North Haledon, Hawthorne, Haledon, Prospect Park, Paterson, Wayne, Ringwood, West Milford, Franklin Lakes, Oakland, Midland Park, Wyckoff, Mahwah, Waldwick, Ho-Ho-Kus, Allendale, Upper Saddle River, Saddle River, Ridgewood, Ramsey, Glen Rock, Fairlawn, Elmwood Park, Garfield

Serving North Haledon, Hawthorne, Haledon, Prospect Park, Paterson,Wayne, Ringwood, West Milford, Franklin Lakes, Oakland, Midland Park, Wyckoff, Mahwah, Waldwick, Ho-Ho-Kus, Allendale, Upper Saddle River, Saddle River, Ridgewood, Ramsey, Glen Rock, Fairlawn, Elmwood Park, Garfield

Estimating Your Closing Costs

-FOR SELLERS-
Legal Fee

Generally $750-$1,000, depending on the transaction

$

Real Estate Commission

Depends on the terms of the listing agreement

$

Realty Transfer Tax
Rate fixed to sale price of house. Consult your attorney for possible exemptions and current rates.

 
TOTAL CONSIDERATION NOT IN EXCESS OF $350,000
  1. $2.00/$500 of consideration not in excess of $150,000;
  2. $3.35/$500 of consideration in excess of $150,000 but not in excess of $200,000;
  3. $3.90/$500 of consideration in excess of $200,000 but not in excess of $350,000.

TOTAL CONSIDERATION IN EXCESS OF $350,000

  1. $2.90/$500 of consideration not in excess of $150,000;
  2. $4.25/$500 of consideration in excess of $150,000 but not in excess of $200,000;
  3. $4.80/$500 of consideration in excess of $200,000 but not in excess of $550,000;
  4. $5.30/$500 of consideration in excess of $550,000 but not in excess of $850,000;
  5. $5.80/$500 of consideration in excess of $850,000 but not in excess of $1,000,000;
  6. $6.05/$500 of consideration in excess of $1,000,000.
$
Mortgage Cancellation Fee

Usually required if mortgage is prepaid before original term is reached. May be charges by lender and/or local government.

$
Other Liens

Must be removed form property before sale: includes local government filing fees

$
Tax Adjustment

Usually a credit (sometimes a charge) to seller, to adjust for taxes paid short-of or beyond the closing

$
Water/Sewer Adjustments

Same as other tax adjustments

$
VA Loans

Seller is responsible for points, repairs, certifications as included in sale contract: and for fees required by lender

$
Insect Damage Repairs

As may be required following inspection

$

Engineering Repairs

As may be required following inspection

$

Association Fees

As may be required by Condo/Co-op Association

$


Estimated Total

$

-FOR BUYERS-

Legal Fee

Generally $750-$1,000, depending on the transaction

$

Title Search

Approx. $200-$300

$
Title Insurance

Varies usually $1,200-$1,500 for homes fr $250,000 - $300,000

$
Recording Fees

Required by local County clerk about $40-$60 (per instrument to be recorded)

$
Survey

Survey of property, if required, averages $300-$450

$
Homeowners Insurance & (if applicable) Flood Insurance

Typical one family house $300-500 per year

$
Private Mortgage Insurance

Usually required if mortgage is more than 80% of purchase price. Average premium is 2 1/2% of the mortgage. 1% payable at closing

$
Lender's Attorney Review Fee

$100 - $500 average where applicable

$
Prepaid Interest

Paid to lender; covers interest on mortgage beginning from day of closing to end of first month

$
Escrow Fees
Paid to lender, covering approximately...

3 months real estate taxes
3 months fire/flood insurance
3 months PMI premium where applicable

$
Points

Paid to lender, usually 1-3 (1 "point" = 1% of mortgage).
$
Application Fee set by lender, $250-500 $
Credit Report Fee $200-300 $
.
Terminate/ Building Inspection
$

Fuel Adjustment


For any fuel left behind by seller
$

Association Fees

As may be required by Condo/Co-op Association

$


Estimated Total

$

* This worksheet can be used to prepare an estimate of the costs entailed in the closing of a home. It is suggested that you consult your attorney for any closer estimates of the costs of your particular situation. A short time before closing, your attorney should be able to provide you with more precise figures for your closing costs.