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.
From the author of The Patterson Files
What is the second most common question asked of me by first time home buyers ?
"Is the current market idea for purchasing a home?"
In the current climate of daily foreclosure stories and "experts" using words and phrases like "recession" and "bursting bubbles", I am going to answer this question and issue my perception of the current real estate market in Northeast Columbia, South Carolina.
We all have goals and dreams for our lives. Some of the items on my "Bucket List" or "Goddard's List" include visiting all 50 states in The Union, competing on a game show and becoming one of the most trusted real estate professionals in South Carolina.
In my opinion...Anytime is a great time to realize your dream!
If you are looking to own a home and experience the "American Dream" of home ownership, REMEMBER.......Anytime is a great time to realize your dream!
Would you like some facts that support my answer?
In Northeast Columbia during 2007, the number of HOMES SOLD did decrease by about 10% in comparison to 2006 numbers. HOWEVER.............
While those numbers decreased, the average sales price INCREASED by about 4.69%. What does that mean to you?
If you were thinking about buying a home in 2007 and decided that the "television and news experts" were right about your waiting to purchase a home, you LOSS about $8400 in equity through natural appreciation.
Do you need some more convincing? Nibble on these numbers.......
These are the raw Consolidated MLS numbers for Northeast Columbia Zip Codes:
(Zip Codes: 29223 -- 29229 -- 29016)
Year----------Closed Sales----------Average Sales Price
2007__________ 2700_______________ $192,714
2006__________ 3091_______________ $184,072
2005__________ 2929_______________ $168,566
2004__________ 2517_______________ $169,245
2003__________ 2129_______________ $163,100
What do these numbers say?
If you had bought your home in 2003, you could have gained about $30,000 in home equity. Here's a question for you?
How hard would it be for you to save $30,000 within four years?
In summary, if you are buying a HOME (and not primarily for investment purposes) and you are working with a team of real estate professionals.... Anytime is a great time to realize your dream!
For the most common first time home buyer question, visit my Most Common Question post.
David A. Patterson, Broker CRS ABR
Russell & Jeffcoat Realtors, Inc.
5219 N. Trenholm Road
Columbia, SC 29206
(803) 960-5231
Visit My Blog - Your Comments are Welcomed
http://columbiasouthcarolinahomes.blogspot.com/
Great service begins with a clear purpose!
From the author of The Patterson Files
Broker Associate David Patterson is an active real estate sales professional, licensed real estate instructor with the Real Estate School for Success and the Career Development Chairman for Keller Williams Realty in Columbia SC. David is a native West Virginian and Graduate of Queens University in Charlotte, NC with a degree in Mathematics.
David's mission statement is to become one of the most trusted, best trained, solutions oriented real estate broker in South Carolina. He has earned the prestigious Certified Residential Specialist (CRS) Designation and been awarded the Certificate of Professionalism by the Central Carolina REALTORS® Association. CCAR recognizes some of its members for their participation in educational opportunities which sets them apart as professionals with the knowledge and skills to provide clients with the best possible service.
DAVID PATTERSON LOVES HELPING FIRST TIME HOME BUYERS and has extensive relocation experience to include assisting members of the military that are completing a Permanent Change of Station (PCS) to the US Army Training Center (Fort Jackson).
For more information on David Patterson, please feel free to give him a call at (803) 217-0948.
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Through constant commitment to your real estate goals, my mission is to become one of the most trusted, best trained, solutions oriented Brokers in Columbia. Have referrals? Consider this CRS
My name is David Patterson. I am Broker Associate and Technology Chairman on the Associate Leadership Council (ALC) for Keller Williams Realty in Columbia SC. Let me take a moment to tell you about my experiences, hobbies and professional mission statement.
I was born and raised in Southern West Virginia. I attended Mount View High School and was Defensive Captain of the First Playoff Team in MVHS Golden Knight Football History. How would I rate our first defensive performance? Mount View 12 -- #4 Martinsburg ZERO!
I obtained my Bachelor of Arts Degree in Mathematics (Computer Science Minor) from Queens University in Charlotte, North Carolina. Queens is truly a community and an extended family of diverse backgrounds (we miss you Dr. Billy O. Wireman).
After Queens, I launched my Information Technology career with NationsBank (Bank of America), ADS Financial Services Solutions, Quick Solutions, Inc. and BlueCross BlueShield of South Carolina.
Currently, I am a real estate Broker with Keller Williams Realty in Columbia, South Carolina. My mission statement is to become one of the most trusted, best trained, solutions oriented real estate broker in South Carolina. What makes me qualified to publish this blog?
