation stage is critical in this determination.
If you’re ready to start the home-buying process and want more information on loans, loan programs, the process, and what to expect regarding purchase and closing costs, start by connecting with an experienced mortgage lender. Contact Midland Mortgage Corporation today for everything you need to know to get started.