Basic Closing Costs

Looking for a home in Maplewood or S. Orange, NJ? Don’t forget to account for the closing costs for buyers that you will incur in a NJ transaction. You will need more than your downpayment in order to close on a home purchase. Legal fees, lender fees, inspection costs, property tax and insurance escrows will add up. So make sure you have some extra cash on hand to cover these estimated costs.

Legal Costs

  • Attorney Fee $1400 – $2000
  • Survey $400 – $750
  • Title Search $100 – $500
  • Title Insurance Premiums- consult your attorney, this ranges depending on cost of house, $2,000 – $4,000 on average
  • Settlement Fee $425 + $115 FedEx/Overnight charges
  • Mortgage/Deed Recording Fees $270+

Mortgage Costs

  • Lender Application Fees $400 – $850
  • Origination Fee/Commitment Fee $0 – $1000
  • Appraisal $375 – $700
  • Credit Report $25 – $60
  • Flood Certification $10
  • Misc. Costs-discuss with lender such as points, PMI
  • 4-5 mos. of taxes for escrow
  • Tax Service Fee $95

Inspection Costs

  • Home Inspection $500 – $900, greater in houses over $1 million
  • Radon Inspection $100
  • Termite Inspection $50 – $100
  • Pool Inspection $485
  • Oil Tank Inspection $25 – $500
  • If needed…structural engineer, roofer, level-2 chimney inspection or others

Other Costs

  • Homeowners Insurance about $1,500 – $3,000 per year with 1 year paid upfront
  • Flood Insurance (if applicable)
  • For Buyers, Mansion Tax 1% of Sales Price if over $1,000,000
  • For Sellers, Realty Transfer Tax applies on sale

Thinking about buying a home in the Maplewood/S. Orange area? Let’s meet for a confidential consultation.