New Jersey real estate attorney Christine Matus (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) of The Matus Law Group recently published an illuminating article detailing the ins and outs of real estate closing costs in New Jersey. Her piece, entitled ‘Who Pays Real Estate Closing Costs in New Jersey?’, provides invaluable insights for both buyers and sellers navigating the often complex landscape of real estate transactions.
In the first section of her article, Christine Matus, an acclaimed New Jersey real estate attorney, clarifies the nature of closing costs. These additional expenses, which come on top of the home’s purchase price, often seem complicated to the uninitiated. Yet, understanding them is crucial for budget planning. In New Jersey, these costs can vary significantly.
Matus emphasizes that while some closing costs can be negotiated between the buyer and seller, most are typically paid by one party or the other. “Before you make any decisions, it is important to consult with an experienced New Jersey real estate attorney,” she advises, underscoring the importance of professional guidance in such transactions.
The article by the New Jersey real estate attorney breaks down the estimated closing costs for both buyers and sellers. For home buyers, these costs typically fall between 2% to 5% of the home’s purchase price and include charges such as loan origination, appraisal, credit report, title search, and title insurance fees. Sellers, on the other hand, can expect costs ranging from 5% to 8% of the sale price, with the bulk of these costs being the realtor’s commission.
Drawing from her extensive experience as a real estate attorney, Matus uses an $800,000 home as an example to illustrate potential closing costs. She estimates a buyer with a mortgage might pay around 3% or $24,000 in closing costs, while a seller could face up to 8% or $64,000 in closing costs.
In the subsequent sections, Matus details the typical closing costs for both buyers and sellers. These range from mortgage payoff, accrued interest, and recording of satisfaction for sellers to costs associated with closing and title insurance, inspection costs, and escrow for homeowners insurance and property taxes for buyers.
Matus also delves into the possibility of the seller contributing to some of the buyer’s closing costs, which she explains can depend on the lender that the buyer is using and the current real estate market conditions.
“The assistance of a New Jersey real estate attorney is invaluable during a real estate transaction,” says Matus. “We guide you through your transaction, review your contract, and ensure that the lender has properly disclosed the closing costs you are paying.”
Navigating the real estate market can be challenging, but with professionals like Christine Matus offering clear and detailed insights, buyers and sellers are better equipped to understand and manage their transactions effectively.
About The Matus Law Group:
The Matus Law Group, led by Christine Matus, is a distinguished law firm based in New Jersey. The firm is dedicated to offering comprehensive legal services in real estate law, estate planning, special needs planning, and probate law. With a commitment to guiding clients through legal complexities, The Matus Law Group is renowned for its client-centered approach and dedication to protecting clients’ rights and interests.
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