Closing or Escrow in South Carolina
Shortly before closing, the attorney distributes a closing statement (HUD) to all parties involved in the real estate transaction. This document itemizes all seller and all buyer costs. As your agent, we will review the document, discuss it with you, and notify the attorney of any changes or corrections. Closings are typically held in the attorneys office with buyers, sellers, and their respective agents in attendance. The attorney briefly explains the process, his or her role, and paperwork follows.
The attorney will use the closing statement to explain each line item and the respective cost to the buyer and the seller. Expect to sign a number of documents including mortgage paperwork, the closing statement, etc. at lightning speed. Feel free to ask for clarification as needed.
Title insurance is issued and paid once, at closing, typically by the buyer. Title insurance is required and covers and protects the lender. Title insurance is also available to protect you. We recommend the coverage, available at an additional one time payment.
York county taxes are assessed at 4% for an individuals primary residence. A homestead exemption is also available for persons over age 65. However, the county will assess the property at 6% unless the proper paperwork is completed AFTER closing. When you have your new address on your drivers license, complete the property tax form and ensure it arrives and is processed at the York County (or Lancaster County where applicable) courthouse. The attorney will provide a copy of the form, but it is your responsibility to complete and file the appropriate document. To check the status of your paperwork, visit www.yorkcountygov.com (also available on our website). Click Citizens Online Information, then Tax Information. Input the tax map number on your mortgage and deed.
PMI is a cost that lenders charge on mortgages that do not meet lender criteria for equity. Typically it is charged and added to your monthly payment until the home has appreciated or a down payment is made to represent 20% equity or more. Many lenders calculate equity based on the original balance, ignoring home improvements and market value appreciation. Your home loan must also reflect 24 months of on-time monthly payments to meet most mortgage lender requirements.
Lenders do not removie PMI unless you take action to have it removied, but many lenders allow its removal when equity criteria are met. If you feel you can meet lender criteria, feel free to check out comparable listings on our website, www.HomesInThePiedmont.com. This may help you determine a probable value range for your home. If you believe your home has appreciated substantially, call us and we will be happy to give you an idea of market value. If it is close, order an appraiser ($300+) and submit the appraisal to your lender. Check with your lender for details, as they vary.
Paying your loan off earlyYou can pay a 30 year loan off in approximately 18 years if you pay the equivalent one extra principle payment a year. Check the amortization schedule from your lender. Using this method also increases equity, but you may be bound to a higher payment.
Articles & Links
- NEW HOME SEARCH-FLOOR PLANS, MAPS, MORE
- GET NEW LISTINGS FREE-BE THE FIRST TO KNOW
- Rock Hill SC Homes for Sale - Comprehensive home search
- Allen Tate Realtors & Homes in the Piedmont-perfect pair
- Fort Mill SC Real Estate and Homes for Sale-SEARCH NOW
- Lake Wylie SC homes for sale, search properties for sale
- Tega Cay SC Real Estate-Search for all properties
- Indian Land SC Home Search
- Interested in Selling Your Home or Its Market Value?
- Selling your Fort Mill, SC Home-Contact Us
- Selling your Rock Hill SC home?
- 2013 Real Estate Tax - Who Pays?
- Home Warranties - Buyers and Seller Benefit
- Homes Appraisals in York County South Carolina
- Forclosure Options-What are they?
- What is a Short Sale-we can help
- 10 Reasons to Avoid Foreclosure-there may be options
- Does my FICO Score Matter & How is it Calculated
- What do I need when applying for a mortgage?
- Facing Short Sale or Foreclosure on 1031? Plan Ahead
- Should I sell my home in this market? What are my options?
- The Home Inspection Process-What Home Sellers Should Know
- New Regulations Impact Closing Date, Appraisals, Disclosures
- Your Home Did not Sell - Here' s Why
- Negotiation - Homes Sales Price is just the first step
- Should I Stage My Home?
- Buyer Beware! Lenders do multiple credit checks
- FSBO Pros and Cons in Today's Real Estate Market
- FHA Relaxes Flipping Rules-Buyers, Investors,Communities Win
- MDIA Regulates Disclosures for Home Buyers-Know Your RIghts
- Square Footage of a home-Does Size Matter?
- Sell Your Home for Top Dollar in the Current Market
- Thinking about a Condominium or Townhome in York County?
- Rock Hill Homes Sales By Price Range-Know where you stand
- New Construction vs. Resale Home - Advantages of Each
- Inheritance Tax Changes in 2010 - Consider 1031
- Buying York County Real Estate-Determine Needs and Wants
- Staging Your York County Home-How and When?
