Estimated Closing Costs
Approximate costs for use as a guidline
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| Title Insurance |
Required by lender |
| Title endorsement |
None Required |
| Survey endorsement |
$20 |
| Owners policy for title insurance |
Recommended |
| Title Search |
$150-400 |
| Fire insurance (for amount of mortage at least,
usually part of home owners policy) |
1 yr paid in full, possible 2 month escrow |
| Flood insurance (if required, check with insurance
agent) |
1 yr paid in full, possible 2 month escrow |
| Transfer tax (based on sale price) |
Not paid by buyer |
| Real Estate property tax in escrow (N.J. taxes paid
quarterly, P.A paid twice a year: school in August, local and county in April) |
3-4 months months at settlement, per diem to seller for
prepayment |
| Survey (Lower rate is same surveyor recently
surveyed property) |
$200-$1,000 |
| Mortgage application fee (credit report, property
appraisal and processing fee) |
$200-$400 |
| Mortgage origination fee and points (origination
point, or part may be collected on application, remainder at settlement. Some of this may
be tax deductable as interest in advance) |
1-4% of mortgage amount generally |
| Private mortgage insurance (PMI) |
Check with lender, usally required for loan to value ratios
that excede 80% |
| Recording fees |
$40-$80 |
| Inspections |
Insect $50+
Engineering $150-$400
Well $25-$50
Radon $50-$150 |
| Attorney's fee's (handles most of settlement
proceedings in N.J.) |
$475-$1,000 |
| Attorney review fee (may be levied by lender is
attorney is not a bank attorney) |
$100-$200 |
| Miscellaneous (reimbursement for fuel oil,
conveyancing by broker, notary) |
By adjustment |
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