Not sure how much cash to bring to the closing table in Southside Savannah? Whether you are buying your first home or selling to relocate, the mix of lender fees, insurance, taxes, and local requirements can feel confusing. This guide breaks down typical buyer and seller closing costs, highlights Southside and Chatham County specifics like flood and recording fees, and gives you a simple checklist to get an accurate estimate. Let’s dive in.
Typical totals and timeline
Closing costs vary by loan type, price, and timing, but here is the short version you can use to budget:
- Buyers typically pay about 2% to 5% of the purchase price in closing costs, not including the down payment. For a clear overview of what these fees include, see how the CFPB explains what closing costs cover.
- Sellers often pay more in total costs because commission is included. Plan for about 6% to 10% of the sale price, with commission as the largest single line item in many transactions. The exact rate and structure are negotiable.
- A typical closing timeline runs 30 to 45 days from contract to close for most conventional loans. FHA and VA are similar in timing, though documentation differs.
Ranges are wide for a reason. Flood insurance, HOA fees, points to lower your rate, and property tax prorations can all move the numbers up or down. In Southside Savannah, flood and insurance are common drivers to confirm early.
Buyer closing costs in Southside Savannah
Below is a simple line by line overview. I also note what is a one time charge vs a prepaid or escrow item.
Lender fees and points
- What it covers: application, processing, underwriting, and origination. Some lenders quote a percentage of the loan amount while others use flat fees.
- Typical range: about 0.5% to 1% of the loan amount or several hundred dollars in flat fees. Discount points are optional upfront costs to lower your interest rate.
- Type: one time charge.
Appraisal and credit report
- Appraisal confirms value for the lender. Expect about $400 to $700 depending on property type.
- Credit report fees are often $25 to $50.
- Type: one time charge.
Title insurance, closing attorney, and settlement
- Lender’s title policy is required by the lender. Owner’s title policy is optional but widely recommended for buyers because it protects your ownership.
- Closing or settlement fees cover the attorney or closing agent, document prep, and coordination.
- Typical range: combined title and closing fees can run from a few hundred to a couple thousand dollars based on price and local rate tables.
- Type: one time charge.
Recording fees and transfer items
- Chatham County charges to record the deed and mortgage. Recording fees are usually modest, often tens to low hundreds of dollars.
- For statewide transfer and documentary rules, review the Georgia Department of Revenue guidance on real estate transfer taxes. Your exact cost depends on the property and documents recorded.
- Type: one time charge.
Prepaid property taxes and escrow
- Your lender may collect a few months of property taxes upfront to fund your escrow account. The amount depends on your closing date and the county tax calendar.
- To confirm timing and millage rates, check the Chatham County Tax Commissioner.
- Type: prepaid and escrow reserves.
Homeowners insurance and flood insurance
- Lenders require proof of a paid first year homeowners insurance policy. In much of Chatham County, flood insurance may also be required if the home lies in a FEMA Special Flood Hazard Area.
- Use the FEMA Flood Map Service Center to check the property’s flood zone early. Flood premiums can materially affect your upfront costs.
- Type: prepaid, often one year collected at closing.
Mortgage insurance
- Conventional loans with less than 20% down usually require private mortgage insurance that is paid monthly. FHA loans include an upfront mortgage insurance premium that may be financed or paid at closing.
- For a plain language overview of typical closing items and how lenders structure them, see this Freddie Mac guide to closing costs.
- Type: FHA upfront premium is a one time charge at closing or financed, monthly MI is paid over time.
HOA and condo estoppel, plus surveys
- Many Southside neighborhoods have HOAs. Lenders often require an HOA estoppel letter that confirms dues and account status. Associations may charge $100 to $400 for these letters.
- Some purchases require a survey, depending on lender and property type.
- Type: one time charge.
Prepaid interest
- This is the daily interest from your closing date through the end of the month. The amount varies with your rate, loan size, and the day you close.
- Type: prepaid.
Seller closing costs in Southside Savannah
Seller fees are more concentrated in a few big items and several smaller ones.
Real estate commission
- Commission is typically the largest seller expense and is paid from closing proceeds.
- Structures vary by brokerage and agreement. The rate and inclusions are negotiable.
Owner’s title policy and closing fees
- In many Georgia transactions it is customary for the seller to pay for the owner’s title insurance policy. This is a local custom, not a rule, and it can be negotiated.
- Closing and settlement fees for the seller often total a few hundred dollars for document prep and recording related items.
Mortgage payoff and lien releases
- The closing attorney will order payoff statements for any mortgages or liens. Payoffs can include accrued interest, possible prepayment penalties if applicable, and release or reconveyance fees.
