The Basic Costs Of Closing-
Legal Costs:
- • Attorney Fee $1000-1500
- • Survey Fee, ($150-$250 Condo) $450-$800 Single Family Home
- • Title Search Fee, $250-$500
- • Title Insurance Premiums (These fees vary. Your attorney can provide a schedule of New Jersey rates.)
- Mortgage Costs:
- • Application Fee ($300-$600)
- • Appraisal Fee ($300-$600)
- • Misc. costs such as Points and PMI should be discussed with your lender
Inspection Costs
- • Home inspection $400-$750
- • Radon Inspection $ 120-$300
- . Termite Inspection $75-$150
- • Oil Tank Inspection $400-$500
- . Septic Tank $750-$1000
- • Additional costs may include: structural engineer, chimney inspection, mold
Additional Expenses
- • Homeowners Insurance
- • Flood Insurance (when applicable for buyers)
- 2 Months of Taxes in Reserve
- 2 Months of Home owners Insurance in Reserve
- Mansion Tax and Realty Transfer Tax-see below-
Most sellers in the state are required to pay a realty transfer tax — with the amount of the tax imposed on a rising scale depending on the sale price. In addition, for a sale above $1 million the mansion tax is imposed on the purchaser, although the sales contract between the parties can be drawn up so that the buyer, the seller or both the buyer and the seller pay the actual taxes.
