Purposeful Advocacy for New Jersey
A Path Forward for Your Finances, Your Family, & Your Future

What Do I Need to Know About Closing Costs?

When it comes time to buy a house, you will need to determine whether you have sufficient funds to purchase your home. Your lender is going to help you with that in terms of giving you a good faith estimate of what the expenses are. You will get a closing disclosure that lets you know specifically what your costs will be. Some of the most common costs will be your lender fees, your escrows for taxes and insurance, your survey, your title search, your attorney fee, and any adjustments that need to be made on the utilities for the property.

In New Jersey, the closing costs and legal fees vary depending on the situation and the home that you are going to buy. Generally, the house survey costs anywhere from $450-$800. In addition, you will also have to account for the deed to the house, which ranges from $200-$300 as well as the title policy, which can be anywhere from $250-$500. The costs associated with obtaining a mortgage for the house that you are buying include an application fee and credit report, an appraisal fee and other miscellaneous costs that may arise.

Finally, the last group of fees that you will need to take into consideration when purchasing a home are the inspection costs. Depending on the condition of the home that you are buying, you will need the general home inspection, radon inspection, termite/wood damage inspection and inspections for factors such as a septic or oil tank, asbestos, and mold.

Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.