Prorations for taxes and HOA dues
- Property taxes and HOA dues are typically prorated through the day of closing. Sellers pay their share, and the buyer takes over from the closing date forward.
- For county tax dates and billing, consult the Chatham County Tax Commissioner.
Repairs and credits from inspection
- Any repairs you agree to complete or credits you provide at closing will affect your net proceeds. Many sellers prefer a credit in lieu of work when timing is tight.
Transfer and recording items
- State and county transfer items can apply. For statewide rules, see the Georgia Department of Revenue information on transfer taxes. Your closing attorney will detail the exact amounts.
Southside Savannah cost drivers to check early
A few local factors influence closing costs more often in Southside and greater Chatham County:
- Flood zones and insurance. Coastal and river proximity mean flood checks are essential. Use the FEMA Flood Map Service Center to verify the zone and confirm whether your lender will require flood insurance.
- Property tax timing. Your closing date affects prorations and escrow set up. Review calendars and bills through the Chatham County Tax Commissioner and look up assessed values through the Chatham County Board of Assessors.
- Recording fees. Deed and mortgage recording fees are set at the county level. For current process and contacts, visit the Chatham County Clerk of Superior Court.
- HOA estoppel and transfer practices. Many Southside HOAs charge estoppel or transfer fees. Amounts vary by association, so confirm early.
- Utilities and property type. Most homes are on municipal utilities, but older or outlying properties may have septic or well inspections that add modest costs.
How to estimate your closing costs
Follow these steps to get within a tight range, then ask for a tailored estimate.
- Confirm your loan type and down payment. Conventional, FHA, and VA loans handle mortgage insurance and prepaid items differently.
- Pull the property address and check the flood zone. Use FEMA’s tool and ask your insurer for a quick premium range if a policy will be required.
- Review taxes and HOA. Check the county tax bill, due dates, and HOA dues or transfer fees.
- Ask your lender for a detailed fee sheet. Request itemized lender fees, expected appraisal cost, and estimated prepaid interest.
- Talk to the closing attorney or title company. Get quotes for title insurance and settlement fees based on the purchase price.
Quick checklist to speed up a tailored estimate
- Property address
- Purchase or expected sale price
- Loan type and down payment percentage
- Target closing date
- HOA name and contact, or none
- Any requested seller concessions
- Any repairs or credits discussed
- Lender name or whether you are preapproved
- For sellers, any outstanding liens or mortgages
Customs and negotiations that can save you money
- Seller paid buyer costs. In some deals, sellers agree to contribute to buyer closing costs. Lender rules set caps by loan type, so ask your lender for the limit and how it applies to your offer.
- Title insurance who pays. In Georgia, sellers often pay for the owner’s title policy, but it is negotiable. Terms can shift based on price, market conditions, and the rest of the offer.
- Rate buydowns and points. You can trade upfront cost for a lower monthly payment by purchasing points. Weigh the breakeven period with your time horizon in the home.
Ready for exact numbers you can trust?
Every property and loan is different, and Southside’s flood and tax factors can swing totals. If you share the address, price, loan type, and target closing date, I can prepare a clear, line by line estimate for your situation and connect you with a local lender and closing attorney for final quotes. Military PCS and remote closings are welcome. Quick, accurate answers are what I do.
If you are starting a purchase or planning a sale in Southside Savannah, reach out to Paul Armitage for a fast, tailored closing cost breakdown and next steps.
FAQs
How much cash beyond the down payment do Southside Savannah buyers need?
- Most buyers should plan for closing costs of about 2% to 5% of the purchase price, plus any optional points. The exact figure depends on loan type, flood insurance, taxes, and HOA fees.
Who usually pays for the owner’s title policy in Georgia transactions?
- It is common in Georgia for the seller to pay the owner’s title insurance premium, but this is a custom and not a rule, so it can be negotiated in your contract.
Will I need flood insurance for a Southside Savannah home?
- If the property is in a FEMA Special Flood Hazard Area or your lender requires it, yes. Check the address in the FEMA Flood Map Service Center and ask an insurer for a quote early.
Can a Southside seller pay a buyer’s closing costs?
- Yes, seller concessions are common and negotiable. Lender limits vary by loan type, so ask your lender for the cap and how to structure your offer.
How do Chatham County property taxes affect my closing costs?
- Taxes are prorated at closing, and lenders often collect several months of taxes for your escrow account. For dates and bills, see the Chatham County Tax Commissioner.
How long does it take to close a home in Southside Savannah?
- Many conventional purchases close in about 30 to 45 days. Timelines depend on appraisal scheduling, loan processing, and any repairs or title work needed.