- Trailing Spouse? Freddie Mac & Fannie Mae tighten rules
- 10 Tax Deductions You Should Research including York County
- Buying your York County Home-9 Step Process to Review
- The appraisal process explained - Understand its importance
- Purchasing a Home - Get an Home Inspection
- Price is not the only consideration in a buyers market
- Selling Your Home - Get it READY FOR SHOW TIME
- Selling Your York County Home -Select Homes in the Piedmont
- Home Staging Tips-Is It a Do It Yourself Task?
- The Contract to Purchase is Complete - Now What?
- Buying a home-check out Homes in the Piedmont Buying Process
- Homes in the Piedmont - Check out our home sale services
- 7 Reasons to Team with Homes in the Piedmont Experts
- Read what our clients have to say
- Buying and Selling a York County SC Home
- Homes for sale, Fort Mill SC search - all listings here
- Fort Mill SC Home Search-all Listings in the area
- Indian Land South Carolina Real Estate-FULL search,free Info
- Search Indian Land SC Homes for Sale-full search,all homes
- York County SC home sales stats including Charlotte
- Fort Mill SC Market Blog- MLS Stats and recent informations
- Lake Wylie SC Real Estate Update Blog
- Lake Wylie SC Real Estate Blog-The Latest on Lake Property
- Tega Cay, SC Real Estate Market Blog-What's Happening?
- Search for Tega Cay SC homes for sale
- Rock Hill SC Home Sales Market Blog -Get the Facts
- Charlotte NC area market BLOG including Surrounding Counties
- Video - Using a Realtor To Buy or Sell Your York County Home
- Video - Value of a Home Inspection in South Carolina
- Video-Savvy Home Buyers Look for Kitchen Pizzazz
- Video-Is Your York County Home Ready? There's Competition!
- Video York County Buyers Are Looking for Price & Ammenities
- Fort Mill SC School Information
- Rock Hill SC District 3 Information - School Links and Phone
- Buying a home? Get prequalified
- Selling your Fort Mill home? We can help.
- Learn about the buying process-find the RIGHT home
- We Use the MOST Effective Programs to Market Your Area Home
- Consider a home warranty when buying or selling
- Buying or selling? Trust a top real estate professional!
- Tega Cay&Lake Wylie SC-beautiful waterfront and lake homes
- Charlotte NC Real Estate Market Overview
- Considering a home purchase? Plan ahead...
- 7 Reasons to Partner with Allen Tate’s Homes in the Piedmont
- The right team for this challenging market-learn why
- Selling your York County SC Home-We Know the Current Market
- Rock Hill SC Area Guide - Neighborhoods, Homes & History
- What is a short sale and how do I start the process
- Homes in the Piedmont SELLS Rock Hill Homes
- Lancaster SC Area Guide-Neighborhoods, Homes & History
- Selling your home-Let's talk negotiation
- Selling your York County Home- Listing & Pricing Strategy
- Selling your York County Home? Let's get it ready
- Home Selling Process-Why are you selling?
- Selling a home in York County SC? Follow the process steps
- Selling Guide for York County Home Sellers
- Financing a Foreclosure-Get the Info about Homepath
- Indian Land SC Area Guide-Neighborhoods, Homes & History
- Lancaster SC School Information and website links
- Fort Mill SC Area Guide-Neighborhoods, Homes & History
- Options Other Than Foreclosure-Consider these
- Receive New Listings in Rock Hill&Fort Mill SC-FIRST TO KNOW
- Closing or Escrow of Real Estate in SC
- Buyer Closing Costs - What are they?
- Fort Mill SC Real Estate Blog-Market Stats
- Tega Cay, South Carolina Real Estate Blog & Home Sales Info
- House plans, directions, new homes in York County
- The contract is signed-Now What?
- Buying a home? Get an Inspection
- Buying or selling in Tega Cay? Waterfront homes found here
- Selling a York County Home- Top Agents and Brokers know how
- Charlotte NC Area Guide-Neighborhoods, Homes & History
- Lake Wylie SC Homes for Sale including Waterfront Properties
- Meet the team-recognized agents at Allen Tate Realtors
- Charlotte NC area real estate blog-home sales and video
- Home Buying Process in York County - Step by Step
- Search for All Rock Hill SC Properties-all listed homes
- 1031 Foreclosure or Short Sale? PLAN AHEAD
- The SC Real Estate Contract-Residential Offer to Purchase
- 1031 Exchange - Capital Gains and Recapture Rates
- 1031 Exchanges Offer Benefits and Have Pitfalls