When you decide to sell your home, the number everyone focuses on is the sales price. It’s the big number that goes on the listing and the one you brag about to your neighbors. But if you want to know what actually lands in your bank account, you need to focus on "Net Proceeds."
The gap between your sales price and your net proceeds is filled with closing costs. In the Greer area, total selling costs typically land between 6% and 9% of the sales price when you factor in real estate commissions. If you strip out the commissions and look strictly at the fees and taxes required to close, you are usually looking at 1% to 3%.
South Carolina is a bit different from other places you might have lived. We are an "attorney closing state," meaning a lawyer handles the transaction rather than a title company. Also, there is a specific state tax called the Deed Recording Fee that often catches sellers off guard. Whether you are selling a home in Greer near the downtown historic district or out by Lake Robinson, understanding these numbers upfront ensures there are no surprises at the closing table.
Disclaimer: I am a real estate professional, not an attorney or CPA. The following information is for educational purposes to help you plan your sale.
Real Estate Commissions: The New Landscape
For most sellers, the largest line item on the settlement statement is the real estate commission. This is the fee paid to the professionals who market your home, manage the legal paperwork, and negotiate the deal.
Historically, this was often discussed as a single percentage split between agents, but the industry has changed following recent national settlements. Today, you typically negotiate a fee with your listing agent to cover their services—marketing, photography, and managing the transaction.
Compensation for the buyer’s agent is handled differently now. It is no longer an automatic set field in the MLS. Instead, offering to pay the buyer’s agent is a negotiable concession. Many sellers in Greer still choose to offer this to make their home attractive to the widest pool of buyers, but it is a strategic choice, not a mandatory requirement.
South Carolina Deed Recording Fees (Deed Stamps)
This is the one expense that you generally cannot negotiate. In South Carolina, every time real estate transfers from one hand to another, the state collects a tax. We call these Deed Stamps or a deed recording fee.
The cost is calculated based on the final sales price of the home. The formula is $1.85 for every $500 of the sales price.
To give you an idea of where that money goes, $1.30 of that rate goes to the state, and $0.55 stays right here in the county (whether that is Greenville County or Spartanburg County).
How to Calculate It
If you sell a home for $350,000, here is how the math works:
- Divide the sales price by 500 ($350,000 ÷ 500 = 700).
- Multiply that number by $1.85 (700 x $1.85).
- Total Fee: $1,295.
This fee must be paid at closing before the deed can be recorded at the Register of Deeds.
Legal Fees: Why You Need a Closing Attorney
As mentioned earlier, South Carolina requires an attorney to oversee the real estate closing. You won't see "Title Company" fees on your settlement statement here; you will see attorney fees.
The closing attorney technically represents the transaction (or the lender), but they ensure the title is clear and the money is handled correctly. As a seller, you have a few specific costs here:
- Deed Preparation Fee: This is the cost for the attorney to draft the new deed that transfers ownership to the buyer. This typically runs between $250 and $500.
- Wire and Courier Fees: If you have a mortgage that needs to be paid off, the attorney will charge a small fee to wire those funds to your bank and overnight the necessary documents.
- Representation: You can hire your own attorney to review documents, or you can agree to have the closing attorney handle the ministerial acts of the closing for you. Total seller legal costs generally range from $400 to $800, depending on the complexity of the title work.
Prorated Property Taxes: Greenville vs. Spartanburg
Property taxes in South Carolina can be confusing because they are paid in arrears. This means the tax bill you receive at the end of the year is actually for the previous year.
When you sell your house, you haven't paid the taxes for the current year yet because the bill hasn't been issued. To make this fair, you will provide a credit to the buyer at closing. This credit covers the taxes for the time you owned the home, from January 1st up to the closing date.
The Greer Geography Factor
Greer is unique because it sits in both Greenville County and Spartanburg County.
- If your home is in Greenville County, your tax rate is determined by the local millage rate there.
- If you are across the line in Spartanburg County, the rate will differ slightly.
Additionally, remember the "4% vs. 6%" rule. If you lived in the home as your primary residence, you were taxed at the 4% assessment ratio. If you are selling an investment property or a second home, you were likely taxed at 6%. The proration credit will be based on how the property is currently taxed.
The CL-100 Report (Termite Letter)
If your buyer is getting a mortgage, their lender will almost certainly require a CL-100 Wood Infestation Report. Even for cash deals, savvy buyers usually insist on one.
This report checks for more than just termites. It looks for wood-destroying fungi, wood-boring beetles, and—crucially for our humid climate—high moisture levels in the crawlspace or basement.
While everything is negotiable, it is standard practice in our market for the seller to pay for this report. The cost is usually around $100 to $160. If the report comes back showing active termites or high moisture readings, you may also face repair costs to get the "clear letter" required to close.
Other Potential Seller Expenses
Beyond the major items listed above, you might see a few other costs on your final settlement statement:
- HOA Transfer Fees: If you live in a subdivision with a Homeowners Association, there is often a fee to transfer the account to the new owner. You may also have to pay a prorated portion of your annual dues.
- Home Warranty: Buyers frequently ask the seller to pay for a one-year home warranty to cover appliances and HVAC systems. This typically costs $500 to $800.
- Seller Concessions: In a balanced or buyer's market, you might agree to pay a flat amount (e.g., $5,000) toward the buyer's closing costs to help seal the deal.
- Mortgage Payoff Items: Don't forget that your payoff amount isn't just your principal balance. It includes interest through the day of closing and a small fee to record the "satisfaction" of the mortgage at the county courthouse.
Example Net Sheet for a Greer Home Sale
To bring this all together, let’s look at a hypothetical scenario. Let's assume you are selling a home in Greer for $400,000. You have a mortgage payoff of $200,000.
Note: Commissions are variable and negotiable, so they are not included in the specific math below, but you should deduct them to get your final number.
Sale Price: $400,000
Deed Recording Fee:
Estimated Cost: $1,480($400k ÷ 500) x $1.85
Deed Preparation
Estimated Cost: $400Paid to attorney
CL-100 Report
Estimated Cost:$150Wood infestation report
Tax Proration
Estimated Cost:$1,200Estimated credit to buyer (varies by date)
Courier/Wire Fees
Estimated Cost:$100Administrative costs
Mortgage Payoff
Estimated Cost:-$200,000Principal + Interest
Est. Net (Pre-Commission)
Estimated Cost:~$196,670 (Commission would be deducted from this total)
This net sheet gives you a rough baseline. When you are ready to list, your agent can provide a detailed "Estimated Net Sheet" specific to your property taxes and mortgage balance.
Frequently Asked Questions
Who pays for title insurance in South Carolina?
In South Carolina, the buyer typically pays for the lender's title insurance policy as part of their loan costs. An Owner’s Title Policy is also usually a buyer expense, though a seller can choose to pay for it as a concession during negotiations.
How much are closing costs for a seller in SC?
Excluding real estate commissions, seller closing costs generally range from 1% to 3% of the sales price. If you include typical commissions, the total cost to sell usually lands between 6% and 9%.
Does the seller pay the buyer's agent in SC?
Following recent industry changes, the seller is not required to pay the buyer's agent. However, it is a common negotiable concession. Sellers often agree to contribute toward the buyer's agent fee to make the home more affordable for the buyer and to facilitate the sale.
What is the deed recording fee in SC?
The deed recording fee, often called "deed stamps," is a state transfer tax. The rate is $1.85 for every $500 of the property's sales price (or fractional part thereof).