What are Sellers Costs?

What are the costs when selling my home in New Jersey?

 Selling costs are an important element to think through prior to listing your home and accepting an offer. While many fees vary, its important to be knowledgeable about the types of fees that relate to selling real estate in New Jersey.

Seller Closing Cost Breakdown:

·       NJ Real Estate Transfer Tax

·       Town CO/fire + smoke inspection

·       Legal Fee

·       Realtor Commission

·       Repairs/Punch List Items pre-listing

·       Repairs related to buyers’ home inspection

·       Final water reading

·       Movers + Packing Supplies

New Jersey Real Estate Transfer Tax:

This is 1% of your home’s sale price.

Town fire + Smoke Inspection:

Sellers also must pay a town fire inspection or a certificate of occupancy that varies by town but most of these inspections are approximately $50. The paperwork you must complete for your town inspection usually has to be notarized so keep that in mind as you are planning the smaller expenses and to-do’s as well.

Legal Fees:

In New Jersey, most sellers (and buyers) hire a real estate attorney. You will want to do your research as their fees differ. Grab a list of recommendations from your real estate agent or ask family and friends who they have had a good experience with recently. Referrals is one of the best ways to find great people to work with, right? Some attorneys will offer discounts for Veterans, police officers, first responders, etc so be sure to ask about that if it could apply to you.  Typically, attorneys in New Jersey charge approximately $1200 to $1500 to represent you through the most important transaction of your life. Money very well spent.

Realtor Commission:

One of the fees that varies within your real estate closing costs is the real estate agent commission.  Typically, a seller will be working with a listing agent and a buyer’s agent. Both will be paid at closing by the seller. The listing agent is the real estate professional that you have hired to market and sell your home. The buyer’s agent is the real estate professional representing the buyer in this transaction.

Other Fees:

The other fees to consider as you’re planning to sell your home, are repairs and updates you need to make to prep your home for the market. Take care of things that are broken and put some money into curb appeal. This is also money very well spent and will typically provide a great return on investment.

You should also be prepared that the buyer could ask for repairs or remediation (mold, radon, underground oil tank removal, etc) after their home inspection.

Your real estate agent will put an order in with your town to also do a final water reading. There is a fee for this (approximately $45-90) and final reading data is faxed directly to the attorneys to prepare final details for closing day.

Finally, you can’t forget to account for moving and packing supplies and your movers.

Whatever it is, the way you tell your story online can make all the difference.

If you have questions on Morris County real estate please connect with Brandie Brojan, Morris County real estate specialist, at www.brandiebrojan.com