Red Key Title Agency, LLC A Division Of Quality Title & Abstract Agency The Jordan Real Estate Group Guide to New Jersey Realty Transfer Tax Compliments of: Karen Thoms 3415 Sunset Avenue Ocean, NJ 07712 Phone: (732) 460-0567 Fax: (732) 440-1090 Cell: (732) 996-0193 Email: Karen@redkeytitle.com www.redkeytitle.com
State Summary New Jersey Fee Structure First Page Fee-Deed/Subsequent Document: $40.00-$43.00 (including $10.00 tax abstract fee-see Special Fees below regarding deeds and subsequent documents) First Page Fee-Mortgage: $30.00-33.00 Additional Pages Fee: $10.00 per page Penalty Fees: None Special Fees: A tax abstract fee of $10.00 is due with each deed, making the total first page fee $40.00. The fee per notation (reference) on assignments, discharges, etc. is $10.00, making the total first page fee for subsequent documents $40.00 also. (Original mortgages incur neither of these two special fees). This same fee applies to blanket assignments and discharges. The flat fee to cancel a mortgage is $20.00 whereas a discharge or release of a mortgage is subject to the regular fees, as shown on the recording office detail pages. Indexing fee-add $6.00 per name after the first five combined grantor and grantee names on all instruments. Taxes: Deed Transfer Tax. The realty transfer tax rates for standard transactions and for new construction where total consideration not in excess of $350,000 are as follows: $2.00 per $500 or fraction thereof of consideration not in excess of $150,000; $3.35 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $200,000; $3.90 per $500 or fraction thereof of consideration in excess of $200,000 but not in excess of $350,000 The rates for standard transactions and for new construction where total consideration exceeds $350,000 are as follows: $2.90 per $500 or fraction thereof of consideration not in excess of $150,000; $4.25 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $200,000; $4.80 per $500 or fraction thereof of consideration in excess of $200,000 but not in excess of $550,000; $5.30 per $500 or fraction thereof of consideration in excess of $550,000 but not in excess of $850,000; $5.80 per $500 or fraction thereof of consideration in excess of $850,000 but not in excess of $1,000,000; $6.05 per $500 or fraction thereof of consideration in excess of $1,000.000. Note: Special, lower deed transfer tax rates apply to transfers by senior citizens, blind persons, disabled persons, and on the transfer of property that is low and moderate income housing, as follows: Where total consideration not in excess of $35,000: $0.50 per $500 or fraction thereof of consideration not in excess of $150,000; $1.25 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $350,000; Where total consideration exceeds $350,000: $1.40 per $500 or fraction thereof of consideration not in excess of $150,000; $2.15 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $550,000; $2.65 per $500 or fraction thereof of consideration in excess of $550,000 but not in excess of $850,000; $3.15 per $500 or fraction thereof of consideration in excess of $850,000 but not in excess of $1,000,000; $3.40 per $500 or fraction thereof of consideration in excess of $1,000,000. Mansion Tax. 1% of the total consideration is due from the buyer where total consideration exceeds $1,000,000 on transfers of property classified as on of the following: (1) Class 2 residential; (2) Class 3A farm property (regular) but only if the property includes a building or structure intended or suited for residential use and any other real property, regardless of class, that is effectively transferred to the same grantee in conjunction with farm property as described above; (3) a cooperative unit; or Class 4A commercial.
BUYER S APPROXIMATE CLOSING COSTS Legal and Title Costs 1) Attorney Fee $750- $1,200 2) Survey $450 - $800 3) Recording Fees with Mortgage and Deed $200 - $300 4) Title Searches/Title Policy Endorsements $250 - $500 5) Title Insurance Premium see attached schedule (NJ Rates for Title Insurance) Mortgage Costs 6) Application Fee (Includes credit report & appraisal) $300 - $600 7) Appraisal $300 - $500 8) Miscellaneous Mortgage Costs $100 - $600 9) PMI (Private Mortgage Insurance)-often required if mortgage is more than 80% of purchase price 10) Points Fee paid to lender to buy-down interest rate on mortgage. One point on $100,000 mortgage equals $1,000 Inspection 11) Home Inspection $300 - $650 Radon Inspection $60 - $300 Wood Destroying Insect Inspection/Certificate $60 - $150 Septic Inspection (if applicable) $450 - $750 Oil Tank Inspection (if applicable) $250 - $350 12) Homeowner s Insurance 1 year premium $400 - $900 13) Flood Insurance (if applicable) $750 - $2,000 14) Prepaid Tax Adjustment $ - $ 15) Mansion Tax when Zoned for Residential Use 1% of Consideration when Sales Price is Over $1,000,000 *These figures are general guidelines to aid buyers in calculating their closing costs. The figures are based on estimates of New Jersey fees and are subject to errors and omissions and change without prior notice. 8/2004 Red Key Title Agency, LLC
SELLER S APPROXIMATE CLOSING COSTS Legal Costs- (varies depending on attorney and complexity of transaction) 1) $600.00 to $900.00 Liens 2) Mortgage 3) Mortgage Cancellation Fee $40.00 to $75.00 4) Other Liens Realty Transfer Tax See Reference Guide Adjustments 5) Property Tax 6) Water/Sewer 7) Oil in Tank 8) Home Owner s Association Fees Certificate of Occupancy $40.00 to $150.00 Real Estate Commission Non-Resident Income Tax- Estimated taxes are paid when deed is recorded. Minimum amount is 2% of sales price. Red Key Title Agency, LLC *These figures are general guidelines to aid sellers in calculating their closing costs. These figures are based on estimates of New Jersey fees and are subject to errors and omissions and change without prior notice.
