To buy a home in South Carolina, you’ll need to secure financing (unless paying cash), meet state and federal legal requirements, and navigate property inspections, contracts, and closing procedures. In this guide, we break down each step to help you buy with confidence — especially if you’re looking for a home in the Lake Marion area.
Legal Requirements for Buying a Home in South Carolina
Before you start touring homes or browsing online listings, it’s important to understand the basic legal requirements to purchase property in South Carolina.
The good news? South Carolina makes homeownership accessible for both residents and non-residents. You don’t have to live in the state to purchase property here. However, you will need:
- A valid government-issued ID (driver’s license, state ID, or passport)
- Legal capacity to enter a contract (18 years or older)
- Proof of funds or approved financing to complete the purchase
- A real estate attorney (required by South Carolina law to oversee the closing)
If you’re not a U.S. citizen, you can still purchase property, but you may have additional steps depending on your immigration status and financing method.
Financial Requirements for Buying a Home
Unless you’re planning to pay cash, you’ll need to qualify for a mortgage. South Carolina does not have any unique mortgage laws compared to other states, but lenders will expect you to meet common financial benchmarks like:
- A credit score of at least 620 (although FHA loans may allow lower)
- A debt-to-income ratio (DTI) of around 43% or lower
- Proof of stable employment or consistent income
- Funds for a down payment (typically 3%–20% depending on the loan)
- Funds for closing costs, which in South Carolina average between 2%–5% of the purchase price
South Carolina buyers may also qualify for first-time homebuyer assistance programs or special loan options if purchasing in rural areas or through USDA, FHA, or VA programs.
Home Buying Process in South Carolina
Once you meet the legal and financial requirements, you’ll begin the buying process. Here’s what to expect:
1.Get Pre-Approved – This elps you understand your budget and shows sellers you’re serious.
- Hire a Local Real Estate Agent – This is where Carolina Properties shines. Our agents specialize in Lake Marion and surrounding areas and will guide you every step of the way.
- Start House Hunting – Whether you’re looking for a lakefront retreat or a family home near Santee, you’ll have plenty of options.
- Make an Offer – Your agent will help you craft a competitive offer, negotiate, and secure a purchase contract.
- Hire a Real Estate Attorney – In South Carolina, attorneys are legally required to handle real estate closings.
- Complete Inspections – Home, pest, and possibly flood inspections help ensure you’re making a smart investment.
- Finalize Financing – Your lender will process the mortgage, including an appraisal.
- Close on the Property – With your attorney present, you’ll sign all documents and receive the keys to your new home.
South Carolina-Specific Factors to Keep in Mind
South Carolina has a few quirks that make its real estate market stand out:
- Attorney-Handled Closings: Unlike some states, you can’t close through a title company alone — a real estate attorney is required.
- Property Taxes: South Carolina has relatively low property taxes compared to the national average, especially for primary residences.
- Flood Zones: Especially around Lake Marion, flood insurance may be required, depending on the property’s location.
- HOA Communities: Many lakefront and golf course communities are part of HOAs with additional fees and regulations.
These factors make it even more valuable to work with an experienced local agent who can help you navigate the unique aspects of the Lake Marion area.
FAQ – Requirements for Buying a Home in SC
Q: Can non-residents buy a home in South Carolina?
A: Yes, you do not need to be a South Carolina resident to buy property here.
Q: Is a real estate attorney required?
A: Yes, in South Carolina an attorney is legally required to handle the closing.
Q: What’s the minimum credit score to buy a home?
A: Most lenders prefer a 620+ credit score, but FHA loans may allow lower scores.
Q: How much are closing costs in South Carolina?
A: On average, closing costs range from 2% to 5% of the home’s purchase price.
Q: Do I need flood insurance when buying near Lake Marion?
A: Possibly. Properties in certain areas may require flood insurance based on FEMA flood maps.
Final Thoughts: Make the Process Easy with Carolina Properties
Buying a home in South Carolina is an exciting journey, especially when you’re considering a property in the Lake Marion area. From understanding the state’s legal requirements to navigating inspections and closing, the process can feel overwhelming—but you don’t have to do it alone.
At Carolina Properties at Lake Marion, we specialize in helping buyers and sellers just like you make informed, confident decisions. Whether you’re purchasing your first home, upgrading to a waterfront property, or relocating from out of state, our team will guide you every step of the way with local expertise and personalized service.
Ready to take the next step? Contact Carolina Properties today and let’s turn your Lake Marion dream into a reality.