Hi Mark! Yes, 2 points of purchase price is right but it will vary depending on taxes, maintenance, attorney etc etc which everyone has answered here. As for hiring an out of town attorney, I've succesfully closed transactions using attorney's that were in Jersey City and West New York on time, and I completely understand the need for saving money! While yes a local attorney is ideal because they are familira with certain buildings, might already have relationships with management companies and so on, using someone that is well versed in Hoboken is ok. I would however just say that make sure they have been referred to you by someone you know and trust who has used them recently and closed successfully and to ask them if there was anything that they were unhappy with during the transaction so you know what to expect.
I'm happy to forward you my contacts if you decide. Best of luck to you!

Hi,

I still think you are better off with a Hoboken lawyer, notice that everyone who answered your question from Hoboken strongly urged you to go for a Hoboken lawyer. How much will you save? My lawyer cost me $1200, and don't forget the lawyer fees are tax deductable, so a few hundred dollars will come back to you. That in mind, is it worth it? Here's my lawyer details if you're interested: Edward S. Danhires, Esq., phone: (201) 418-0070 . Whether Ed or someone else, just get a Hoboken lawyer.

The closing costs will vary.. Eric is correct: The general rule is to expect closing costs to be around 2% of the sale price, to be safe. Much of the cost depends on how much taxes you'll have to pay up front, and on your maintenance deposit to the condo association. Lawyer fees, title search/insurance, inspections, and other items are usually pretty fixed

The JC attorney does not make a difference.. it is right next door.
Go with the JC attorney if it will save you some bucks.

The general rule is to expect closing costs to be around 2% of the sale price, to be safe. Much of the cost depends on how much taxes you'll have to pay up front, and on your maintenance deposit to the condo association. Lawyer fees, title search/insurance, inspections, and other items are usually pretty fixed.

The closing date also affects closing costs. You may be paying for 1-2 quarters worth of taxes on your closing, depending on the month you close.

Your best bet is to speak to a Hoboken real estate lawyer, and I recommend Brian Kappock ((201) 659-5555). Many of my clients have worked with him and his expertise is very solid. He's not the cheapest, but it's worth it. A JC lawyer may save you a few hundred dollars, but the quality of service won't make you happy. Buying a home is a serious affair, and skimping on the lawyer can cost you. A good lawyer will also ensure the deal goes through quickly and with minimal (or no) glitches.

Let me know if you need more info or help, and good luck.

Eric J.

Hi! I'm a homebuyer myself, and I HIGHLY recommend getting a Hoboken lawyer to get the deal done on time. I got one and I can't tell you how happy I am with his services. The Hoboken market is a micro market on its own and to be honest it's like swimming with the sharks; so you have to have someone tough to do it on your behalf.

For me, my lawyer did two things:
1- He closed the deal in a very aggressive 30 day timeframe as I requested
2- He got the deal done. On my closing day the bank backed out, my lawyer was on the phone nonstop with the mortgage company (also a Hoboken company) and basically got me that note to sign and close. My closing was on a Friday and I would have been delayed for THREE DAYS if it didn't go through. We closed on Friday at 5 PM

I hope this helps.

Oh closing costs for my 1 BR condo came out to be close to $9K, between lawyer fees, inspection, mortgage fees, escrow account deposites, and a lot of other fees lol.

Closing costs is based on overall sales purchase price for home. Your mortgage broker will provide you info. Buyers agent could request for seller make contribution towards your closing fees. These fees must be in you sales executed contract between buyer/seller. Title company must honor all authored terms and conditions in sales contract.