Closing costs are fees paid in connection with the refinance or transfer of ownership in real property. They are paid by either the buyer or the seller on the settlement date. These fees will always vary. What you pay for one refinance or property transfer will not be the same as another. This is due to the different parties involved, different types and locations of property, the financial capacity of a buyer and many more factors.
Legal Costs
Attorney fee $900-$1,400
Liens
Mortgage Liens
Mortgage Cancellation Fee $40-$75
Other Lien
Realty Transfer Tax
Adjustments
Either a credit or charge to adjust for payments make prior to or beyond the closing date.
a) Tax
b) Water/Sewer
c) Oil in tank
d) Home Owner’s Association Fees
Certificate of Occupancy
$90-250 (if applicable)
Real Estate
Commission
5-6% but is negotiable
NJ: Non-Resident Income Tax
Estimated taxes are paid when deed is recorded. Minimum amount is 2% of sales price. (Exemptions apply, consult your attorney for details)
These figures are general guidelines to aid buyers in calculating their closing cost. The figures are based on estimates on New Jersey fees and are subjected to errors and omissions and change without prior notice 1/2015. Real Estate Commissions are negotiable. Source: Coldwell Banker