I have been awarded the prestigious Certified Residential Specialist (CRS) Designation by the largest not-for-profit affiliate of the National Association of Realtors.
DAVID PATTERSON LOVES HELPING FIRST TIME HOME BUYERS and FORT JACKSON PCS AND JOB RELOCATION MOVES TO COLUMBIA AND IRMO SC! [click here to watch a video testimonial from one of my relocation clients]
I've been awarded the Certificate of Professionalism by the Greater Columbia Association of Realtors. GCAR recognizes some of its members for their participation in educational opportunities which sets us apart as professionals with the knowledge and skills to provide clients with the best possible service.
Also, I am a licensed real estate instructor with the Real Estate School for Success. If you are interested in getting your real estate license, read Darleen McCullen's post on obtaining your real estate license. Who knows.....I might have a role on my team for you.
Enough about my business side! What does David do for fun? 
Like the O'Jays..........I LOVE MUSIC! All types.....Old and new! RIP....Gerald Levert! If you're interested in some of my favorite songs, VISIT MY SQUIDOO LENS.
I'm an avid sports fan! Some of my favorites include:
Kevin Garnett - KG....You are "CERTIFIED"!!!
The Atlanta Braves - Let's get back to the glorious days known as the 1990s.
The Pittsburgh Steelers - BORN & RAISED a Steeler fan.
I can't claim too many hobbies. However, I enjoy......
Old game shows such as Match Game, Family Feud, the bonus game on the $100,000 Pyramid. One day.....I'd like for you to see me achieve my goal of appearing on a game show.
Playing Golf.....However, it is hard to play as much as I like. What's my handicap? My drive off the tee!
Traveling - I will save my Top 10 Destinations for a future blog post.
Spending time with my friends and family. My mother has 9 brothers and 5 sisters. Family reunions and holidays are truly fun. Oh...I don't want to forget one of my favorite members of my family. Introducing my niece Amaya Jade Martin
She's going to be a superstar! In what field? Whatever she chooses!
That's me in a nutshell. Please feel free to contact me with your real estate questions or requests. Until we meet, my prayer for you can be found at III John 1:2
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospereth."
Other than publishing one of the few ACTIVE blogs in Columbia, South Carolina (The Patterson Files)....
David specializes in FREE Buyer Representation and FREE Buyer Counseling for First-Time Home Buyers, Growing Families Needing to Sell and Purchase a Bigger Home AND Relocation Clients (From California, to Chicago, to New York and beyond....). David also has experience serivcing members of the military that are stationed at the United States Army Training Center (Fort Jackson) in Columbia, South Carolina and participates in the Real Estate Military Advantage Program.
CLICK HERE FOR A VIDEO TESTIMONIAL!
'Patterson Group provides excellent service. Everything was done that could be and was done in a timely, professional manner. Even Mark Thomas (Closing Attorney) did and adequate and wonderful job. Thanks to Patterson Group for changing our negative feelings about buying/selling a home. YOU GUYS WERE AWESOME!' -- SSG Jarrett C. Vandi - US Army
"David will always be the agent we will choose. We've already spoke to him about our next purchase and the sell of our home when we're ready. Our encounters made us feel good about our choice." E. Lewis - Columbia, SC
"We cannot say enough wonderful things about David. He made himself available to us regardless of how many times we had to go back to the drawing board. He remained patient and courteous. He listened to what we wanted and could afford. He was persistent until he found us the perfect home. He is very competent in his job and that gave us a peace of mind! We would recommend him to family and friends." Sherry L. - Columbia
‘As a real estate investor, David better understood what properties fit my strategies. Thinking about other agents...they could take lessons from David.' Charles H.-Elgin, SC
‘Patience and Professionalism. It has been a breath of fresh air to work with someone who had our best interest at heart. It definitely is the start of a good business relationship and friendship.' Katherine A. - Columbia, SC
‘When I think about our real estate experience, what stands out the most is David's patience and professionalism. He kept us informed along the way and did everything to ease our mind.'
"I would like to thank your organization for the opportunity to buy
our first home with you, above all I would like to say that our realtor
David Patterson help us and really made us feel that we could depend on
someone in the most difficult process of a life time which is to purchase a
home, he looked out for our best interest while staying professional at all
times, I felt like he was our big brother. I know that if any one needs to
buy a home I will refer them to David Patterson without hesitation. Please
keep people like David working for families like ours."
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