Homebuyer Closing Costs in the Long Beach Island Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyer Closing Costs in the LBI Real Estate Market 
Buyer Closing Costs in the LBI Real Estate Market 
Buyer Closing Costs in the LBI Real Estate Market
Long Beach Island Real Estate
When buying a home in the LBI real estate market, it is critical to understand all costs associated with the transaction. Buyer closing costs in the LBI real estate market should be accounted for when determining a budget. The cost of buying and owning a home has many components, and a real estate agent should review these costs and expenses with all home shoppers.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyer Closing Costs in the LBI Real Estate Market
Buyer closing costs can be broken into a few categories, not all of which will apply to every LBI real estate transaction. They are:
Lender Closing Costs: If a buyer is looking to obtain a mortgage, then there will be lender closing costs associated with the purchase. These include lender title insurance, an appraisal, application fees, and additional expenses such as filing fees.
Legal Representation: It is recommended that an attorney represent the interests of buyers and sellers in a transaction. The cost of an attorney will vary, but most charge between $1,000 and $2,000. These fees can be higher or lower, depending on the complexity of the transaction.
Title Insurance and Settlement Fees: Title insurance can be one of the highest closing costs, and also one of the most important. The purchase price of the home determines title insurance charges. Many free online calculators can determine this expense. Additionally, there are settlement fees for the closing, deed recordings, etc. that will fall into this category.
Mansion Tax: This can be the largest of all the closing costs on Long Beach Island. For any home purchase over $1,000,000, the buyer is responsible for paying a tax of 1% at closing. For example, if a home sells for $2,000,000 then a $20,000 tax is due at closing. If a buyer purchases a home for $950,000, then there is no tax due.
Additional Expenses: There are several other costs that a buyer may incur. For example, a survey, elevation certificate, or home inspection if one is needed.
Homebuyer Closing Costs in the Long Beach Island Real Estate Market
When looking to buy a home in the LBI real estate market, a buyer must understand all the costs associated with the transaction. Many times these closing costs can run between 1% and 2% of the purchase price so it can be a significant amount of money due at closing. Since these costs can usually not be avoided, it is vital to understand them upfront. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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