You've found the perfect Myrtle Beach condo or home. You've made an offer and it's been accepted. Now what? The journey from signed contract to keys-in-hand involves more steps than most buyers realize — and each one matters. Having guided over 1,300 closings in the Grand Strand, I've seen exactly what makes the process smooth and what causes it to unravel. This masterclass will walk you through every stage so you can close with confidence.
Step 1: The Executed Contract — Your Starting Line
Once both buyer and seller sign, you have an executed contract. This triggers your "due diligence" period — typically a few days to two weeks in South Carolina. During this time, you have the right to inspect the property, review documents, and in many cases, walk away if something doesn't satisfy you. Don't waste a single day of this window.
Immediately after contract execution, you'll need to submit your earnest money deposit. This is held in escrow and demonstrates your serious intent to purchase. In Myrtle Beach, earnest money for condos typically ranges from $1,000 to several thousand dollars depending on price point.
Step 2: The Inspection — Your Due Diligence Deep Dive
Schedule your home or condo inspection within the first few days of going under contract. A qualified inspector will examine everything from HVAC systems and plumbing to the roof, electrical panel, and structural elements. For oceanfront properties, pay special attention to moisture intrusion, corrosion, and HVAC condition — salt air takes a toll over time.
Review the inspection report line by line with your agent. Distinguish between cosmetic issues you can live with and material defects that warrant negotiation or repair. In many cases, we'll negotiate credits or repairs before moving forward. If defects are significant enough, your due diligence period is your exit opportunity.
Step 3: HOA and Condo Document Review
For condo purchases, document review is critical and often underestimated. You'll receive the HOA's financials, meeting minutes, rules and regulations, reserve fund status, and any pending assessments. Read these carefully. A well-funded HOA with healthy reserves is a sign of a well-managed community. Red flags include underfunded reserves, pending special assessments, or evidence of ongoing litigation.
Your lender may also have specific requirements about HOA financials — particularly for condotels or buildings with high investor concentration. Make sure your agent and lender are communicating throughout this phase.
Step 4: Your Mortgage — Appraisal and Underwriting
If you're financing the purchase, your lender will order an appraisal shortly after contract. The appraiser independently verifies the property's value. If the home appraises at or above the purchase price, you're clear to continue. If it appraises below, you'll need to renegotiate with the seller, make up the difference in cash, or exercise contract contingencies.
While the appraisal is underway, your loan file goes through underwriting. The underwriter will review your income, assets, credit, and the property details. Be responsive — provide any requested documents quickly. Delays in documentation are one of the most common causes of delayed closings.
Explore your buying options in Myrtle Beach to understand financing timelines and requirements before you get under contract.
Step 5: Title Search and Title Insurance
A title company will conduct a thorough search of the property's ownership history. They're looking for liens, judgments, unpaid taxes, or any claims against the property that could affect your ownership. In South Carolina, closings are typically handled by an attorney, not a title company — another reason to work with an experienced local agent who can recommend reliable closing attorneys.
Title insurance protects you against future claims that may arise from issues not discovered in the title search. Lender's title insurance is typically required; owner's title insurance is optional but strongly recommended.
Step 6: Final Walk-Through
Shortly before closing — usually within 24 to 48 hours — you'll conduct a final walk-through of the property. This isn't a new inspection; it's a verification that the property is in the same condition as when you went under contract and that any agreed-upon repairs have been completed. Bring your inspection report and the list of negotiated repairs so you can check each item off.
If issues are discovered during the walk-through, notify your agent immediately. There are several remedies available — from credits at closing to delaying the closing date — but your agent needs time to work them out.
Step 7: Closing Day
Closing day in South Carolina takes place at an attorney's office. You'll sign a stack of documents — loan documents if you're financing, transfer of title, settlement statements — and provide certified funds for your closing costs and down payment. Your lender will wire funds; you'll wire your portion or bring a cashier's check depending on the attorney's requirements.
Review the Closing Disclosure carefully before closing day. This document details every fee, credit, and cost associated with your transaction. Compare it to your Loan Estimate and ask questions about anything that doesn't match. Surprises at the closing table are almost always avoidable with preparation.
Once all documents are signed and funds are disbursed, you'll receive your keys. The property is yours.
Common Pitfalls and How to Avoid Them
After 1,300+ closings, here are the issues I see most often: buyers making large purchases or opening new credit accounts during the transaction (this can tank your mortgage approval); failing to respond quickly to lender requests; not reading HOA documents thoroughly; skipping the final walk-through; and waiting until closing day to review the Closing Disclosure. Avoid these mistakes and your closing will be the celebration it should be.
Browse Myrtle Beach condos for sale and start visualizing which properties deserve this kind of thorough due diligence process.
Why Local Expertise Matters at Every Step
The contract-to-closing process in Myrtle Beach has nuances that only come with local experience. From understanding which buildings have financing restrictions to knowing which HOAs have pending issues to recommending the best local closing attorneys — local expertise protects your investment at every stage. Check the Myrtle Beach real estate market report to see current conditions that may affect your transaction timeline.
Frequently Asked Questions
What happens between going under contract and closing on a Myrtle Beach property?
After a purchase contract is accepted, the process moves through several key stages: the due diligence and inspection period, appraisal (if financing is involved), title search and title insurance issuance, HOA document review for condos, loan underwriting and final approval, and the closing itself. Each stage has specific deadlines in the contract, and missing them can create legal exposure for either party. An experienced agent manages these timelines proactively.
How long does it typically take to close on a Myrtle Beach condo or home?
A standard financed transaction in the Grand Strand typically closes in 30 to 45 days from contract acceptance. Cash transactions can close in as few as 10 to 14 days. Condotel purchases or transactions involving complex financing may take longer due to additional lender review requirements. Your agent and closing attorney should set clear expectations from day one.
What due diligence should I complete before closing on a Myrtle Beach property?
For single-family homes, this includes a general home inspection, any specialized inspections (HVAC, roof, pool, termite), and a review of the property survey and title history. For condos, you should also review HOA meeting minutes, the reserve fund study, any pending or recent special assessments, and the rental policy if you plan to lease the unit. Never waive inspections in a competitive market — the risk is not worth it.
What closing costs should I expect as a buyer in South Carolina?
South Carolina buyers typically pay 1.5% to 3% of the purchase price in closing costs, which may include lender origination fees, appraisal, title insurance, attorney fees, prepaid homeowners insurance, and property tax escrow. Your lender will provide a Loan Estimate within three business days of application, detailing these costs. Review it carefully and ask your agent to help you evaluate whether any seller concessions are available.
What can go wrong between contract and closing, and how can I avoid delays?
Common causes of closing delays include appraisal gaps (when the property appraises below the contract price), title issues (unpaid liens, unclear ownership history), HOA approval delays for condo transfers, and last-minute financing problems. Working with a local closing attorney who knows Grand Strand properties, staying in constant communication with your lender, and responding quickly to document requests are the best ways to keep a transaction on track.
