Estimated Closing Costs

If you’re BUYING a home…
* Mortgage Application Fee (avg.) $275-4450
* Mortgage Placement fees (points)
VA-FHA Annually 1% of Mortgage Conventional-0, 1% or higher depending on bank and other market conditions
* Flood Search $12-$25
* Survey (depending on lot size) $350-$650
With Corners Set additional $25-$50 per corner
* Home Owners Insurance Policy (1st year, basic coverage) $400-$500
* Flood insurance-market rates vary
* Title Search & title Insurance (basic/depends on purchase price)
* $28,000 to $100,000-min of $200 to $525
* $100,001 to $500,000 $4.00 add per $1000
* Over $2,000,000 $2.35 add per $1000
* Private Mortgage Insurance (if required) Determined by Lender
* Bank Interest Adjustment-per diem dependant on closing date and interest rate
* Attorney Review for Lender $0-$275 (NJ rate, NY may be higher)
* Closing Attorney's Fee $875 (does not include out of pocket expenses or additional services)
* Recording Fees
Notice of Settlement $20 each (1 for refinance, 2 for purchase) Mortgage $30 first page & $10 each additional page Deed $40 first page & $10 each additional page * Courier fees for Lender- $25-$50
* Tax Escrow-1/12 of Annual Taxes x 4
* Homeowner's Insurance Escrow- ½ of Annual Premium x 4
* Payment of Tax Quarter as per Lender Instructions/Subject to Adjustment of Seller's responsibility
* A "Millionaire's Tax of 1% of the total consideration is assessed to buyers who are purchasing a
property that is $1,000,000 or more.

If you’re SELLING a home…
* New Jersey Realty Transfer Tax-Standard Fees
1. $4.00 per $1,000 of consideration not in excess of $150,000;
2. $6.70 per $1,000 of consideration in excess of $150,000 but not in excess of $200,000;
3. $7.80 per $1,000 of consideration in excess if $200,000 but not in excess of $350,000
4. For consideration that is in excess of $350,000 the rates are different-$5.80 per $1,000 up to $150,000; $8.50 per $1,000 up to $200,000; $9.60 per $1,000 up to $ 550,000; $10.60 per $1,000 $850,000; $11.60 per $1,000 up to $1,000,000 and $12.10 per $1,000 thereafter
5. Reduced Fees apply to Senior Citizens and Disabled Persons

* Cancellation of Existing Mortgage $50-$100
* Real Estate Commission- based on agreement with agency
* Mortgage Placement Fees-VA and FHA depends on market conditions
* Certificate of Occupancy (varies with municipality) Min. $65
* Smoke Detector & Carbon Monoxide Certification (approx.) $25-$65
* Attorney's Fee $675 (does not include out of pocket expenses or additional services)
* If you are an out of state resident who is selling a N.J. property you are responsible for making an Estimated Gross Income Tax Payment of 2% of the total consideration to the State of NJ Division of Taxation. This will be collected at closing.

For more information, contact Anna-Maria Pittella now.