Closing Details
Four state items cover how a South Carolina closing actually works — who must run it, whose lawyer it is, what the deed costs to record, and how the buyer's taxes change.
The Attorney-Supervised Closing
South Carolina treats the steps of a residential closing as the practice of law. In Doe v. McMaster (Op. No. 25508, 2003) the Supreme Court held that a title company's title search and preparation of title documents for a lender, without direct attorney supervision, constitutes the unauthorized practice of law, and that real estate and mortgage loan closings should be conducted only under the supervision of attorneys; supervision extends to document preparation, the closing itself, recording instructions and disbursement. Section 40-5-310 makes practicing law without membership in the South Carolina Bar a felony. A licensee's own duty, under Section 40-57-350(C)(1)(b)(iv), is to advise clients to get expert advice on matters beyond his expertise.
Attorney and Insurance Preference
Where a loan secured by a lien on real estate is for a personal, family or household purpose, Section 37-10-102(a) of the Consumer Protection Code requires the creditor to ascertain before closing the borrower's preference as to the legal counsel employed to represent the debtor and — outside Horizontal Property Act units — the insurance agent for hazard and flood cover, and to comply with that preference. The creditor may satisfy this on or with the credit application, or by written notice within three business days of the application, and may still require reasonable security by way of mortgage title insurance from an acceptable company.
The Deed Recording Fee
Section 12-24-10(A) imposes a recording fee of one dollar eighty-five cents for each five hundred dollars, or fraction of five hundred dollars, of the realty's value. Section 12-24-20(A) makes the grantor liable, with the grantee secondarily liable; liability shifts to the grantee only for a master-in-equity deed, a deed from a government body, or a deed from a tax-exempt qualified retirement plan. Section 12-24-30 defines the value the fee is measured against, allowing a deduction for a lien or encumbrance existing before and remaining after the transfer.
Assessment Ratios After the Sale
Section 12-43-220(c)(1) assesses a legal residence and up to five contiguous acres, owned and occupied by the owner, at four percent of fair market value; Section 12-43-220(e) assesses all other real property at six percent, and (f) puts other personal property at ten and one-half percent. The four percent classification does not follow the deed automatically — the owner-occupant must apply to the county assessor and must be domiciled at the address — so it belongs on a buyer's post-closing checklist alongside the homestead exemption application.
State-specific details
State exam facts
- State regulator
- South Carolina Real Estate Commission (LLR)
- Exam vendor
- PSI
- Prelicensing education
- 150 hours total (90 associate + 60 broker Unit III A/B)
- Passing score
- 60 of 80 points national; 36 of 50 state
Who regulates real estate brokers in South Carolina?
The South Carolina Real Estate Commission, within the Department of Labor, Licensing and Regulation (LLR), licenses brokers and associates. (2024 Act No. 204 replaced the term "salesperson" with "associate" throughout Title 40, Chapter 57.) The Commission contracts with PSI to deliver the exams.
What experience do I need before the South Carolina broker exam?
Under S.C. Code § 40-57-320(A)(2)(a), a broker applicant takes 60 hours of approved instruction — the 30-hour Unit III A Broker Management and 30-hour Unit III B Brokerage Principles courses — and must have five years of active associate licensure within the past seven years, on top of the 90 associate hours. An applicant holding a juris doctor, a law degree, or a real estate baccalaureate or master's degree qualifies instead under subitem (b) without the experience requirement.
How is the South Carolina broker exam structured?
PSI delivers a 75-item national portion scored to 80 points (120 minutes) and a 50-item South Carolina state portion worth 50 points (80 minutes). Passing is published as points correct, not a percentage: 60 of 80 on the national portion and 36 of 50 on the state portion, and you must pass both.
Sources: https://llr.sc.gov/re/, https://test-takers.psiexams.com/api/content/bulletin/440, https://www.scstatehouse.gov/code/t40c057.php
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