Buying or selling a home in Greenwood, SC—or anywhere—comes with more than just the price on the listing. One of the biggest surprises for many buyers and sellers is the closing costs. At Morton’s Realty, we often get asked:
“What exactly is included in closing costs, and how much should I expect to pay?”

Whether you're purchasing your first home or selling to upgrade, it's important to understand what these costs include, how much they can be, and who is responsible for them.

In this blog post, we'll break down exactly what’s included in closing costs for both buyers and sellers, so you can move forward confidently and avoid surprises at the closing table.

What Are Closing Costs?

Closing costs are the fees and expenses—outside of the purchase price—that buyers and sellers must pay when a real estate transaction is finalized. These costs are typically paid at closing, the final step in the sale process when property ownership officially changes hands.

Closing costs can vary depending on your location, lender, and sale price—but in general, they range from 2% to 5% of the purchase price for buyers, and 6% to 10% for sellers (mainly due to commissions).

Closing Costs for Buyers: What’s Included?

1. Loan Origination Fees

If you're financing your purchase, your lender may charge origination or underwriting fees to process your mortgage loan. These typically range from 0.5% to 1% of the loan amount.

2. Appraisal Fee

Your lender requires an appraisal to ensure the home's value matches the loan amount. Appraisals in South Carolina usually cost between $400 and $700.

3. Home Inspection Fees

While not technically required, home inspections are highly recommended. These inspections help buyers identify potential issues before closing. In the Greenwood area, a general home inspection runs $300–$600, with additional fees for radon, pest, or mold inspections.

4. Title Search and Title Insurance

Title search ensures the property is free from liens or legal claims. Title insurance protects against future disputes over property ownership. Combined, these can cost $500–$1,000 depending on the property value.

5. Attorney Fees

In South Carolina, it’s legally required for an attorney to oversee real estate closings. Expect to pay $500–$1,000 for this service.

6. Escrow Fees

These fees go to the third-party company that holds and distributes funds during the transaction. Depending on the sale price and complexity, escrow fees may range from $300–$800.

7. Prepaid Costs

Buyers often prepay the following at closing:

  • Property taxes (prorated)

  • Homeowners insurance (1 year premium)

  • Mortgage interest (prorated based on closing date)
    These costs can add up to several thousand dollars, depending on the home's value and your loan structure.

8. Recording Fees and Transfer Taxes

Local governments charge fees to officially record the property transfer. In South Carolina, the deed recording fee is usually $1.85 per $500 of the sale price.

9. HOA Transfer Fees (if applicable)

If the home is part of a homeowners’ association, there may be transfer or initiation fees, which can vary from $200 to $500.

Closing Costs for Sellers: What’s Included?

1. Real Estate Commission

This is often the largest seller expense. In South Carolina, the standard commission is typically 5% to 6% of the sale price, split between the listing agent and the buyer’s agent.

Example:
On a $300,000 home, 6% commission = $18,000.

2. Attorney Fees

Just like buyers, sellers must also hire a licensed South Carolina real estate attorney to prepare documents, handle disbursements, and oversee closing. Seller attorney fees typically range from $500–$1,000.

3. Title Fees

Sellers often pay for:

  • Title search

  • Owner’s title insurance policy (to guarantee clear title to the buyer)

This can total $500–$1,200, depending on the sale price and title company.

4. Transfer Tax

Also known as a deed stamp tax, South Carolina requires sellers to pay $1.85 per $500 of the sale price. On a $250,000 home, this would be $925.

5. Mortgage Payoff and Associated Fees

Your remaining mortgage balance will be paid off at closing, including any:

  • Prepayment penalties (rare, but possible)

  • Mortgage release fees
    Your lender will provide a formal payoff statement to determine the exact amount due.

6. Prorated Property Taxes and HOA Dues

Sellers are responsible for property taxes and HOA dues up until the closing date. These are prorated and adjusted on the closing statement.

7. Repairs or Credits

If you agreed to make repairs or offer the buyer a credit during negotiations (often following the home inspection), those amounts are factored into your closing costs as well.

Who Pays More in Closing Costs—Buyers or Sellers?

It depends on the situation. While buyers pay more individual line items (especially if financing), sellers usually cover the biggest single cost: the real estate commission.

In South Carolina:

  • Buyers can expect to pay 2%–5% of the home’s price in closing costs.

  • Sellers usually pay 6%–10% (mainly due to agent commissions and taxes).

Morton’s Realty provides net sheets for sellers and cost estimates for buyers early in the process, so there are no surprises at the table.

Can Buyers or Sellers Negotiate Closing Costs?

Yes! Some common strategies include:

  • Sellers offering to pay part of the buyer’s closing costs (especially in a buyer’s market)

  • Buyers negotiating lender credits in exchange for slightly higher interest rates

  • Choosing lower-cost service providers for inspections, attorneys, and title work

Morton’s Realty can help you structure your offers and counteroffers to maximize value and reduce unnecessary expenses.

Final Thoughts: Know What to Expect at Closing

Closing costs are a critical part of any real estate transaction. Whether you're buying your first home in Greenwood or selling your forever home, understanding these expenses ensures you're prepared and empowered.

At Morton’s Realty, we walk our clients through every line item on their closing disclosure—explaining what each charge is and why it matters. Our goal is to help you close with confidence, knowing you got the best deal possible with no surprises.

Ready to Buy or Sell in Greenwood, SC?

Contact Morton’s Realty today. Our experienced agents, local market knowledge, and commitment to clarity make us the trusted choice for homebuyers and sellers across Greenwood and beyond.