Home Selling in 08402>Question Details

442, Home Seller in 08402

what would be the average settlement costs to the seller for a $1,650,000 in nj.?

Asked by 442, 08402 Wed Oct 13, 2010

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Virginia "GINNY" Sutor’s answer
I recently sold 5 South Mansfield Avenue in Margate for $1,950,000. I would be happy to do a confidential estimated Seller's closing sheet for you. I have been selling real estate in Margate for 24 years so I do know the market.

Please give me, Virginia (GINNY) Sutor, a call at 609-487-7290 or my cell which is 609-226-0593.

Thank you and I look forward to hearing from you.
Web Reference: http://ginnysutor.com
0 votes Thank Flag Link Wed Nov 10, 2010
One of the agents below mentioned about a $1000 fee for an attorney. In South Jersey, Margate and the surrounding areas, it is NOT REQUIRED, for you to have an attorney. Of course you have the initial attorney review option, when you first sign the contract, but it is NOT mandatory for you to have an attorney at closing.

Feel free to give me a call or email me if you'd like a more exact settlement cost sheet. My office is in Margate and I have sold numerous home in your price range.

Judi Wolfson, Zitomer Real Estate
0 votes Thank Flag Link Thu Oct 14, 2010
I would add one last comment ....if you are leaving the state of New Jersey, make sure and understand the exit tax.
0 votes Thank Flag Link Thu Oct 14, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
Part of the costs will depend on your age and whether or not it is a primary residence. You can call any local title company and ask them to issue you a mock HUD 1 which will also include realtor's fees. If you provide them with your payoff info as well you will get a very good idea what your total net will be.
0 votes Thank Flag Link Thu Oct 14, 2010
In addition to the answers below, you will have attorney's fees of approximately $1000. Here is the website with a realty transfer fee calculator, so once you have your sales price number, you'll have a good idea of what the transfer fee will be: http://www.vested.com/tax_calculator1.html
Ask your agent to provide you with a sellers' net sheet. That will give you a really good idea until you get the HUD-1 from your attorney, just prior to closing.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Oct 14, 2010
As a seller you will be responsible for the realtor's commission ,the realty transfer tax (approximately $8 per $1,000) There is also a state luxury tax both buyer & seller must pay for homes sold over $1,000,000 which is $10,000. In addition you will have to pay your attorney ,any home inspection issues that may arise & also obtain the certificate of occupancy from your municipality.
0 votes Thank Flag Link Wed Oct 13, 2010
In addition to the previous answer, it will also make a difference if your primary residence is in New Jersey.
To help give you an idea, without any commissions being considered and if you ARE a primary residence of NJ you can estimate 2-3% of the selling price. If you are NOT a residence of NJ, then you need to add onto this 2% of your profit, but this will be a tax deduction for you on your home-state taxes.

I'd be glad to have a more defined settlement cost analysis for you, just give me a call at 800-339-5834 or send me an email.

Best wishes,
Judi Wolfson
"Satifying Buyers and Sellers for over 28 years"
0 votes Thank Flag Link Wed Oct 13, 2010
There are a few factors that come into play when determining the closing costs.
What is the commission rate?
The transfer tax is determined by the sale price and your age. Are you over 62? if so, you will get a lower transfer rate.
If you are considering selling your home, I would be happy to sit and talk with you about what I can do to market it effectively for you.
Please call me at 609-870-0066

David W.Read
Weichert, Realtors
0 votes Thank Flag Link Wed Oct 13, 2010
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