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mike536 · Oct 1, 2015, 11:23 AM

High I live in South Carolina I have purchased a place by paying the owner in monthly payments. Basically a private contract. How do I figure the closing cost and when does it get paid.

smoothy · Oct 1, 2015, 11:28 AM

Hire someone to do all that stuff involved in closing... trust me.. a mistake or something hidden or unknown can quickly become a VERY expensive mistake for you. You need title insurance , etc...lot of stuff. and Everything has to be done exactly right.

Trust me...been through the process 5 times already and I wouldn't dream of attempting it myself.

ScottGem · Oct 1, 2015, 11:56 AM

A closing is basically when the sale is closed, the buyer gets paid and the deed is trandferred. Closing costs include Transfer fees, recording fees, cost of transferring utilities, etc.

What does the contract say about transfer of Ownership?

ma0641 · Oct 1, 2015, 02:13 PM

I sincerely hope you have a contract. If so, you need to very closely look at your contract. This is basically an owner accepting your funds as a mortgage. You should have a deed to the property with a lien against you. Did you have a title search done? You need an insurance policy with the party holding the mortgage as loss payee. You do have an amortization schedule?

What is the payment time frame and APR? They will be giving you a 1099 INT? Lots of unexplained circumstances.

mike536 · Oct 1, 2015, 03:15 PM

Yes I have a contract it says transfer of ownership will take place after final payment. It was just set at one set price payable in x number of payments actually stole it 3 bed large work shop 1.2 acres $10,700 payment schedule is all in the contract. I purchased the place from someone that bought it at tax dead sale I know the history of the property so I'm not worried about the title besides I can look that info up on line on South carolina gis site. Through that site I have a copy of his bill of sale from the county. So I know that its all on the up and up. Payment time frame is going to be about 3 years by the contract but at the price I'm sure it will be done way before the 3 years

ScottGem · Oct 1, 2015, 03:41 PM

OK, so you need to determine what the costs are of transferring title. Those should be your only closing costs.

I would suggest that when you are ready to make the final payment, you schedule a meeting with the seller where he signs a deed granting you title and you hand him a check. This should be done in either a lawyer's office or, at least, in front of a Notary. You then take the deed to the county clerk and record it. At that time you will probably have to pay a transfer/recording fee.

mike536 · Oct 1, 2015, 04:16 PM

Originally Posted by ScottGem

OK, so you need to determine what the costs are of transferring title. Those should be your only closing costs.

I would suggest that when you are ready to make the final payment, you schedule a meeting with the seller where he signs a deed granting you title and you hand him a check. This should be done in either a lawyer's office or, at least, in front of a Notary. You then take the deed to the county clerk and record it. At that time you will probably have to pay a transfer/recording fee.

Thank you so much you have been a great help