Home Buying in Mantoloking>Question Details

Joe, Home Buyer in New Jersey

I am wondering if any one knows what the closing cost for a $2,000,000 house with 1,000,000 down would be?

Asked by Joe, New Jersey Sun Jul 1, 2012

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Answers

8
Hi Joe,

Your question is posted as "home buying" - so I am answering the question accordingly.

Loan Fees: Appraisal ($300-$800), Application, Credit Reports

Points (1% per point - Rarely paid in today’s market)

Insurance - Homeowners ($1500-$2200) + Flood Insurance ($300-$3000 depending on if property is in a flood zone, at which flood insurance is mandatory.)

Title Search and Insurance ($2400 - $3000)

Survey ($300-$900)

Millionaire’s Tax ($20,000) - This is a buyer’s tax. However all fees are open to negotiation, and the seller does contribute toward this expense in some transactions. Generally that is more likely with properties nearer to the 1M-1.2M range with 20% down.

Transfer Tax - ($22,000) - This is a seller’s tax. As mentioned about the millionaire’s tax, items are open to negotiation. In most transactions, the seller does pay the transfer tax.

Inspections - Not paid at closing table, but a cost of acquisition. Inspection fees will vary according to property. A basic inspection may be $500-$800. Special needs, waterfront, engineering, second level inspections, etc. can raise inspection fees another $500 - $2000.

Attorney Fees - $1200 - $2000. If asking an attorney about fees, make sure to inquire about “total” fees inclusive of all ancillary add-ons such as paralegal, title review, doc prep, etc. Otherwise, you might only receive a fee quote for legal services.
Buyer Agent Fees - If not covered by the Seller. Most buyer agent expenses are covered by the seller of the property.

Misc Recording Fees - $200

Although not a ‘fee’ since it is your money, at closing, you will also make your initial escrow deposits. Closing is also the only time that you prepay interest, making a payment to the lender for the time period from the day of closing through the 1st of the month. The time of month that you close will dictate how many days of payment you will make. Closing toward the end of the month minimizes this, but your due date of your first payment will come sooner.

If you have further questions or our team can assist you further, please let me know. Our team members are located throughout Monmouth and Ocean Counties.

Regards,
Deborah Madey – Broker
Peninsula Realty Group
(732) 530 7755 Main
(732) 764 8450 Mobile
2 votes Thank Flag Link Sun Jul 1, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Hi Joe,

I don't think you could get a better answer than the one Deborah gave. I think the only thing to add would be that most Real Estate Brokers give a buyer rebate for homes in this price range to offset the closing costs.. More details in the link below. Good luck with your real estate search.
1 vote Thank Flag Link Sun Jul 1, 2012
All I can say is that Deborah's answer is spot on. In my area the Mortgage Tax is 1.05% & the Transfer Tax is $4 per thousand. Best of Luck
0 votes Thank Flag Link Thu Jul 5, 2012
Hi Joe: On this level I highly recommend for you to see approx. closing costs
in writing to know the bottom line. In addition, you may want to put less down
minus closing costs. When it comes to numbers of this level you must know
all options. My recommendation is to call First Prestige Mortgage Serrvices, Inc
so they can break down on an line item by item on a spread sheet and
provide a GFE ( Good Faith Estimate) of costs
First Prestige Mortgage Services,Inc 973-744-8300/ 888-FHA-ROAD
Questions, of this nature should be private.
Respectfully,
Autumn M. Urling
0 votes Thank Flag Link Thu Jul 5, 2012
Hi Joe, Depending on your attorneys fee, you will have additional costs of a percentage of the sale price as a New Jersey tax for properties over $1,000,000. Depending in location you will have flood insurance, so you will need flood elevation cert and survey if owner does not already have it. Most mortgage companies will want insurances paid up front for the year. I work for Van Sciver Realtors, mainly in our Bay Head office, but have access to homes in Mantoloking as well, which
is where our main office is located. Feel free to give me a call if you have any additional questions..

Thank you,
Kim Evans
Van Sciver Realtors
office 732-899-0038
cell 732-259-5431
0 votes Thank Flag Link Mon Jul 2, 2012
Hii Joe........

Loan fees vary, as does homeowners insurance,title search,flood insurance,millonairre's tax..your attorneys fees, and some small additional fees. I would check with your mortgage broker......

My husband who is also an agent grew up in Mantoloking, it is a lovely town.

If your home is purchased though us the title fee will be waived.

If you have any further questions, please do not hesitate to contact us..

Diane and Bruce VanVliey
Heritage House Sotheby's International Realty
732 859 2376. 732 778 3727
0 votes Thank Flag Link Sun Jul 1, 2012
Hii Joe........

Loan fees vary, as does homeowners insurance,title search,flood insurance,millonairre's tax..your attorneys fees, and some small additional fees. I would check with your mortgage broker......

My husband who is also an agent grew up in Mantoloking, it is a lovely town.

If your home is purchased though us the title fee will be waived.

If you have any further questions, please do not hesitate to contact us..

Diane and Bruce VanVliey
Heritage House Sotheby's International Realty
732 859 2376. 732 778 3727
0 votes Thank Flag Link Sun Jul 1, 2012
Amount of your downpayment has no impact on realty transfer fee. The sample calculator is located here: http://www.oceancountyrealtors.org/consumers/calculators/rea…
0 votes Thank Flag Link Sun Jul 1, 2012
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