What are South Carolina 'Seller' Deed Stamps?
Posted by Mike Ciucci on
When you sell your property at closing in South Carolina, the sellers are responsible for their own set of closing costs. Typically, the sellers’ largest portion of closing costs at closing are Realtor commissions, any buyer closing costs that the sellers are willing to pay for, and deed stamps. When I explain this to most sellers, the response I get is, “Great. What are deed stamps?”
A deed recording fee is just that. It is a “fee that is charged to enter into the public record the deed and documents relative to the transfer of title to a piece of property”. Deed stamps are paid by the seller at closing, in the amount of $3.70 per $1,000 of real estate sold. So if you sell at $300K house, you owe $1,110 in deed stamps.
The deed stamps are…
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Circa 1850, 52 Smith Street is enviably located in the heart of Harleston Village on the corner of Smith and Montague Streets. Over the past five years, the interior and exterior of this home have been meticulously renovated and restored offering all of the modern amenities while preserving its traditional style and grace. Natural light fills the grand interiors of the home, accenting the original heart pine floors and beautiful architectural…
Just sold another house in Charleston, and this time it was for FULL LIST PRICE! But how in this market?
The benefit of this HAFA program is that you would no longer be responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You see, in South Carolina, most banks would order a deficiency judgment against the borrower for the difference in what the home sells for, and what is owed. The HAFA program would be the contrary. Sellers would also receive $3,000 at closing as an incentive to selling as a short sale, as opposed to…
There have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.
Many of you may have seen recent emails talking about a Sales Tax on real estate sales. Below is the article from the National Association of Realtors website which is a great resource for current information that provides an accurate summary of the new provisions.
I was at our weekly office meeting with Carolina One Real Estate, where we talk about current events and trends in real estate, the latest mortgage and financing issues, and a lot of the pitfalls that some buyers and sellers are experiencing in this difficult market. I have to say, a lot of agents or people in general can complain about mandatory meetings, but I tend to get a whole lot out of the discussions we have. If you have about 120 agents (in our office alone) talking about what’s happening in the real estate market- it’s a great way to bounce ideas off one another for our buyers, sellers, or to take advantage of a great listing that one agent has, that we can show one of our buyers before it hits the market.