Closing Costs in Myrtle Beach: Who Pays What and How Much You Should Budget
Key Takeaways:
- Buyers in South Carolina typically pay 2%–5% of the loan amount in closing costs.
- Sellers typically pay 6%–10% of the sale price, with agent commissions being the largest cost.
- South Carolina requires a licensed attorney to supervise all real estate closings — a mandatory cost for both parties.
- In today's Myrtle Beach buyer's market, asking sellers for concessions toward closing costs is common and often successful.
- SC deed stamps (transfer tax) run $3.70 per $1,000 of sale price and are traditionally paid by the seller.
Closing costs catch many first-time buyers and sellers off guard. You have negotiated the price, gotten your financing in order, and then suddenly there is a stack of fees at the closing table that nobody fully explained upfront. This guide lays out exactly what closing costs look like in Myrtle Beach in 2026 — for both buyers and sellers — so you can plan accurately and avoid surprises.
Whether you are buying or selling, knowing the full cost picture before you go under contract is essential. Start by exploring current Myrtle Beach homes for sale to get a sense of price ranges while you plan your budget.
What Are Closing Costs?
Closing costs are the fees and expenses paid at the end of a real estate transaction — the final step before ownership transfers. They are separate from the down payment and the sale price. Both buyers and sellers pay closing costs, but their responsibilities are different. Some costs are fixed by law or lender requirements; others are negotiable between the parties.
Buyer Closing Costs in Myrtle Beach
Buyers in South Carolina typically pay between 2% and 5% of the loan amount in closing costs. On a $300,000 purchase with a $285,000 loan (after 5% down), that works out to approximately $5,700–$14,250. Here is where that money goes:
Lender Fees
Your lender will charge an origination fee or underwriting fee, typically between $950 and $1,250. Some lenders also charge a loan origination point (1% of the loan amount) to secure a lower rate — this is optional and worth evaluating based on how long you plan to keep the loan.
Appraisal Fee
Lenders require an independent appraisal to confirm the home's value supports the loan amount. Appraisal fees in the Myrtle Beach area typically run $400–$600 for a standard single-family home.
Home Inspection
A home inspection is not required by lenders, but it is strongly recommended. General inspections typically run $300–$500 in the Myrtle Beach market. Specialized inspections — for HVAC, termites, pool, roof — add additional cost but are often worth every dollar.
Attorney Fees
South Carolina is an attorney state — every residential real estate closing must be supervised by a licensed South Carolina attorney. Attorney fees typically range from $500 to $1,000 depending on the firm and complexity of the transaction. The buyer usually selects and pays the closing attorney.
Title Insurance
Lender's title insurance is required by virtually all lenders and protects them if a title issue arises after closing. Owner's title insurance — which protects the buyer — is optional but recommended. Together, title insurance costs typically run 0.5%–1% of the purchase price.
Prepaid Items
Buyers must also prepay homeowners insurance (typically one full year upfront), prepaid interest from closing date to end of the month, and fund the initial escrow account for taxes and insurance. These prepaids can add $2,000–$5,000 depending on the loan amount, insurance costs, and timing of closing.
Flood Insurance
Many properties in the Myrtle Beach area are in FEMA flood zones and require separate flood insurance. If required, lenders will ask for the first year paid upfront at closing. Flood insurance premiums vary significantly by zone and coverage level — get a quote early in the process so there are no surprises.
Seller Closing Costs in Myrtle Beach
Sellers typically pay between 6% and 10% of the sale price in total closing costs. On a $350,000 home, that is $21,000–$35,000 — a significant amount that should be factored into your net proceeds calculation before you list.
Real Estate Commission
Commission remains the largest seller cost. Listing agent fees currently average around 2.83% in South Carolina, and buyer's agent compensation is now negotiated separately as a result of 2024 industry changes. Many sellers offer to cover buyer's agent compensation to attract buyers — discuss the right strategy with your agent based on current market conditions in your neighborhood.
SC Deed Stamps (Transfer Tax)
South Carolina charges $3.70 per $1,000 of the sale price in deed recording fees (deed stamps). On a $350,000 sale, that is $1,295. This is traditionally a seller cost, though it is negotiable.
Attorney Fees (Seller's Side)
Sellers do not need to hire their own attorney but are responsible for their portion of the closing attorney's fee for services like payoff processing and title transfer coordination. Expect $200–$500 on the seller side.
Prorated Property Taxes
You will pay property taxes for the portion of the year you owned the home up to the closing date. This is typically credited to the buyer at closing and deducted from your proceeds.
How to Reduce Closing Costs in This Market
In the current Myrtle Beach buyer's market — with over 90 days average on market and sellers competing for buyers' attention — asking for seller concessions toward closing costs is not just acceptable, it is common. Buyers routinely request 2%–3% of the purchase price in seller-paid closing cost credits, and sellers are frequently agreeing. Your offer strategy should factor this in from the start.
Also compare lenders. Origination fees, underwriting fees, and title service costs vary more than most buyers expect. Getting loan estimates from two or three lenders takes a few days but can save thousands.
Work with Greg Harrelson to get a detailed seller net sheet or buyer cost estimate before you go under contract — knowing your exact numbers removes stress from the closing table.
Frequently Asked Questions
How much are closing costs for buyers in Myrtle Beach?
Buyers in Myrtle Beach typically pay 2%–5% of the loan amount in closing costs, covering lender fees, appraisal, attorney costs, title insurance, and prepaid items like insurance and taxes. On a $300,000 purchase, budget $6,000–$15,000 above your down payment.
Who pays the attorney fee at closing in South Carolina?
South Carolina requires a licensed attorney to supervise all residential real estate closings. The buyer typically selects and pays the closing attorney's fee, which generally runs $500–$1,000. Sellers may also pay a portion for specific services like lien payoff coordination.
Can sellers pay buyer closing costs in Myrtle Beach?
Yes. In the current Myrtle Beach buyer's market, requesting seller concessions toward closing costs is very common. Sellers can contribute a negotiated amount — typically 2%–3% of the purchase price — as a credit applied at closing toward the buyer's costs.
What are deed stamps in South Carolina?
Deed stamps are South Carolina's real estate transfer tax, charged at $3.70 per $1,000 of the sale price. On a $350,000 sale, the deed stamps total $1,295. This cost is traditionally paid by the seller but is negotiable between parties.
Is title insurance required in South Carolina?
Lender's title insurance is required by virtually all mortgage lenders. Owner's title insurance — which protects the buyer from title defects discovered after closing — is optional but strongly recommended. Both types are typically purchased simultaneously through the closing attorney.
About Greg Harrelson
Greg Harrelson has been one of the top-producing real estate agents in the Myrtle Beach area for over 20 years. With more than 15,000 homes and condos sold or partnered on throughout his career, Greg brings a level of local market expertise that few agents can match. His approach combines proven marketing strategies with exceptional follow-up and communication, ensuring that every client — buyer or seller — is fully prepared for the closing table.
Greg's track record speaks for itself: over 1,100 five-star reviews on Zillow and more than 500 reviews on Google. Whether you are navigating your first purchase or selling a longtime investment, Greg and his team deliver the guidance and results you deserve. Browse Myrtle Beach homes for sale and reach out today to get started. Also check out Carolina Forest homes for sale — a community offering excellent value and quality of life along the Grand Strand.
