How closing works in North Carolina and South Carolina

The attorney

In both states a licensed attorney supervises the closing: title search, title opinion, preparing the deed, handling funds in trust, recording, and disbursing. The buyer usually chooses the closing attorney; you may use the same one or your own for the deed and your side of the statement. Attorney fees for the seller's side commonly run a few hundred to around a thousand dollars.

What the seller pays

• Mortgage payoff with interest through the payoff date.
• Deed preparation and the seller's attorney fee.
• Transfer tax: in North Carolina, excise tax of $1 per $500 of price; in South Carolina, a deed recording fee of $3.70 per $1,000.
• Prorated property taxes for the part of the year you owned the home (both states bill in arrears).
• Any HOA transfer fees or dues owed.
• Any seller credit or buyer-agent compensation agreed in the contract.

Timeline

Contract to closing is typically thirty to forty-five days when financed, sooner for cash. In that window: earnest money is deposited, the buyer inspects and may negotiate repairs, the lender orders an appraisal, the attorney searches title and requests your payoff, and the settlement statement is prepared a few days before closing. You sign the deed and statement, the buyer signs their loan documents, the deed is recorded, and funds are disbursed.

After closing

The broker reports the sale to the MLS. Cancel utilities effective the closing date, forward mail, and keep the settlement statement for your taxes. Nothing further is owed to us; the fee was paid at the start.