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Elizabeth Winterbottom

Approximate Closing Costs for Buyers

While the real estate commission is paid for by the Seller, Buyers incur a number of out-of-pocket costs when purchasing a home. Below is a Reference Guide for the approximate costs you may encounter. No two closings are alike, so please consult with your attorney, lender or a member of the Elizabeth Winterbottom Team for tighter estimates based on the type of home you are considering.
Attorney Fee$1,200 – $1,500
Survey Fee$450 – $800
Title Search Fee$250 – $500
Title Insurance PremiumsObtain from lender or attorney
Mortgage/Deed Recording Fee$200 – $300
Application Fee$300 – $600
Appraisal Fee$450 – $800
Additional Mortgage FeesUp to $600 – Consult your lender
PMI (Private Mortgage Insurance)Consult your lender
Points (1pt = 1% of Mortgage)Consult your lender
Home Inspection Fee$400 – $650
Radon Inspection Fee$100 – $300
Wood Destroying Insect Inspection$80 – $150
Oil Tank Sweep/Search$200 – $275
Oil Tank Inspection – if in use$375 – $500
Asbestos, Chimney, Mold, Lead Paint, Roof, Structural InspectionsCosts vary. Many companies will charge for an inspection, but absorb the inspection cost, if hired to do work.
Septic Tank Inspection$750 – $1,000
Homeowner’s InsuranceCosts vary – Obtain from Insurance Co.
Flood InsuranceNeeded only when Applicable
McMansion Tax for NJ homes selling over $1 millionTax equals 1% of Selling Price
($13k in tax on a home that will
close for $1,300,000)

How may i help you?

If you are even thinking about selling in the next few years, contact Elizabeth to set up a “no obligation” listing consultation.

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The art of buying and selling homes