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Closing Costs on Hilton Head Island SC

Closing Costs in Hilton Head

Hilton Head Island SC Closing Costs

Purchasers Estimation of closing Expenses on Hilton Head Island:

• We are an attorney closing state. In other areas, banks handle the closing,.
here the buyer and the seller each have their own attorney. All title work and
doc preparation is handled by the attorney. The attorney fee is generally $650-850. depending on the extensiveness of the closing.

• The Hilton Head Transfer fee is one quarter of one percent of the sales price. This money goes into a fund that buys land to be used for the public as open spaces, parks, etc.

• Some communities have implemented their own transfer fees that are used
internally and to be paid at closing. This fee is either for a club membership transferor for the maintenance of the infrastructure of the community. They vary from either 1/4% or 1/2% of the purchase price (as in Palmetto Dunes, Shipyard, & Hilton Head Plantation,) to a set fee ($20,000+ in Long Cove & Wexford.)

• Property taxes are paid in arrears and will be prorated at closing with a credit to the purchaser for the from the seller for the portion of the year the seller owned the unit. The tax bill that you receive in Oct./Nov. will be yours.

• Your mortgage expenses , any escrows, points, appraisal, application fee, etc. Discuss these with your lender.

• Insurance is necessary for any property purchased with a mortgage. You will need Flood, wind & hail & homeowners insurance. Some companies sell policies that are have the coverage separated and few bundle the wind & hail with the homeowner policy. The flood policy underwritten by FEMA covers up to $250,000. If the home is valued higher than $250,000, you will need excess flood. Insurance companies have tightened the guidelines over the years. Before making a purchase be sure the property you are interested in can be insured without alteration to the dwelling.

• Insurance for a villa/condo is generally covered by the regime and covers the
building. You will need contents (HO6) insurance. If you are obtaining a mortgage, the HO6 policy will need to be 20% of the purchase price for your contents.  Be sure to find out from the regime management company what the coverage on the dwelling is. You may be responsible for more than contents.

• If you are buying a villa—-the Regime fee (condo fee) will be collected from you in advance for 1-2 months. Management Companies also charge their own fees for processing the necessary documents needed for closing. These vary by complex.

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