Buyer's closing costs

There are several ITEMS you are responsible for between attorney review Period and closing:

• Inspection

Although a structural home inspection is not required, it is highly recommended when buying a home. Without it, you are unable to make a fully-informed decision. The inspection provides you with the ability to get a better picture of what is true state of the property and determine what maintenance, if any, is required. Typically, the following inspections are conducted (again, this list depends on the specific property): termite, radon, septic, well, oil tank, and lead paint. For a standard one-family home, the cost of inspection can range anywhere from $300.00 to $600.00. Contracts of Sale typically allow ten (10) days to complete the inspection and submit the results to the Seller’s legal counsel, although the time-frame can be modified by negotiation. It is wise to schedule the inspection at conclusion of the attorney review period. Any discovered defects are submitted to Seller’s counsel to address. Sellers often offer a a credit for the required repairs or offer to correct the defects prior to closing. In the event you need a certified inspector, we are happy to provide you will recommendations. 

• Title Insurance, Title Searches and Property Survey

Title insurance for your property is generally a requirement - in is ordered together with the title search from a licensed title company. The title insurance is essentially an insurance policy that will cover your ownership interest and the mortgage interest of your lender. Also, the prices are state regulated so they will not vary.  The title commitment will reveal any judgments or liens against the parties involved and any on the property.
A property survey of the property is typically required and it is ordered by the title company. The costs for the above get paid at closing.

• Mortgage costs

Mortgage closings costs vary by the mortgage company - so we suggest shopping around to obtain more favorable terms. The lenders will be able to tell you about their specific costs for the mortgage. Again, we are happy to provide you will a list of lenders. 

• Property Taxes

You will generally be required to pay the taxes for the upcoming calendar quarter at close.

• Insurance

If you are purchasing a single-family residence, prior to closing, your mortgage company may require you to procure a one (1) year policy for homeowner’s insurance.
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• Attorneys' Fees

Attorneys fees are paid at closing. Please feel free to contact us directly for a quote for our services. 

Seller's closing costs

THERE ARE SEVERAL ITEMS YOU ARE RESPONSIBLE FOR BETWEEN ATTORNEY REVIEW PERIOD AND CLOSING:

Selling a home is a time-intensive and complex process. The Dhaliwal Law Firm will help guide you from signing of the Contract of Sale to closing. We will ensure a smooth, worry-free process. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Once the real estate agent draws up the initial contract it will be submitted to your attorney to review the contract and protect your interests.
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• Issues that are typically addressed during the attorney review period:
  • What is included, and what is not included, in the Purchase Price (appliances, fixtures, etc.)
  • The amount of the down payment and the number of deposits 
  • The Closing Date
  • Contingencies to the sale such as inspection and financing

• Tax Implications

Selling a home can have major tax implications.  The implications depend on your specific circumstances but they can be impacted by the following:

• How the home was acquired (such as by gift or inheritance, or otherwise)
  
• How the home is used (rental property may be taxed differently)
• Home improvements or additions
• The sale price of your home

• What are the specific expected closing costs?
  • Paying off existing mortgage(s), if any
  • Real estate commission (paid at closing and paid out of the proceeds of the sale) 
  • NJ Realty Transfer fee (payable at closing) 
  • After paying your attorney’s fees, the balance of the proceeds will be provided to you
  • Again, please note, the above items may vary depending on your specific transaction

Call (609) 447-1201 - or email our firm via the Contact Us form – to find out more about our real estate legal services and how we can help you.