How Escrow Works In Summerville

Buying or selling a home in Summerville comes with a big question: what happens to your money between contract and closing? If you have heard terms like escrow, earnest money, or closing attorney, you are not alone. You want a smooth path with no surprises and clear steps. This guide breaks down how escrow works in Summerville and Dorchester County so you can move from offer to keys with confidence. Let’s dive in.

Escrow in South Carolina: the basics

South Carolina uses an attorney-closing model for residential real estate. Instead of a title or independent escrow company handling settlement, a licensed attorney typically manages closing funds, prepares settlement statements, coordinates title work and insurance, and records documents. In Summerville, the closing usually happens at a law office with a settlement attorney.

Your closing team often includes you, your agent, the other party and their agent, your lender if you are financing, the closing attorney, a title insurance underwriter, and the Dorchester County Register of Deeds for recording. Knowing who does what helps you track your money and your deadlines. The attorney oversees the flow of funds and final disbursement at closing.

Who holds your earnest money

Earnest money is a good faith deposit that secures your contract. It becomes part of your funds at closing or can be forfeited if you default based on the contract.

In Summerville, your contract will name the escrow holder. It is commonly:

• The closing attorney or a law firm trust account.
• A broker’s trust account for the buyer’s or seller’s brokerage.

Your contract will set the deposit deadline, often within a few business days of acceptance. Deposit promptly and get written confirmation that shows the amount, who is holding it, and the account type.

Summerville escrow timeline: 30 to 45 days

Most financed purchases in Summerville close in about 30 to 45 days. Cash purchases can close faster. Here is a practical, step-by-step timeline you can follow.

Step 0: Offer and acceptance (Day 0)

• Your offer names the escrow holder and earnest money amount plus the deposit deadline.
• When accepted, deposit earnest money as the contract requires.
• Save the receipt and confirm where funds are held.

Days 1–7: Lender start and inspections

• If financing, start your loan application immediately and send your lender requested documents.
• Schedule your home inspection within the contract window. You may also order pest, radon, septic, or sewer scope inspections as needed.
• The attorney or title team starts the title search.

Action items:

• Provide pay stubs, W‑2s, bank statements, and any lender requests.
• Attend inspections and review the report with your agent.

Days 7–14: Inspection resolution and appraisal

• Negotiate repairs or credits based on the inspection report within the contract deadlines.
• The lender typically orders the appraisal around this time.
• The attorney works through early title items and requests HOA documents or payoffs if needed.

Action items:

• Deliver repair requests or responses in writing by the deadline.
• Prepare for possible appraisal follow-ups if value comes in low.

Days 14–28: Underwriting and title clearing

• Your lender moves toward final underwriting and may ask for updated docs.
• The attorney prepares the title commitment and clears any defects such as liens or judgments.
• If required, a survey is ordered and reviewed.

Action items:

• Respond to underwriter requests quickly.
• Secure a homeowner’s insurance binder and send it to your lender and attorney.

Days 21–30+: Closing disclosure and scheduling

• Federal rules require your lender to deliver the Closing Disclosure at least 3 business days before closing on financed transactions.
• The attorney reconciles figures, prepares the settlement statement, and coordinates final payoffs, prorations, and recording.
• You will receive wire instructions for your cash to close if applicable.

Action items:

• Review the Closing Disclosure as soon as it arrives and ask questions early.
• Verify wire instructions directly with the attorney using a trusted phone number you already know. Never rely on email alone.

Closing day

• You and the seller sign documents at the attorney’s office. Many South Carolina closings take place in person.
• The lender funds, the attorney disburses proceeds, and the deed and mortgage are recorded with the Dorchester County Register of Deeds when applicable.
• Keys typically transfer at closing or as stated in your contract.

Action items:

• Bring a government-issued ID.
• Confirm your final funds were wired or bring certified funds if instructed.
• Bring proof of homeowner’s insurance.

Post-closing: first week

• The Register of Deeds records your deed and mortgage. You receive a recorded copy and title insurance policy or related documents soon after.
• Final prorations and disbursements are completed.

Action items:

• Confirm recording and save all closing documents.
• Update utilities and mailing addresses.
• Check tax and mortgage escrow accounts if you have them.

