Estimate your total closing costs as a buyer in New Jersey — including title insurance, mortgage tax, attorney fees, and lender fees.
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Estimates for general guidance only. Actual costs vary. Contact Agarunov Law for a personalized estimate.
Common questions about NJ buyer closing costs
NJ buyer closing costs typically range from 1% to 3% of the purchase price. Major costs include title insurance, attorney fees, lender fees, recording fees, and the NJ mortgage tax on loans over $150,000. Unlike NYC, there is no mansion tax or high mortgage recording tax for NJ buyers.
New Jersey imposes a mortgage tax of 0.05% on mortgage loans over $150,000. This is far lower than NYC's mortgage recording tax of 1.8%-1.925%. On a $500,000 loan, the NJ mortgage tax is only $250 compared to $8,750+ in NYC.
While not technically required by law, it is standard practice in New Jersey for both buyers and sellers to be represented by attorneys. NJ's unique attorney review period makes legal representation essential for protecting your interests.
No. In New Jersey, the Realty Transfer Fee (RTF) is paid by the seller, not the buyer. NJ buyers benefit from not having this cost at closing, which is a significant difference from NYC where buyers pay transfer-related taxes.