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.

Anna-Maria Pittella, Esquire
55 No. Bridge Ave. Ste 1 Red Bank, NJ 07701 P: 732-842-6939 F: 732-842-6775
Appointments available in Wall Township at the
Piff Tomaro Building, 1704 Maxwell Drive (and Rte 138 W) Wall Township, NJ 07719
16 Madison Ave,Toms River, NJ 08754. All appointments are scheduled by calling 732 842-6939.