Thinking about buying on the North Carolina coast or right across the line in South Carolina? If you are comparing homes in Wilmington and the Grand Strand, closing costs can feel confusing fast. You want a simple, local answer so you can budget with confidence and avoid last‑minute surprises. In this guide, you will learn typical buyer and seller costs, where NC and SC differ, and how to estimate your bottom line for New Hanover County and nearby SC coastal markets. Let’s dive in.
Closing costs at a glance
Closing costs are the one‑time expenses you pay to finalize a home purchase or sale. Many items are similar across the country, but local customs and county fees shape who pays what.
What buyers typically pay
- Lender fees and loan costs, such as application, underwriting, and origination
- Appraisal, often in the $400–$800 range
- Home inspections, generally $300–$600 for a general inspection, plus any specialty checks
- Survey or boundary certification, often $300–$900 if required
- Title‑related items, such as lender’s title insurance, title exam, closing or escrow fee, and document prep
- Prepaid items and escrows for property taxes, homeowners insurance, and interest
- Recording fees for the mortgage and related documents
- Transfer or documentary taxes if applicable by county or state, based on local custom
A practical rule of thumb is to budget 2%–5% of the purchase price for buyer closing costs, not including your down payment.
What sellers typically pay
- Real estate commission, which is often the largest seller cost
- Payoff of any existing mortgage and prorated taxes or HOA dues
- Deed and transfer‑related fees as defined by county and contract
- Owner’s title insurance in some markets, depending on local custom
When you include commission and routine fees, seller costs often total 6%–10% of the sale price, excluding mortgage payoff and any negotiated concessions.
NC vs. SC: Key differences that affect costs
Local practice can change your final numbers. Here is what to watch when comparing New Hanover County to nearby South Carolina coastal counties like Horry, Charleston, or Beaufort.
Closing provider and process
- North Carolina and South Carolina both use closing attorneys and title companies. Attorney involvement is common in many NC counties.
- The party who prepares the settlement statement and holds escrow can vary by county.
Who pays the owner’s title policy
- Buyers typically pay for the lender’s title policy in both states.
- Payment for the owner’s title policy is a local custom issue. In some Southern markets, sellers often cover it. In others, buyers do. Confirm the norm in your target county early.
Recording and transfer fees
- Both states charge recording and other transaction fees at the county or state level. Exact amounts and who pays depend on county schedules and contract terms.
- Always verify New Hanover County’s fee schedule and the specific South Carolina county where you plan to buy or sell.
Tax cycles and prorations
- Both states prorate property taxes at closing based on local billing cycles. The month you close can change your escrow deposits and prorations.
Coastal considerations
- Flood zone status can trigger lender requirements and timing needs. If a property is in a special flood hazard area, lenders typically require flood insurance. Get quotes early and plan for processing time.
Example budgets for coastal buyers
These examples are for planning only. Actual costs depend on lender, property type, county fees, title premiums, and the contract.
If you buy at $300,000
- Buyer closing costs at 2%–5%: about $6,000–$15,000
- Typical items include lender fees, appraisal, inspections, title fees and policies, escrow deposits, and county recording
If you buy at $500,000
- Buyer closing costs at 2%–5%: about $10,000–$25,000
- Larger purchases often mean higher title premiums and escrow deposits
Seller snapshot
- At $300,000 with a 6% total commission, seller costs are about $18,000 plus prorations and any seller‑paid items
- At $500,000 with a 6% total commission, seller costs are about $30,000 plus prorations and any seller‑paid items
How taxes, escrows, and timing shape your funds to close
Lenders often require an initial escrow for property taxes and homeowners insurance. The amount depends on your closing month and the county tax calendar. If you close late in the year, prorations and prepaid escrows can be higher than you expect. Ask for itemized estimates early so you can plan your funds‑to‑close with confidence.
Your NC↔SC coastal checklist
Use this quick list if you are comparing Wilmington to the SC coast.
- Ask who typically pays the owner’s title policy in the target county
- Confirm who prepares closing, who holds escrow, and where you sign
- Verify county recording fees and any transfer taxes for New Hanover County or your target SC county
- Check the local tax cycle and estimate prorations with the county tax office
- Determine flood zone status and obtain any required flood insurance quotes
- Confirm your lender is licensed in the state where you are buying and can close locally
- Request a preliminary loan estimate early, then review the closing disclosure and the settlement statement well before closing
- If needed, negotiate seller‑paid credits for lender costs, title policy, or escrow deposits
How we help cross‑state buyers and sellers
You deserve a smooth move from inland North Carolina to the coast, or from Wilmington to the Grand Strand. Our boutique team understands the little differences that change your bottom line, from owner’s title policy customs to county fee schedules and flood‑zone requirements. We coordinate with local closing attorneys, title companies, and lenders so you see clear numbers early and avoid last‑minute stress.
With deep relationships across New Hanover County and the South Carolina coast, we can connect you with trusted inspectors, insurers, and contractors who know coastal conditions. If you want a clean, itemized path from offer to closing, we are ready to help.
Ready to compare your options and get a custom closing cost roadmap for your move? Reach out to Cathy Cagno for a friendly, no‑pressure consultation.
FAQs
How much should I budget for buyer closing costs in NC or SC?
- A practical rule is 2%–5% of the purchase price, not including your down payment. Actual amounts depend on lender fees, title premiums, escrows, and county charges.
Who usually pays for the owner’s title insurance policy?
- Local custom varies by county. In both NC and SC the buyer usually pays the lender’s policy, and the owner’s policy payment depends on local practice and negotiation.
Are there transfer or documentary taxes in New Hanover County or nearby SC counties?
- Both states have recording and transaction‑related fees. Amounts and payer customs vary by county and contract, so confirm the current schedule early in your process.
Will my lender require an escrow account for taxes and insurance?
- Often yes. Many lenders collect an initial escrow deposit at closing and add monthly amounts to your mortgage payment for taxes and insurance.
Do I need flood insurance for a coastal property?
- If a property is in a FEMA‑designated special flood hazard area and you use a mortgage, lenders typically require flood insurance. Get quotes early to plan your budget and timeline.
Can I ask the seller to help with my closing costs?
- Yes. Seller concessions are negotiable and can cover items like lender fees, title costs, or escrow deposits, subject to loan program limits and market conditions.
