Think of closing costs as the final checklist before the keys change hands. In New Jersey, total costs often range ~2–5% of the purchase price, depending on loan type and taxes.
Typical Buyer Costs:
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Lender Fees: origination, underwriting, points (optional).
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Third-Party Fees: appraisal, credit report, flood cert.
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Title & Escrow: title search/insurance, settlement fee.
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Prepaids: property taxes, homeowners insurance, interest to month-end.
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Inspections: general, radon, termite, oil tank scan (timing varies).
Typical Seller Costs:
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Commission: paid from proceeds at closing.
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NJ Realty Transfer Fee: state fee based on sale price.
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Attorney & Title-Related Items: varies.
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Municipal Requirements: smoke/CO certs, fire certs, water/sewer final readings.
How to Avoid Surprises:
Ask your lender for a Loan Estimate early and a Closing Disclosure before settlement. Your attorney and agent will sanity-check numbers, taxes, and prorations.
