Buying or selling along the Grand Strand and wondering how much you’ll actually bring to the closing table? You’re not alone. Closing costs can be confusing, especially with local details like HOAs, flood zones, and county recording rules in play. In this guide, you’ll learn what buyers and sellers in Myrtle Beach typically pay, where the biggest costs show up, and how to budget confidently for your move. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees and prepayments due at settlement. They cover lender charges, third-party services like the appraisal and inspections, title and closing services, government recording, and prepaid items such as property taxes and insurance.
- Buyers typically pay about 2% to 5% of the purchase price in closing costs.
- Sellers typically pay about 6% to 10% of the sale price, with the largest cost often being the real estate commission.
These are not hard rules. Many items are negotiable. Local custom in Horry and nearby Georgetown Counties can influence who pays for specific fees, including the owner’s title insurance policy.
Who pays what in Myrtle Beach
Local practice can vary by neighborhood, property type, and contract terms, so treat the list below as a starting point.
Typical buyer-paid items
- Loan fees: application, origination, underwriting, processing, and any points to reduce the interest rate.
- Third-party services: appraisal, credit report, and any inspections you choose, such as general home, termite, radon, or HVAC.
- Title and settlement: lender’s title insurance policy, and the settlement fee to the closing attorney or title company.
- Prepaids and escrows: homeowner’s insurance, prepaid interest, and the initial escrow deposit for taxes and insurance.
- Government fees: deed and mortgage recording.
- HOA/condo transfer charges: estoppel letters and any buyer-side transfer or capital contributions if required.
- Flood insurance if the lender requires it based on FEMA flood maps.
Typical seller-paid items
- Real estate commission, usually the largest single cost.
- Owner’s title insurance policy where customary. In many Southern markets the seller often pays this policy, but it is negotiable.
- Recording and transfer-related fees that apply locally.
- Prorated property taxes for the period the seller owned the home during the current tax year.
- HOA estoppel or transfer fees if negotiated that way, plus any unpaid dues or assessments.
- Repairs or concessions agreed to in the contract.
Buyer closing costs in detail
Understanding each category helps you budget accurately and spot places to save.
Loan fees
Lenders charge for originating and underwriting the loan. You may also have the option to pay discount points to buy down your interest rate. Your Loan Estimate will outline these side by side so you can compare lenders. For a clear overview of the forms you will receive at closing, review the Consumer Financial Protection Bureau’s guidance on the Closing Disclosure.
Appraisal and inspections
Most financed purchases require an appraisal. Many buyers also order a general home inspection and, in our coastal climate, often add a termite or wood-destroying organism inspection. Specialty inspections like roof, HVAC, chimney, or mold are optional but can be helpful depending on the property.
Title and settlement services
Your lender will require a lender’s title insurance policy. You can also elect to obtain an owner’s title policy if not covered by the seller per local custom. A settlement fee is paid to the closing attorney or title company that conducts the closing and records documents with the county.
Prepaids and escrows
Expect to prepay the first year of homeowner’s insurance, plus initial deposits into your escrow account for property taxes and insurance. You will also pay prepaid interest from your closing date to the start of your first full mortgage payment.
Government fees
Count on recording fees for the deed and mortgage. Exact amounts are set by the county and can change, so verify with county offices during your contract period.
Insurance and flood zones
If a property is in a Special Flood Hazard Area, your lender will require flood insurance. Because premiums can affect your monthly payment and qualification, check the FEMA Flood Map Service Center early in your search and speak with your insurance carrier about quotes.
HOA and condominium fees
If you are buying a condo or townhome, you may see HOA transfer or estoppel fees. Some associations also require a move-in fee or a one-time capital contribution. These are negotiable in the contract, so clarify who pays what when you make your offer.
Seller closing costs in detail
Sellers have several predictable expenses plus a few that depend on the contract and property type.
Commission and professional services
Commission is typically the largest line item for sellers. While local practices vary, the commission covers listing, marketing, negotiation, and coordination through closing. Some sellers also hire a real estate attorney; those fees show on the settlement statement.
Title policy and settlement
In many Southern markets it is common for the seller to pay for the owner’s title insurance policy, but this is a negotiable item. The closing attorney or title company charges a settlement fee for handling the transaction and recording.
Taxes and prorations
Property taxes are prorated at closing based on the portion of the tax year each party owns the home. You will also see payoff amounts for any mortgages or liens, including per diem interest.
HOA obligations
Associations often charge an estoppel letter fee to certify account status. Any unpaid dues or special assessments are typically settled at closing. Transfer fees or capital contributions may be assigned to the buyer or seller based on the contract.
