Elmwood Park, Garfield, Lodi, Saddle Brook, Bergen County, New Jersey

Serving Elmwood Park, Garfield, Lodi, Saddle Brook, Bergen County, New Jersey

Estimating Your Closing Costs

-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 and current rates.

TOTAL CONSIDERATION NOT IN EXCESS OF $350,000
  1. $2.00/$500 of consideration not in excess of $150,000;
  2. $3.35/$500 of consideration in excess of $150,000 but not in excess of $200,000;
  3. $3.90/$500 of consideration in excess of $200,000 but not in excess of $350,000.

TOTAL CONSIDERATION IN EXCESS OF $350,000

  1. $2.90/$500 of consideration not in excess of $150,000;
  2. $4.25/$500 of consideration in excess of $150,000 but not in excess of $200,000;
  3. $4.80/$500 of consideration in excess of $200,000 but not in excess of $550,000;
  4. $5.30/$500 of consideration in excess of $550,000 but not in excess of $850,000;
  5. $5.80/$500 of consideration in excess of $850,000 but not in excess of $1,000,000;
  6. $6.05/$500 of consideration in excess of $1,000,000.
$
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

Approx. $200-$300

$
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

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

$

 

* This worksheet can be used to prepare an estimate of the costs entailed in the closing of a home. It is suggested that you consult your attorney for any closer estimates of the costs of your particular situation. A short time before closing, your attorney should be able to provide you with more precise figures for your closing costs.