What closing costs are associated with buying a home in New Jersey?
Our partner attorney, Andrew T. Walsh, joined the Law Firm of Chamlin Uliano & Walsh in 2002. Since then, he has served the firm clients with professional knowledge in different areas such as Real Estate, Personal Injury, Criminal Law, Workers’ Compensation, and Municipal Court.
In the following video, Mr. Walsh explains the different costs associated with the purchase of a property.
For closing costs as a buyer, obviously, you are going to have costs due to the loan itself. You are like going to have an application fee. You are going to pay interest depending on when you close. You are going to have the title fee that we talked about, that´s pretty standard across the state among title companies, and that is typically based on this sale or purchase price of the property.
What other costs are associated with the property?
You are going to likely have a survey done on the property that cost varies. You will obviously have the cost of an attorney. You will have to pay most loans require escrows to be established at the beginning of the loan, which consists of taxes and homeowners insurance; if you are buying a condo or something that is part of an association, you will have those upfront costs as well.
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