Buyer’s Approximate Closing Costs
Buyer’s Approximate Closing Costs
Legal, Title & Settlement Costs
• Attorney Fees $800 to $1500
• Survey (Condo $250 to $450) $450 to $900
• Title services $700 to $1200
• Title Premium—State regulated fee, based on the sales price. See schedule– NJ Rates for Title Insurance
• Settlement Fees $400 to $650
• Recording Fees $300-$400
Title and Settlement charges can also be calculated by Gloria
on the Broad Street App
Mortgage Costs
• Application Fee $300 to $1,000
• Appraisal $300 to $600
• Miscellaneous Mortgage Costs $100 to $600
• Private Mortgage Insurance– Upfront Premium & Monthly fee– Ask your lender
• Points—1% of Loan Amount to buy-down the rate
Escrows & Pre-paids
• Taxes—1 quarter paid at closing, additional taxes in reserve account
• Homeowners Insurance– 1 year paid at closing, additional HOI in reserve account
• Homeowner’s Association Fees– Statement of Accounts needed for fees
• Flood Insurance (if applicable)
• Tax, sewer, water, oil in tank, HOA adjustments
Inspections
• Home Inspection $500 to $4000
• Radon Inspection $60 to $300
• Wood Destroying Insect Inspection/Certification $60 to $150
• Septic Inspection $500 to $2,000
• Oil Tank Inspection $395 to $500
• Home Protection Plan $425 to $900
NJ Mansion Tax on Residential Properties
• 1% of the purchase price on all residential homes over $1 million
These figures are general guidelines to aid buyers calculating their closing costs.
These figures are only estimates.
Formal quotes from your attorney or title company should be obtained for actual closing costs