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Calculators & Tools
Closing Cost Calculator
Obtain a detailed quote of the closing fees for your purchase or sale.
CertifID
We use CertifID for:
- Verifying Payoffs
- Collecting Earnest Money
- Collecting Wire Instructions for Seller Proceeds
- Seller Identity Verification
Precision Signing Agency
A National Certified Notary Company that we use for our mail away closings when clients cannot attend in person. We take care of scheduling and the Notary takes care of bringing the documents, providing a witness, scanning us copies and sending them back via overnight delivery.
Frequently Asked Questions
Buyer FAQs
What is best way to communicate with my closing team?
The Qualia closing portal is usually the best way to stay in touch. Messages sent to your team through Qualia allow them to thoughtfully address questions about or changes to closing. That said, we know sometimes we all need to speak with a live voice. Your closing team is happy to take your call; however, there may be instances when they are working on another closing (or yours) and cannot speak with you right away.
When will I receive final figures for my purchase?
We understand you need to make arrangements for travel, moving and/or wiring funds. Our goal is to provide final figures a week before closing. However, that is much easier said than done. We gather closing details from various third parties (lenders, HOA’s, pest inspection companies, homeowner insurance companies, seller attorneys, real estate agents, etc.). While we strive to send out requests in a timely manner, we cannot always control the timing of responses.
NOTE: If you are taking out a loan, your lender has final say when you can close; your lender must approve the settlement statement before we can provide you with final figures.
How and when do I send funds for my purchase?
Closing funds must be wired to Dunes Title to ensure we collect “good funds”. Wire instructions will be provided through your Qualia portal OR via CertifID, our wire fraud prevention partner. Your bank may require you to approve your wire in person or have other specific requirements; contact your bank as soon as possible to verify their requirements.
NOTE: If we are unable to provide final figures by the time you need to initiate your wire, your closer will recommend sending a little more than estimated, to ensure you have enough funds to close. Any excess will be paid back to you at closing.
When can I take possession of my property?
We “table fund” so long as the buyer and the seller have agreed to it. Table funding means the buyer can take possession as soon as we have received: (1) a properly executed Deed; (2) a properly executed Mortgage (if there is a loan); and (3) all closing funds (including lender funds and their final approval). We strive to get you in the property as soon as possible but cannot guarantee a specific time. If the seller does not agree to table funding, under South Carolina law you can take possession when the deed is actually recorded.
NOTE: If you need to occupy the property by a certain time (for example, to meet a moving truck), contact your real estate agent and work out a “pre-occupancy agreement”.
When will I get the keys?
Your real estate agent will coordinate with you about keys. Our office rarely has keys. Once we verify you can take possession, your agent will provide keys or other access to the property. If you do not have a real estate agent, coordinate with the seller directly.
After closing, how do I obtain the primary residence (4%) property tax rate (and maybe homestead exemption)?
Primary Residence. You can apply for a reduced 4% primary residence property tax rate if the property will be your primary residence. If you don’t apply for the reduced rate, the county will tax the property at the higher 6% assessment rate. At closing, we will provide more information on the process for applying for the 4% rate. You can also learn more by contacting the county Assessor’s Office.
Homestead Exemption. If the property is your primary residence, you are eligible for an additional tax reduction ($50,000 reduction on the tax assessed value) if: (1) you are over 65 years of age and have lived in South Carolina for at least a year; (2) you are permanently disabled; or (3) you are legally blind. For more information and to apply, contact the county Auditor’s Office.
Should I get a survey?
If your property is a lot or acreage, we encourage you to have the property surveyed by a licensed surveyor before closing. A survey will confirm the exact acreage and boundary lines, and will reveal any property line encroachments. In South Carolina, you are not required to obtain a new survey unless required by your lender. Let us know if you’d like for us to recommend a surveyor.
How do I know I am getting “good title”?
Our office will order a title search on your property and will review the title search to ensure there are no liens on the property. In addition, you can purchase owner’s title insurance, which protects you for as long as you own the property against title issues the title search could not uncover. If you are taking out a loan, your lender most likely will require lender’s title insurance coverage, in which case you can add owner’s coverage for a separate fee. In South Carolina, title insurance premiums are based on the purchase price/loan amount and established by the South Carolina Department of Insurance. We highly recommend the peace of mind offered by title insurance and will include coverage unless you instruct otherwise.
