Home Buying in Wenonah>Question Details

Antoinette, Home Buyer in Wenonah, NJ

what arehome buyer responsible for in closing costs in state of new jersey ?

Asked by Antoinette, Wenonah, NJ Wed Jan 30, 2008

Help the community by answering this question:


Here’s a few tips for estimating the bill:

Besides what you pay for the house (or really what you borrow and then what you give the seller by way of deposit and at the closing), is what are called closing costs. They’re expensive in New Jersey as they cover all the extra things you have to pay for besides the new house.

First of all, it’s the costs to the lenders for their fees, (banks are always cheaper by a couple thousand dollars usually), which are lender fees (application fee, origination, mortgage insurance, if you borrowed 90% or more, appraisal fees).

Then there are the title costs which are the next highest items, $500 per thousand and approximately $300 for title search and endorsements.

In addition, there is your home inspector, surveyor, if necessary, attorney fee, cost of recording Deed and Mortgage and Notice of Settlement (estimate – $350) and surprise, surprise, finally the extra advance payments of taxes (usually 3 months, but can be 4, so take one-third of yearly taxes), and then there is about a month of mortgage interest.

If you estimate $10,000 for a house about $400,000, you’ll be close.
0 votes Thank Flag Link Thu Mar 11, 2010
Best advice is to contact the title company who is handleing your home. There are taxes, water/ sewer bills that are all paid quarterly so that money has to be reimbursed to the seller, depending on the settlement date.
0 votes Thank Flag Link Fri May 9, 2008
Additionally, while not closing costs, per se, you may be responsible for escrowed taxes and insurance for the mortgage company, municipal taxes (prepaid by the seller and or for the coming quarter), title insurance. You may also pay for oil left in the tank if applicable! These things add up. Make sure you will have cash to cover it!! Ask an agent for sample HUD-1's aka closing statements for your town.
Web Reference: http://StantonRealtors.com
0 votes Thank Flag Link Thu Jan 31, 2008
As the buyer, items you may have to pay include:
mortgage application and commitment fees, home owner's insurance, title search fees, attorney's fees, recording and transfer fees, appraisal, survey.
The nature and cost of these fees will vary by lender.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Jan 31, 2008
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