What is closing comprised of? What is the approx title search/insurance cost in NJ?

Asked by Shavzz, Jersey City, NJ Sun Jan 13, 2013

I am a new home buyer and like every first home buyer, I am freaking out. Each lender we call, we are given different information. After calling 5 lenders, the 6th one told us that the title search is ordered by our attorney, not by the lender. So that was a news. Can someone please tell in simple terms what all points closing consists of and who is responsible for what? Like:
1) Title search/insurance - Attorney orders it
2) Realty Transfer Tax - Seller pays it
3) Loan origination fee - Buyer is responsible to pay lender
4) Lender fee - Buyer is responsible to pay lender
5) Appraisal fee - Buyer is responsible to pay lender
6) Inspection - Buyer is responsible for arranging it

What are the other items?

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Laura Gianno…, Agent, Manahawkin, NJ
Sun Jan 13, 2013
You have the right under NJ law to work with what ever title company you want.

Seller pays RTF

All the other items are included in your settlement costs, with the exception of the home inspection which you the buyer pay for at the time of the inspection.

Your attorney fee would also be included in the closing costs...your best bet would be to talk to your attorney.
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