Protect your earnest money

Your contract controls how and when your earnest money is returned. Common contingencies protect your deposit when used on time and in writing. These include financing, satisfactory inspections, appraisal, clear title, HOA review, and survey.

To keep your deposit safe:

• Track all deadlines on a shared calendar with reminders.
• Deliver notices in writing within the time frames in the contract.
• Keep proof of delivery and attorney or broker confirmations.
• Work closely with your agent and the closing attorney if you need to invoke a contingency.

If a dispute arises, the escrow holder may keep funds until the parties sign a mutual release or a court order directs disbursement. The closing attorney can hold the funds pending resolution or file an interpleader if needed.

Local Dorchester County notes

Summerville spans Dorchester, Berkeley, and Charleston counties. Always confirm which county your property is in, since that controls where the deed is recorded and which tax office applies.

For Dorchester County properties:

• Documents are recorded with the Dorchester County Register of Deeds.
• Tax prorations at closing reflect Dorchester County schedules from the Tax Assessor.
• Parcel boundaries and jurisdiction can be confirmed through local GIS or property search tools.
• If an escrow dispute becomes a legal case, filings typically occur in the appropriate Dorchester County court.

Buyer checklist

Pre-offer:

• Get a lender preapproval so you can move fast.
• Decide how much earnest money you are comfortable depositing.
• Confirm the property’s county if you are targeting Summerville addresses.

After acceptance:

• Deposit earnest money by the deadline and save the written receipt.
• Schedule inspections within the inspection period.
• Send your lender requested documents right away.
• Purchase homeowner’s insurance and provide the binder to your lender and attorney.
• Review the Closing Disclosure as soon as you receive it.
• Verify wire instructions with the attorney by a known phone number before sending funds.
• Bring a government ID and confirm final funds for closing.

After closing:

• Confirm recording of your deed with the Register of Deeds.
• Save your title insurance policy and closing package.
• Update utilities and addresses.

Seller checklist

• Provide your deed, mortgage payoff details, and HOA information early.
• Cooperate with inspection scheduling and reasonable access.
• Confirm payoff figures for any mortgages or liens.
• Attend closing with a valid ID and confirm where proceeds will be sent.

Common pitfalls and how to avoid them

• Delayed earnest money deposit. Meet the contract deadline and keep proof of deposit.
• Unclear escrow holder. Make sure the contract names who holds funds and where closing will occur.
• Missing dispute language. Ensure the contract addresses how escrow funds are released in a dispute.
• Out-of-county logistics. Select a closing attorney who is familiar with Dorchester County recording procedures when the property is in Dorchester.
• Wire fraud risk. Always confirm wiring instructions by calling the attorney at a trusted number.

Closing day: what to expect

On closing day, plan for one to two hours at the attorney’s office. You will sign loan documents if you are financing, plus the deed and related forms. The attorney coordinates final payoffs, disbursements, and recording. Once funded and recorded, you receive keys unless your contract specifies a different handoff.

After closing: first week

Watch for your recorded deed and title policy. Set up your homeowner’s insurance and, if applicable, monitor your mortgage escrow account. Keep your closing documents in a secure place. If anything looks off, contact the closing attorney and your agent right away.

A clear escrow roadmap makes Summerville closings feel simple. With the right attorney, timely communication, and a contract you understand, you can protect your earnest money and step into your new chapter with confidence. If you want a calm, guided experience from offer to recording, reach out to the Sonder Home Team for local, concierge-level support.

FAQs

What is escrow in a Summerville home purchase?

• Escrow is the period and process where a neutral party, often a closing attorney, holds funds and documents from contract to closing while title, lending, and contingencies are completed.

Who holds earnest money in South Carolina closings?

• The sales contract names the holder, which is commonly the closing attorney’s trust account or a broker’s trust account, with timing and release rules set by the contract.

How long does a typical Summerville escrow take?

• Most financed purchases close in about 30 to 45 days, depending on lender timelines, inspections, appraisal, and title clearance; cash deals can be faster.

When can a buyer get earnest money back in Summerville?

• If you invoke a contract contingency on time and in writing, such as inspection, financing, appraisal, or clear title, you are generally entitled to a refund of your deposit.

What happens in Dorchester County if there is an earnest money dispute?

• The escrow holder often keeps funds until both parties sign a mutual release or a court orders disbursement; the attorney may hold the funds pending resolution or file an interpleader.