New Jersey Real Estate Attorney Christine Matus Explains Who Pays New Jersey Real Estate Closing Costs
New Jersey Real Estate Attorney Christine Matus recently published a new blog post (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) that explains who will pay the closing costs of a real estate transaction in New Jersey. The attorney mentions that when someone buys or sells a home in New Jersey, one thing they need to keep in mind is “closing costs.”
According to New Jersey Real Estate Attorney“closing costs are a generic term used for anything that is paid in addition to the purchase price, usually at the end of the transaction, the so-called closing table. Although some closing costs may be negotiable between a buyer and a seller, most are usually paid by one or the other.
The attorney explains that in a real estate transaction, there are closing costs that are usually paid or credited to the buyer by the seller. Common costs paid by the seller at closing include mortgage repayment, real estate commissions, taxes or stamps, well water inspection, pro-rated adjustment of property taxes for the year and the pro-rata adjustment of homeowners’ association dues and transfer fees.
Additionally, the buyer’s closing costs depend on whether the buyer gets a mortgage, who the lender is, and what type of loan it is. Typically, closing costs paid by the buyer are costs associated with closing and title insurance, costs associated with mortgage, inspection costs, escrow for home insurance, escrow for property taxes or mansion tax (if applicable).
Additionally, attorney Matus explains that a seller may pay a portion of the buyer’s closing costs depending on which lender the buyer uses. Most loans allow the seller to contribute a certain amount towards the buyer’s costs. This can vary from around 3% to 6%, depending on the mortgage.
The attorney also adds that in most cases, the market will determine whether a seller chooses to contribute to a buyer’s closing costs. In a real estate market, the seller may be able to offer to offset a buyer’s costs or offer other concessions to entice buyers.
Finally, the real estate lawyer emphasizes the importance of having a competent lawyer when it comes to real estate transactions. Having an experienced attorney may be able to help the client understand their rights in the transaction and the next steps to take.
About Matus Lawyers Group
The Matus Law Group has a team of real estate attorneys committed to helping families and individuals with real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call the Matus Law Group today at (732) 785 4453.
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Matus Law Group – Monmouth County
125 Half Mile Road Red Bank, NJ 07701