Buyer's Approximate Closing Costs

BUYER'S APPROXIMATE CLOSING COSTS,

Legal and Title Costs:

Attorney Fee - $900-$1500

Survey - $450-$1200

Survey Condo - $150-$250

Recording Fees with Mortgage & Deed - $300-$500

Title Searches/Title Policy Endorsements - $250-$500

Settlement Fees - $450-$750

Title Insurance Premium - See Photo Below the Schedule-NJ Rates For Title Insurance

Mortgage Costs:

Application Fee - $600-$900

Appraisal (Up to 1 Million) - $450-$730

Appraisal (Over 1 Million) - $1800 (Due to needing 2 appraisals)

Miscellaneous Mortgage Costs - $100-$600 (Varies, be sure to ask your lender)

PMI (Private Mortgage Insurance) Often required if mortgage is more than 80% of purchase price.

Points, Fee paid to lender to "buy down" interest rate on mortgage.

One point equals 1% of the mortgage (1 point on a $100,000 mortgage equals $1000)

Inspection Costs:

Home Inspection - $400-$650 (Condo- $250-$650)

Radon Inspection - $60-$300

Wood-Destroying Insect Inspection/Certification - $60-$150

Septic Inspection (if applicable) - $500-$2000

Oil Tank Inspection (if applicable) - $395-$500

Other Inspections, per your choice

Other Costs:

Homeowner's Insurance - $500-$2400

One -Year Prepaid Premium Coldwell Banker Home Protraction Plan - $425-$900

Flood Insurance (if applicable) - $750-$2000

Prepaid Tax Adjustment (Varies on the Town, County)

Mansion Tax on Residential Properties - 1% of Consideration when Sales Price is more than $1 Million

Disclaimer:

These figures are general guidelines to aid buyers in calculating their closing costs. The figures are based on estimates of New Jersey fees and are subject to errors and omissions and change without prior notice. 4/2020

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