|
-FOR SELLERS-
Legal Fee
- Generally $750-$1,000, depending on the transaction
|
$ |
Real Estate Commission
- Depends on the terms of the listing agreement
|
$ |
Realty Transfer Tax
Rate fixed to sale price of house Consult your attorney for possible exemptions
- NJ: $3.50 per 1,000 up to $150,000
$5.00 per 1,000 thereafter
- SR CITIZEN: $1.00 per $1,000
up to $150,000
$2.50 per 1,000 thereafter
- NEW CONSTR: $1.50 per 1,000 up to $150,000
$5.00 per 1,000 thereafter |
$ |
Mortgage Cancellation Fee
- Usually required if mortgage is prepaid before original term is reached. May be charges by lender and/or local government.
|
$ |
Other Liens
- Must be removed form property before sale: includes local government filing fees
|
$ |
Tax Adjustment
- Usually a credit (sometimes a charge) to seller, to adjust for taxes paid short-of or beyond the closing
|
$ |
Water/Sewer Adjustments
- Same as other tax adjustments
|
$ |
VA Loans
- Seller is responsible for points, repairs, certifications as included in sale contract: and for fees required by lender
|
$ |
Insect Damage Repairs
- As may be required following inspection
|
$ |
Engineering Repairs
- As may be required following inspection
|
$ |
Association Fees
- As may be required by Condo/Co-op Association
|
$ |
Estimated Total |
$ | |
-FOR BUYERS-
Legal Fee
- Generally $750-$1,000, depending on the transaction
|
$ |
| Title Search
|
$ |
Title Insurance
- Varies usually $1,200-$1,500 for homes fr $250,000 - $300,000
|
$ |
Recording Fees
- Required by local County clerk about $40-$60 (per instrument to be recorded)
|
$ |
Survey
- of property, if required, averages $300-$450
|
$ |
Homeowners Insurance & (if applicable) Flood Insurance
- Typical one family house $300-500 per year
|
$ |
Private Mortgage Insurance
- Usually required if mortgage is more than 80% of purchase price. Average premium is 2 1/2% of the mortgage. 1% payable at closing
|
$ |
Lender's Attorney Review Fee
- $100 - $500 average where applicable
|
$ |
Prepaid Interest
- Paid to lender; covers interest on mortgage beginning from day of closing to end of first month
|
$ |
Escrow Fees
Paid to lender, covering approximately...
- 3 months real estate taxes
- 3 months fire/flood insurance
- 3 months PMI premium where applicable
|
$ |
Points
Paid to lender, usually 1-3 (1 "point" = 1% of mortgage). |
$ |
| Application Fee set by lender, $250-500 |
$ |
| Credit Report Fee $200-300 |
$ |
.
Terminate/ Building Inspection |
$ |
Fuel Adjustment for any fuel left behind by seller |
$ |
Association Fees
- As may be required by Condo/Co-op Association
|
$ |
Estimated Total |
$ | |
