Long Beach Island Real Estate
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Closing Costs 
LBI Real Estate Closing Costs 
LBI Real Estate Closing Costs
Long Beach Island Real Estate
LBI real estate closing costs refer to the expenses incurred by either the buyer or seller to finalize a transaction. In every real estate transaction, there will be closings costs for both sides of the deal (buyer and seller), and these costs will vary depending on the nature of the transaction. Before buying or selling a home in the Long Beach Island real estate market, these costs should be fully understood to properly plan the expenses.
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
LBI Real Estate Closing Costs
It should be understood that the expenses will vary from transaction to transaction. Below are some general costs that a buyer and seller can expect to pay, but these should be verified with an attorney or title company to ensure they are as accurate as can be.
Buyer’s Closing Costs
Title Insurance: fees and expenses paid to a title company to ensure a property’s ownership is free and clear.
Attorney Fees: Paid to an attorney to represent a buyer in an LBI real estate transaction
Mansion Tax: A NJ tax which equates to 1% of the sales price for any transaction over $1,000,000
Survey and Flood Elevation Certificate: Documents used to define the property boundaries and the elevation of a home to price a flood insurance policy.
Home Inspection: A fee paid to a home inspection company to examine a home for material defects.
Mortgage and Lender Fees: These will vary greatly depending on the type of mortgage being acquired
Seller’s Closing Costs
Real Estate Commission: Commissions are fees paid for the services provided by a real estate broker to market and sell a home on Long Beach Island.
New Jersey Transfer Tax: This is a sliding scale based on the sales price of a home. It usually equates to around 1% of the sales price of a home.
Out of State Residence Tax: This is a 2% flat fee applied to the total sales price when the seller’s primary address is outside New Jersey.
Attorney Fees: Paid to an attorney to represent a buyer in an LBI real estate transaction
Deed Recording: The seller will have to pay fees, usually to a title company, for the recording and processing of a deed.
Resale Certificate of Occupancy: A seller will usually have to obtain a resale certificate of occupancy, which will involve a town inspection and recording of a new property owner.
Closing Costs in the Long Beach Island NJ Real Estate Market
There are many financial aspects to an LBI real estate transaction. Before entering into a real estate deal, a buyer or seller should be aware of their closing costs. Likewise, a buyer should be aware of the ownership costs associated with a home on Long Beach Island, and a seller should be aware of the tax implications when selling. As I said, there are many levels to an LBI real estate transaction! 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
You May Also Like:
Agreement of Sale in the LBI Real Estate Market