Seller FAQs
What is best way to communicate with my closing team?
The Qualia closing portal is usually the best way to stay in touch. Messages sent to your team through Qualia allow them to thoughtfully address questions about or changes to closing. That said, we know sometimes we all need to speak with a live voice. Your closing team is happy to take your call; however, there may be instances when they are working on another closing (or yours) and cannot speak with you right away.
When will I receive final figures for my sale?
Our goal is to provide you final figures a week before closing. If the buyer is represented by a different settlement agent/attorney, we cannot control when we receive the settlement statement. We will provide the settlement statement to you as soon as we receive it.
When will I receive my sales proceeds?
Sales proceeds are disbursed by the settlement agent (buyer’s attorney). Different settlement agents have different delivery options and timeframes. If Dunes Title is NOT the settlement agent, then we have no control over exactly when and how proceeds are disbursed. NOTE: Some settlement agents will not wire sales proceeds; in most cases, you should expect to get a check. If Dunes is the settlement agent, however, we will be happy to wire your sales proceeds.
Why do you need my social security number?
Settlement agents are required by federal law to send a Form 1099 to the IRS to notify them a sale of real estate has occurred, and Form 1099 requires a social security number (SSN) or taxpayer identification number (TIN) for each seller. In addition, the last four digits of your SSN or TIN will be used to verify there are no liens against you or the property.
Why do you need to know if I am a U.S. citizen?
Under FIRPTA (Foreign Investment in Real Property Tax Act), foreign individuals and foreign entities are subject to withholding equal to 15% on the sales price on the sale of real estate located in the U.S. A “foreign person” is defined as someone who is not a U.S. citizen, is not a permanent resident (green card holder), and who does not maintain a “substantial presence” in the U.S. If you are not a U.S. citizen, consult your CPA or tax advisor immediately to determine if you are a “foreign” person or entity and whether you might be able to apply to the IRS for an exemption from FIRPTA withholding.
Why do you ask whether each seller is a resident of South Carolina?
Each seller that is not a resident of South Carolina must provide an estimated gain amount so that the settlement agent can withhold a percentage of the estimated gain (approximately 6%). That withholding is remitted to the S.C. Department of Revenue. When you file your South Carolina income tax return and provide your finalized gain, you might be entitled to a refund of any overpayment.
How do I calculate gain on my sale?
Basically, gain is the difference between the sales price (less selling expenses) and less your investment in the property (purchase price plus certain improvements). In addition, there might be other factors, such as depreciation you took for income tax purposes. We do not calculate gain nor does we provide tax advice. If you have questions about your gain, contact your CPA or tax advisor.
What is a 1031 like kind exchange?
A 1031 exchange allows someone selling real estate to defer any gain from the sale (and therefore, any income tax due) by purchasing replacement real estate. There are specific rules and time requirements for a 1031. We would be happy to provide more information on 1031 exchanges, though you should consult with your CPA or tax advisor to determine if a 1031 exchange would be beneficial to you.
Refinance FAQs
What is best way to communicate with my closing team?
The Qualia closing portal is usually the best way to stay in touch. Messages sent to your team through Qualia allow them to thoughtfully address questions about or changes to closing. That said, we know sometimes we all need to speak with a live voice. Your closing team is happy to take your call; however, there may be instances when they are working on another closing (or yours) and cannot speak with you right away.
When will I receive final figures for my loan?
We understand you need to make arrangements for travel, work and/or wiring funds. Our goal is to provide final figures a week before closing. However, that is much easier said than done. We gather closing details from various third parties. While we strive to send out requests in a timely manner, we cannot always control the timing of responses.
NOTE: Your lender has final say when you can close; your lender must approve the settlement statement before we can provide you with final figures.
When will I receive my loan proceeds?
How will I receive my loan proceeds?
If you are receiving funds at closing, we can provide you with a check or wire funds to your account. To combat wire fraud, we utilize CertifID to verify your wire instructions. If you have a smart phone or access to a computer, you can verify your wire information through CertifID. If you are not able to certify your identity and wire instructions through CertifID, we will issue a check to you.