All costs are informational and subject to change. Confirm all costs with your attorney, realtor, mortgage company and title insurance agency for accuracy.
If you are BUYING a home
* Mortgage Application Fee (avg.) $275-500
* Mortgage Placement fees (points)- VA-FHA generally 1% of Mortgage;
Conventional- as determined by inatitution
* Flood Search $12-$25
* Survey -$350-$950 ( or higher depending on lot size)
* Survey-With Corners Set additional $25-$50 per corner
* Home Owners Insurance Policy (1st year, basic coverage) $400-$1000-could be higher
* 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 dependent on closing date and interest rate
* Attorney Review by Lender $0-$500 (NJ rate, NY may be higher)
* Inspections-costs will vary depending on the type and sometimes size: home, oil tank scan, wood- destroying insects, lead paint, topographical, systems, pool, fireplace etc.
* Closing Attorney’s Fee $975 (does not include out of pocket expenses or additional services)
*Recording Fees
- Notice of Settlement $20 (1 for refinance, 2 for purchase)
- Mortgage $40 first page & $10 each ad each additional page
- Deed $40 first page & $10 each additional page
*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 of $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 ( 2% to 6%)
* Certificate of Occupancy (varies with municipality) generally $65 or higher
* Smoke Detector & Carbon Monoxide Certification (approx.) $25-$65
* Attorney’s Fee $775 (does not include out of pocket expenses or additional services)
* If you are or becoming 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.
