Wednesday, March 12, 2008

Are You Selling Your Home in 2008? Don't Forget These Fees!

When determining the amount of net funds finding its way into your pocket from the sale of your home, you must account for the fees charged by the State of South Carolina.

The State of South Carolina Code of Laws (Title 12 - Chapter 24) requires a recording fee to be imposed for the privilege of recording a deed in which any realty is transferred to another person.

Unless negotiated within the Contract of Sale, the homeowner is the party that pays these fees at the closing table.

Question #1 - How much are you "the homeowner" going to pay to the State for selling your home?

In most cases, a homeowner will pay $1.85 per each $500 represented by the sales price negotiated to consummate the realty transaction. For example, if I sold my personal home for $200,000, I would pay a deed recordation tax of $740.



Question #2 - Who gets the money?

Let me share with you the list of recipients.

The South Carolina Heritage Trust Fund (under the South Carolina Department of Natural Resources) receives $.05 from each $1.85 paid.

The South Carolina Housing Trust Fund receives $.20.

The South Carolina Conservation Land Bank receives $.25.

The South Carolina General Fund receives $.80.

The County of Residence (I reside in Richland County) would be the recipient of the remaining $.55 to help pay for the operation and administration of each local deed office.


For more information about the use of these funds, feel free to contact the representative of each aforementioned entity.

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