NJ Buyer Closing Costs

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NJ Buyer Closing Costs

Title Costs & Legal Fees

Attorney Fee$1,000-$1,500
Survey$450-$800
Recording Fees (Mortgage & Deed)$200-$300
Title Search/Policy Endorsements$250-$500
Title Insurance PremiumConsult attorney or lender

 

Mortgage Costs

Application Fee (Credit Report included)$300-$600
Appraisal$400-$600
Misc. Mortgage Costs (Consult your lender)$100-$600
Private Mortgage Insurance (PMI)Consult lender
PointsConsult lender
One point = 1% of mortgage i.e. 1 point on a $700,000 mortgage is $7,000
Points are a fee to “buy down” the interest rate on a mortgage.

 

Inspection Costs

Home Inspection$400-$900
Radon Inspection$120-$300
Termite Inspection/Certification$75-$150
Septic Inspection (if applicable)$400-$1,000
Oil Tank Inspection (if applicable)$395-$500
Asbestos, Chimney and MoldCosts vary
Other Inspections (if needed)
Homeowner’s Insurance – Prepaid 1 YearConsult Insurance Company
2 Months Escrow Homeowner’s InsuranceConsult Insurance Company
3 Months Property Taxes Escrow
Mansion Tax (if applicable)
1% of consideration when sales price is over $1,000,000 – Residential Zone Use