Seller’s Closing Costs
| Type of Sellers Closing Costs | Amounts and Details |
|---|---|
| 1. Legal Costs | $600 to $900 (Varies, depending on attorney and complexity of transaction) |
| 2. Liens | |
| a. Mortgage | $________ |
| b. Mortgage Cancellation Fee | $40 to 75 |
| c. Other Liens | $________ |
| 3. Realty Transfer Tax | For NJ, see Quick Reference Guide. (Fee determined by selling price of property.) |
| For NY: When consideration exceeds $500, the tax is $2.00 for each $500 or fractional part thereof; provided, however, that with respect to (a) a conveyance of a one, two or three-family house and an individual residential condominium unit, or interests therein; and (b) conveyances where the consideration is less than $500,000, the consideration for the interest conveyed shall exclude the value of any lien or encumbrance remaining thereon at the time of conveyances. In addition, if consideration on conveyance of residential real property exceeds $1,000,000, an additional tax of 1% is imposed, on that portion of the conveyance attributable to residential real property. | |
| a. Tax | $__________ |
| b. Water/Sewer | $__________ |
| c. Oil in Tank | $__________ |
| d. Home Owner's Association Fees | $__________ |
| 5. Certificate of Occupancy | $40 to $50 (If applicable) |
| 6. Smoke Detector Certificate | $25 to $50 (Not applicable in NY) |
| 8. Real Estate Commission | $___________ |
| 9. NJ: Non-Residential Income Tax | Estimated taxes are paid when deed is recorded. Minimum amount is 2% of sales prices. |
| (Exemptions apply; consult your attorney for details) |
All the figures above are only estimates and are subject to change without warning. Please consult a real estate attorney for current estimated costs.
