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Sellers Estimation of closing Expenses:
• Legal fees: $550-750. depending on extensiveness of the closing.
• Recording fee (formerly called tax stamps): To Beaufort County on the sale of all real property. Calculation on $600,000 sale equates to $2,220. (The equation is $1.85 per $500.)
• Real estate commission: 7% of the purchase price.
• Expenses to be pro-rated at closing include property taxes, your POA fee, regime fees if applicable.
• Cl-100 Termite inspection.
• It is the responsibility of the seller to pay any assessment levied on the property before closing, i.e. sewer.
• Non-residents -- Capital gains tax of 7% withheld at closing by attorney and sent to state of South Carolina. If you are entitled to any of it back, you must file SC income tax for the year you sold your property.
• Tax Exchange fees: If you are in a 1031 tax exchange, there will be an additional legal fee. Also, there is the fee paid to the Intermediary. I cannot estimate this as it is based on the amount of the exchange. Discuss these fees with your lawyer. |
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