New Jersey Real Estate Lawyer Christine Matus Explains Who Pays Real Estate Closing Costs in New Jersey
Feb 2, 2022
February 02, 2022 - /PressAdvantage/ - New Jersey real estate lawyer Christine Matus recently posted a new blog post (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) that discusses who will pay the closing costs of a real estate transaction in New Jersey. The lawyer mentions that when someone is buying or selling a home in New Jersey, one thing they need to keep in mind is the “closing costs”.
According to the New Jersey real estate lawyer, “closing costs is a generic term used for anything that gets paid over and above the purchase price, usually at the end of the transaction, the so-called closing table. Although some closing costs can be negotiable between a buyer and seller, most are typically paid by one or the other.”
The lawyer explains that in the course of a real estate transaction, there are closing costs that are typically paid by or credited to the buyer by the seller. The common costs paid by the seller at the closing include mortgage payoff, real estate commissions, taxes or stamps, well water inspection, prorated adjustment for property taxes for the year, and prorated adjustment for any homeowners association dues and transfer fees.
Additionally, the buyer’s closing costs depend on whether the buyer is getting 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 the mortgage, inspection costs, escrow for homeowners insurance, escrow for property taxes, or Mansion tax (if applicable).
Furthermore, attorney Matus explains that a seller can pay a portion of the buyer’s closing costs depending on the lender that the buyer is using. Most loans allow the seller to contribute some amount towards the buyer’s costs. This can vary from around 3 percent to 6 percent, depending on the mortgage.
The lawyer 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 attract buyers.
Lastly, the real estate attorney emphasizes the importance of having a skilled 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 what steps they should take next.
About The Matus Law Group
The Matus Law Group has a team of real estate attorneys is committed to helping families and individuals in 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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For more information about Matus Law Group - Monmouth County, contact the company here:
Matus Law Group - Monmouth County
Christine Matus
(732) 785-4453
[email protected]
125 Half Mile Rd Red Bank, NJ 07701
ReleaseID: 60049666
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