Red Key Title Agency, LLC NJ TITLE INSURANCE RATES *These figures are general guidelines to aid buyers in calculating their closing costs. The figures are based on estimates of New Jersey fees and are subject to errors and omissions and change without prior notice. 8/2004 Transfer Tax Paid by Seller Senior Citizen Transfer Tax Paid by Seller Mansion Tax Paid by Buyer Amount Standard Refinance $50,000.00 $263.00 $200.00 $200.00 $50.00 $75,000.00 $394.00 $206.00 $300.00 $75.00 $100,000.00 $525.00 $275.00 $400.00 $100.00 $125,000.00 $631.00 $338.00 $500.00 $125.00 $150,000.00 $738.00 $400.00 $600.00 $150.00 $175,000.00 $844.00 $463.00 $767.50 $212.50 $200,000.00 $950.00 $525.00 $935.00 $275.00 $225,000.00 $1,056.00 $588.00 $1,130.00 $337.50 $250,000.00 $1,163.00 $650.00 $1,325.00 $400.00 $275,000.00 $1,269.00 $713.00 $1,520.00 $462.50 $300,000.00 $1,375.00 $775.00 $1,715.00 $525.00 $325,000.00 $1,481.00 $838.00 $1,910.00 $587.50 $350,000.00 $1,588.00 $900.00 $2,105.00 $650.00 $375,000.00 $1,694.00 $963.00 $2,975.00 $1,387.50 $400,000.00 $1,800.00 $1,025.00 $3,215.00 $1,495.00 $425,000.00 $1,906.00 $1,088.00 $3,455.00 $1,602.50 $450,000.00 $2,013.00 $1,150.00 $3,695.00 $1,710.00 $475,000.00 $2,119.00 $1,213.00 $3,935.00 $1,817.50 $500,000.00 $2,225.00 $1,275.00 $4,175.00 $1,925.00 $525,000.00 $2,294.00 $1,331.00 $4,415.00 $2,032.50 $550,000.00 $2,363.00 $1,388.00 $4,655.00 $2,140.00 $575,000.00 $2,431.00 $1,444.00 $4,920.00 $2,272.50 $600,000.00 $2,500.00 $1,500.00 $5,185.00 $2,405.00 $625,000.00 $2,569.00 $1,556.00 $5,450.00 $2,537.50 $650,000.00 $2,638.00 $1,613.00 $5,715.00 $2,670.00 $675,000.00 $2,706.00 $1,669.00 $5,980.00 $2,802.50 $700,000.00 $2,775.00 $1,725.00 $6,245.00 $2,935.00 $725,000.00 $2,844.00 $1,781.00 $6,510.00 $3,067.50 $750,000.00 $2,913.00 $1,838.00 $6,775.00 $3,200.00 $775,000.00 $2,981.00 $1,894.00 $7,040.00 $3,332.50 $800,000.00 $3,050.00 $1,950.00 $7,305.00 $3,465.00 $825,000.00 $3,119.00 $2,006.00 $7,570.00 $3,597.50 $850,000.00 $3,188.00 $2,063.00 $7,835.00 $3,730.00 $875,000.00 $3,256.00 $2,119.00 $8,125.00 $3,887.50 $900,000.00 $3,325.00 $2,175.00 $8,415.00 $4,045.00 $950,000.00 $3,463.00 $2,288.00 $8,995.00 $4,360.00 $1,000,000.00 $3,600.00 $2,400.00 $9,575.00 $4,676.00 $1,125,000.00 $3,944.00 $2,681.00 $11,087.50 $5,525.00 $11,250.00 $1,250,000.00 $4,288.00 $2,963.00 $12,600.00 $6,375.00 $12,500.00 $1,500,000.00 $4,975.00 $3,525.00 $15,625.00 $8,075.00 $15,000.00 $1,725,000.00 $5,594.00 $4,031.00 $18,347.50 $9,605.00 $17,250.00 $2,000,000.00 $6,350.00 $4,650.00 $21,675.00 $11,475.00 $20,000.00 $2,500,000.00 $7,350.00 $5,525.00 $27,725.00 $14,875.00 $25,000.00 $3,000,000.00 $8,350.00 $6,400.00 $33,775.00 $18,275.00 $30,000.00 $4,000,000.00 $10,350.00 $8,150.00 $45,875.00 $25,075.00 $40,000.00 $5,000,000.00 $12,350.00 $9,900.00 $57,975.00 $31,875.00 $50,000.00