Concessions and repairs
If the contract includes seller-paid concessions toward the buyer’s costs, or repairs based on inspections, those will appear on your closing statement. Loan programs set limits on concessions, so buyers and sellers should confirm with the lender.
Local factors in Horry and Georgetown Counties
A few regional details can influence timing and cost.
Recording and deed services
Recording fees and requirements are set by each county. Your closing attorney or title company will coordinate recording and confirm the current fee schedule with county offices.
Property tax proration
Property taxes are county specific and follow local schedules. Your settlement statement will prorate taxes so each party pays for their period of ownership.
Flood risk along the coast
Myrtle Beach and nearby communities have elevated flood risk in certain areas. Check FEMA flood maps early to understand whether flood insurance could be required and how premiums might affect your budget or rental cash flow if you are buying a vacation property.
HOAs, condos, and timing
Condo and HOA management companies may need several business days to produce estoppel letters and resale documents. Order early once you go under contract to keep your timeline on track.
Termite and WDO inspections
Pest inspections are common in the Southeast and can be required by some loan programs. If treatment or repairs are needed, they are typically negotiated and reflected in the final settlement.
Realistic examples to help you budget
These examples use simple assumptions to offer ballpark figures. Your actual costs will depend on property specifics, lender fees, insurance quotes, and negotiated terms.
Example A: Condominium — $200,000
- Buyer closing costs at 2.5%: about $5,000
- Includes typical lender fees, appraisal, title, and prepaids.
- Possible HOA estoppel or transfer: about $150 to $500, paid by buyer or seller based on the contract.
- Seller closing costs at 7%: about $14,000
- Commission at 5.5%: about $11,000
- Remainder covers owner’s title policy if customary, recording, and prorations.
Example B: Townhouse — $300,000
- Buyer closing costs at 2.5%: about $7,500
- Seller closing costs at 7%: about $21,000
- Commission at 5.5%: about $16,500
Example C: Single-family home — $400,000
- Buyer closing costs at 2.5%: about $10,000
- Seller closing costs at 7%: about $28,000
- Commission at 5.5%: about $22,000
- Additional costs may include a survey, septic inspection if applicable, and potentially higher wind or flood premiums near the coast.
How to reduce or manage closing costs
A few proactive steps can save you money and stress.
Buyer tips
- Compare lenders and request a Loan Estimate from each so you can see fees side by side. The CFPB has a helpful guide to the Closing Disclosure that explains line items you will see at settlement.
- Ask for seller concessions if the market and property days on market support it. Loan programs set limits on how much the seller can contribute, so confirm with your lender.
- Review flood zone status and insurance quotes early so premiums do not surprise you later.
- Consider discount points only if the break-even period fits your timeline.
Seller tips
- Request payoff statements for all mortgages and liens early so you understand net proceeds.
- Order HOA and condo documents promptly once under contract to prevent rush fees or delays.
- Discuss pricing, marketing, and commission with your listing agent to align on strategy and value.
- Disclose known issues early. Transparent disclosure can prevent last-minute repair credits.
What to expect on closing day
A few days before settlement, you will receive a Closing Disclosure that shows your final costs and cash to close. Review it carefully and ask your lender or closing attorney to explain any questions. Funds are typically wired to the closing attorney’s trust account, and once documents are signed and recorded, buyers get the keys and sellers receive proceeds.
Next steps
If you are planning a move anywhere from North Myrtle Beach to Pawleys Island, getting clear on closing costs will help you negotiate with confidence and avoid last-minute surprises. For tailored guidance and a line-by-line estimate based on your price point, property type, and loan program, reach out to Mary Richards. We will walk you through every number and help you make smart, local decisions.
FAQs
Who pays the owner’s title insurance policy in Myrtle Beach?
- Local custom varies, and in many Southern markets the seller often pays it, but this is negotiable. Confirm in your contract and with your closing attorney.
How much are buyer closing costs in Myrtle Beach?
- Buyers often budget about 2% to 5% of the purchase price for lender fees, third-party services, title, prepaids, and government recording.
How much do sellers pay at closing?
- Sellers often see 6% to 10% of the sale price, with the commission as the largest portion, plus title, prorated taxes, and any concessions.
Do I need flood insurance in Myrtle Beach?
- If the property is in a Special Flood Hazard Area per FEMA maps and you have a loan, your lender will require it. Always verify flood zone and premiums early.
Can the seller pay my closing costs?
- Yes, seller-paid concessions are common and limited by loan rules. FHA, VA, and other programs have specific caps, so check with your lender.
When should we order HOA or condo documents?
- As soon as the home goes under contract because management companies may take several business days and charge a fee.
Where can I learn more about the closing forms?
- Review the Consumer Financial Protection Bureau’s explainer on the Closing Disclosure for a plain-English overview of what you will sign at settlement.
