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 Premiums | Obtain from lender or attorney |
| Mortgage/Deed Recording Fee | $200 – $300 |
| Application Fee | $300 – $600 |
| Appraisal Fee | $450 – $800 |
| Additional Mortgage Fees | Up 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 Inspections | Costs 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 Insurance | Costs vary – Obtain from Insurance Co. |
| Flood Insurance | Needed only when Applicable |
| McMansion Tax for NJ homes selling over $1 million | Tax 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.
