Estimate Your Closing Costs
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Disclaimer: These are estimates only. Actual closing costs vary by lender, title company, state/county, and closing date. Your Loan Estimate (TRID) is the source of truth.
New Jersey Closing Costs Breakdown
Closing costs in New Jersey are among the highest in the nation, typically ranging from 2.5% to 4.5% of the purchase price. For a median-priced home near $589,000, buyers should budget $14,725 to $26,505 at closing, due to a substantial transfer tax, mandatory attorney fees, and high home values.
Transfer Taxes & Fees
New Jersey charges a realty transfer fee (RTF) on the seller and a buyer's RTF on purchases over $1 million (the Mansion Tax, at 1% of the full price). The seller pays a graduated RTF ranging from 1% to over 1.5% on higher-priced homes. On standard residential sales under $1 million, the buyer does not pay a transfer tax. However, a 1% surtax applies to all buyers on purchases over $1 million.
Attorney Requirements
Yes, New Jersey is an attorney-closing state. Both buyers and sellers are expected to retain independent real estate attorneys, and the standard three-day attorney review period after contract signing is a key feature of New Jersey real estate transactions. Combined attorney fees for buyer and seller typically range from $1,500 to $3,000.
Local Quirks & Need-to-Know
New Jersey has the highest property taxes in the nation, averaging over 2% of assessed value statewide. At closing, buyers can expect to seed their escrow account with two to three months of property taxes, which on a $589,000 home can be $4,000 to $6,000 upfront. New Jersey also requires a Certificate of Occupancy for resale homes in some municipalities, adding administrative steps to the closing process.