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BUYERSCOSTs
Legal, Title & Settlement Costs
· Attorney Fees $600 to $1200
· Survey (Condo $250 to $450) $450 to $900 (if applicable)
· Recording Fees $100-$400
· Contact Ashleigh for Title Insurance quote
(Based on sales price)
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
NJ Mansion Tax on Residential Properties
· 1% of the purchase price on all residential homes over
$1 million
Lender Fees
· Contact your lender for lender fees
SELLERSCOSTs
Legal Fees
· Attorney Fees $700 to $1500
· Lien Release Fees $100-$200
Certifications
· Certificate of Occupancy $40 to $150
· Smoke Certification $25 to $150
· Carbon Monoxide Certificate $25 to $75
Non– Resident Income Tax
· 2% withholding for non-residents selling a NJ property & not
filing NJ tax returns. Sellers should speak to their accountant
about this tax and a potential rebate
NJ Realty Transfer Fee
· NJ State Tax paid by all sellers in NJ
· Discount available for senior citizens over 62 Payoffs
· Mortgage Payoffs for mortgage balance & any outstanding
items on the property
Real Estate Commission
· Per Listing Agreement
Adjustments
· Taxes, water, sewer, oil in tank, HOA
Ashleigh Johnson Parker
Sales Manager
856-237-5415 direct
732-747-7101 ext224 office
aparker@acrestitle.com
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