What Are Typical Closing Costs in Lexington, SC?

Are you trying to figure out what closing costs look like in Lexington, SC? You are not alone. When you are buying or selling, the numbers can feel confusing, and it is easy to worry about surprise fees. This guide breaks down typical costs for buyers and sellers, how local factors in Lexington County may affect your total, and simple ways to estimate your budget. You will also get practical steps to keep your closing smooth. Let’s dive in.

Closing costs at a glance

Closing costs are the one-time fees and prepaids due at settlement. Nationally, buyers typically pay about 2% to 5% of the purchase price in closing costs, not including the down payment. Sellers usually pay more overall because commissions are included, and total seller costs often run about 6% to 10% of the sale price. Local practices, county fees, and your contract terms can shift these numbers up or down in Lexington.

What buyers typically pay

Buyer closing costs usually include a mix of lender fees, third-party services, and prepaids. Here are the most common items you will see:

• Loan origination fee: often 0.5% to 1.5% of the loan amount.
• Application and processing fees: typically $200 to $800.
• Appraisal: commonly $450 to $800.
• Credit report: usually $25 to $50.
• Title search and lender’s title insurance: often $300 to $1,500+ depending on price and local title rates.
• Owner’s title insurance: optional for the buyer if the seller does not cover it; a rough guide is about 0.5% to 1.0% of the purchase price, depending on state and title company.
• Settlement or closing fee: often $300 to $1,000.
• Recording fees: typically $50 to $300+ depending on documents filed.
• Survey (if required): often $300 to $800+.
• Prepaid property taxes and homeowner’s insurance: can range from hundreds to thousands based on your closing date.
• HOA transfer or estoppel fee (if applicable): often $100 to $400.
• Prepaid interest and, if applicable, the first month of PMI.

Many of these line items depend on your lender and the title company. Ask for a Loan Estimate within three business days of your loan application so you can see an itemized breakdown.

What sellers typically pay

Seller costs vary with price, negotiations, and the property’s details. Here are common seller-side items:

• Real estate commission: often the largest cost. Total commissions commonly fall in the 4% to 6% range and are negotiable.
• Mortgage payoff(s): any outstanding loan balances and related payoff fees.
• Seller’s settlement fee: often $200 to $800.
• Owner’s title insurance premium: who pays this can vary by local custom or contract.
• Recording and deed-related fees: modest amounts that vary by document.
• Prorated property taxes and any prepaid HOA dues.
• Home warranty, if offered: often $300 to $600.
• Agreed-upon repairs or credits from negotiations.

Ask your listing agent or the title company for a seller’s net sheet early. It helps you see expected proceeds based on your list price, payoff, and closing date.

Lexington County factors to check

Local rules and norms can change your total costs. In Lexington County, here is what to verify as you plan:

• Recording and deed fees: The Lexington County Register of Deeds sets fees for recording deeds, mortgages, and releases. Total recording charges are usually modest, but multiple documents can increase your amount.
• Transfer taxes or deed stamps: Some areas have transfer or documentary stamp taxes. Confirm whether any apply in South Carolina or Lexington County and which party pays, since custom can vary.
• Property tax prorations: Property taxes are typically prorated at closing. Check the Lexington County Treasurer or Tax Assessor for tax schedules and rates that impact your proration.
• Title insurance and custom: Whether the seller covers the buyer’s owner’s title policy is a local custom or a negotiation point. Ask your agent or title company how this is commonly handled in Lexington County.
• Who performs closings: Closings in South Carolina are handled by settlement professionals. Fees and processes can differ, so confirm which local closing agents operate in Lexington County and how they quote settlement charges.
• Buyer assistance: SC Housing offers first-time homebuyer mortgage products and down payment assistance that can help reduce out-of-pocket closing costs. Review eligibility, price limits, and income limits before you shop.

How to estimate your costs

A simple method helps you get within range fast.

1. Set your price. Use the contract price or the price range you are targeting.
2. Apply a range. Buyers can multiply by 2% to 5% for a quick estimate. Sellers can use 6% to 10% for total costs that include commission.
3. Break it down. Allocate for lender fees, appraisal, title, settlement fees, recording, and prepaids like taxes and insurance.
4. Get precise quotes. Buyers can request a Loan Estimate from a lender. Sellers can request a net sheet from the listing agent or title company.

Example estimates

• $250,000 home
  • Buyer: about $5,000 to $12,500
  • Seller: about $15,000 to $25,000
• $350,000 home
  • Buyer: about $7,000 to $17,500
  • Seller: about $21,000 to $35,000
• $500,000 home
  • Buyer: about $10,000 to $25,000
  • Seller: about $30,000 to $50,000

These examples are for illustration. Recording fees, title rates, and property tax prorations will influence your final numbers in Lexington County.

Ways to lower your out-of-pocket

• Compare lenders. Ask for itemized explanations of origination, underwriting, and third-party fees.
• Ask about lender credits. Some programs offer rate-credit options that offset part of your closing costs.
• Negotiate seller concessions. You can request closing cost credits as part of your offer, subject to loan program rules.
• Verify who pays title items. In some transactions the seller covers the owner’s title policy or shares settlement fees.
• Use assistance programs. Explore SC Housing options that may reduce your upfront cash requirement.
• Plan for prepaids. Budget for taxes, insurance, and escrow deposits so you are not surprised at closing.

What to do next

• Buyers: Get preapproved and request a Loan Estimate early so you can compare lender fees and understand cash to close.
• Sellers: Ask for a detailed net sheet that includes your mortgage payoff, estimated prorations, and expected commission.
• All parties: Confirm recording fees, any transfer taxes, and title insurance premiums with your local title company or settlement agent. Review your Closing Disclosure carefully and ask questions about any line item you do not recognize.

Ready to get a clear closing plan tailored to your price point and location in Lexington? Reach out to schedule a friendly, no-pressure consult with Mackenzie Robertson. We will walk through your numbers, connect you with trusted local lenders and settlement pros, and help you close with confidence.

FAQs

How much are buyer closing costs in Lexington, SC?

• Buyers commonly budget about 2% to 5% of the purchase price, which covers lender fees, appraisal, title, settlement, recording, and prepaids.

What closing costs do sellers usually pay in Lexington, SC?

• Sellers often pay commission plus settlement fees, recording, prorated taxes, and any agreed repairs, and total costs commonly range about 6% to 10% of the sale price.

Who pays for owner’s title insurance in Lexington County?

• It depends on local custom and your contract; in some transactions the seller pays, in others the buyer does, so confirm during negotiations.

Are there transfer taxes or deed stamps in Lexington County?

• Some areas have transfer or documentary stamp taxes; verify whether any apply in South Carolina or Lexington County and who typically pays.

How are property taxes handled at closing in Lexington, SC?

• Property taxes are generally prorated between buyer and seller based on the closing date, using county tax schedules and rates.

Can the seller help pay my buyer closing costs?

• Yes, you can request seller concessions toward closing costs, subject to loan program limits and the strength of your offer.

Are there first-time buyer programs that reduce closing costs in South Carolina?

• SC Housing offers mortgage products and down payment assistance that can lower out-of-pocket costs if you meet program and income limits.

When will I receive my Closing Disclosure and what should I check?

• You will receive a Closing Disclosure before settlement; review the loan amount, interest rate, cash to close, prorations, and every fee line, then ask questions about anything unclear.