It could be a REO or short sale or a straight transaction. Usually the buyer and seller both have costs to close. A seller can volunteer to pay some for buyer. Another way is the seller gives a concession of up to the total of closing costs, basically reducing the net price seller receives, thus "net to seller" means $Sales price less concession, stated in the contract. Buyers' costs can vary greatly. Survey fee, inspection fee, application fee, appraisal fee, title insurance fee, document fee, mysterious fee, fee for writing fees etc. A license realtor can explain these to you. So can a closing attorney. A lender's agent maybe. An escrow agent in some partsof NJ and various states. Get a list of closing costs before committing to loan. You'll feel better and have fewer surprises. You should be informed and comfortable with the process before obligating yourself. If you are the seller, your attorney will explain your costs also.
Your question appears under Newark- Seller so you must be a seller.

Hi Christina,

It is perfectly fine to ask these questions. Most people that are selling their home (aside from their purchase) have not done this before and have questions that arise as you move along.

This is the time where you can call your attorney or realtor for advice. Both sides have closing costs that are part of the closing, you have costs also.. from the transfer tax to legal fee's to the commission that you will incur.

A good realtor would have the steps that you should go through to close and help with the answers to these questions cal your agent and discuss you questions.

Christina: Why is it that peopel always seem to come up with the line; My contract says...What does it mean? I'm not knocking you specifically but so many people sign things without a clue. You need a lawyer very badly at this point. (You needed one even worse before you signed.) The charming (and expensive) question is what is the definition of closing costs? The transfer tax is 2%, a big number. The deed and affidavit of title isn't a big burden but is it a "closing cost" or a duty owed by the seller? An attorney will help you define the terms. A court will define the terms for you. All this will be a "closing cost" over and above any found in most transactions. Sorry but you're late to the party when it comes to knowing what your contract says is your responsibility.

The seller also has closing costs, including the realty transfer fee and real estate commission. Your attorney should be able to advise you. Those two costs alone can be very expensive, depending on the price of the house.

Talk to a real real estate attorney. I'd recommend Charles Block -in Voorhees at http://www.charlesblock.com
He is a down to earth straight talker and a good attorney.