Buyer Closing Costs in New Jersey

 

Closing costs for Buyers in New Jersey are typically 2% to 3% of the purchase price. 

 

 

Legal Fees and Title Costs

  • Attorney Fee $1,500 to $2,200
  • Survey $450 to $800 (confirming the boundary lines and legal description of property)
  • Recording Fees $200 to $300 (putting a document into official county records)
  • Title Search/Policy Endorsements $250 to $500 (researching public records to determine a property's legal ownership and find out what claims are on the property)
  • Title Insurance Premium Check with attorney or lender (protecting lenders and homebuyers from financial loss sustained from defects in a title to a property)
  • Miscellaneous Fees Check with your attorney

Escrow Deposit

  • Lenders may require an additional deposit to cover 3~6 months of property taxes, please consult with your lender for specifics

Mortgage Costs

  • Application Fee (with Credit Report) $300 to $600
  • Appraisal $400 to $600
  • Miscellaneous Mortgage Costs $100 to $600 (Varies, check with your lender)
  • PMI (Private Mortgage Insurance) Check with your lender
  • Points Check with your lender (Points are a fee to the lender to “buy down” the interest rate on a mortgage. 1 point = 1% of mortgage. For example, 1 point on a $800,000 mortgage = $8,000)

Inspection Costs

  • Home Inspection $600 to $900
  • Radon Inspection $120 to $300
  • Wood Destroying Insect Inspection $75 to $150
  • Septic Inspection (if applicable) $750 to $1000
  • Oil Tank Inspection (if applicable) $200 to $500
  • Additional inspections if needed such as Asbestos, Mold, Chimney, or structural engineer Costs vary

Mansion Tax (only applies when the property sale price is above $1 million)

  • The Buyer needs to pay a Mansion tax, which equals 1% of the sale price when the price is more than $1 million