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CJ Davies
REALTOR®, ABR
(609) 713-8952
Broker / Sales Person
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Seller Closing Costs

 

While planning to sell your home, it is important to understand the costs involved in selling your home so that you can accurately calculate your net proceeds.  It is not the sales price that is important, it is what you are going to walk away with.  Whether you are cashing out for retirement, or looking to upgrade or downsize, your net profit is a big "What if??" that needs to be figured out before you list your home.  When you take the purchase price, less your existing mortgage payoff, less the closing costs below, you should ahve a very good estimate of what you will be walking away with.

 

Please keep in mind that these are just general estimates and each transaction should be treated individually.  Please coordinate with your title company and attorney to confirm exact figures.

 

Brokerage Commissions - 5%-6% of purchase price (Ex. 350,000 Sales Price at 6% = $21,000)

 

Brokerage commissions are the largest part of a sellers combined closing costs, similar to the downpayment and mortgage fees being the largest part of a buyers closing costs.  This Commission is paid by the seller  is split between the Buyer's Brokerage and the Seller's Brokerage.  This is then split between each brokerage and the agent who represented each side. 

 

Attorney Fee- $1,000-$1,500

 

It is not required in the state of New Jersey to use a real estate attorney, but it is highly reccommended.  They will aid in the negotiation of home inspection issues, coordinate the title and closing, and protect your interests during the process.  I suggest using a local attorney in the area of which you are buying as there are many local factors and professional protocol that go into a real estate transaction that do not apply in other areas.

 

State Transfer Tax - Approx .5% - 1% of the purchase price

This tax depends on the sales price of the home.  Some people may use an estimate of about 1% of the sales price but the break down is as follows:

 

Homes not in excess of $350,000

$2.90/$500  for the first $150,000 

$3.35/$500 in excess of $150,000 but not in excess of $200,000 

$3.90 / $500 in excess of $200,000 buit not in excess of 350,000 

 

Homes in excess of $350,000

$2.90/$500 up to $150,000

$4.25/$500 in excess of 150,000 but not in excess of $200,000

$4.80/$500 in excess of $200,000 but not in excess of $550,000

$5.30/$500 in excess of $550,000 but not in excess of $850,000

$5.80/$500 in excess of $850,000 but not in excess of $1,000,000

$6.05/$500 in excess of $1,000,000

 

Click here for more information direct from the NJ Department of Treasury

 

Certificate of Occupancy / Fire Cert. / Letter of No Interest - $40-$200 (Not including repairs)

Depending on your location, your township will eaither require a Certificate of Occupancy Inspection or require a Letter of No Interest and possibly a State Issued Fire Certificate.  The point is so that the town can make sure that the condition of the property is safe for occupancy, confirm that there are no open permits or that no work was done without permits. Most of these involve a small application fee: $25-$60 depending on the town and either a mandatory or random inspection.  There are reinspection fees for failed inspections and this cost does not include any work that is required to be done prior to passing inspection.  (Ex. Missing smoke detectors, loose railings, tripping hazards etc.)

 

Prorated Utilities and Taxes - $???

The utilities, taxes, insurance and mortgage interest will be prorated perdiem based on your closing date, last payment and billing cycle.  This will fluxuate with every transaction and change on a daily basis.  If you currently have a mortage with an escrow account, some times the balance remaining in the escrow account will be returned to you after closing.

 

Seller Concessions - $???

There is a chance that during the price negotiation or the home inspection, you will be asked to provide a concession.  This could be to cover some or all of the closing costs for a buyer or if there were any unexpected home inspection issues that need to be resolved, you could be asked to cover some/all of that as well.  Keep in mind that this is all negotiable and not guarenteed to happen, but it is a very common occurance in the local real estate market.  I suggest padding at least $1,500-$2,000 just for planning purposes.

 

Miscellaneous - $250-$500

There are always miscelaneous fees and it is good to plan for them.  Depending on how you handle your closing, you may be responsible for recording fees, wire transfer fees, postage, delivery etc...

 

 

 

Customer Reviews

CJ was amazing through the entire process of selling our home. He knows the ins and outs of the sale process and was able to catch a few things before they became an issue. Would recommend CJ for any real estate transaction you might be thinking about!

My wife and I had a great experience using CJ as our realtor. Being an out-of-state buyer presents some unique challenges. CJ accommodated all our requests. He was always available for phone calls and questions. I would recommend using his skills and expertise for your next home purchase.

Honesty, integrity and professionalism is what you can expect from CJ. He will guide you through the process, making it all so simple and smooth. He is very informative and helpful throughout it all. Thank you CJ. Looking forward to our next transaction.

CJ worked out great!! He helped us get where we wanted to be without bringing the ego and drama that we have experienced with previous realtors. Two thumbs up from this couple ????

CJ went above and beyond for our home buying experience. Extremely knowledgeable of the area and led us to the best in the field to bring us to closing as soon as possible. Extremely professional and genuine. We never doubted that he had our best interest at heart. Got us an amazing deal on our home. If you need a realtor look no further. As far as we are concerned, he is the best in the field and the only one we’d ever hire.

CJ is very professional and knowledgeable. He helped us to create an awesome listing and we received a solid offer right off the bat. He worked to help us find a home and even in a tricky situation, we were able to purchase a wonderful new home thanks to him and his team! I would highly recommend working with CJ if you're in the market!

Alissa Walkoviak

CJ is a standup guy. Always answers right away is very reliable and he has a great smile! The process of selling my house was quick and easy. No issues whatsoever. His knowledge of real estate saved me a huge headache in the long run and I'm soooooo grateful I chose CJ as my realtor. He honestly knows what hes doing it was a very good experience! I'm very happy

CJ made everything so easy. He knew what I was looking for and he delivered. He was able to streamline the process and get me to closing quickly. I am very, very pleased! It was a pleasure working with him.

CJ was really amazing at responding to texts and calls. He also was really helpful in answering any questions about the the homes I looked at. If there was ever a time he had to look into something he was always diligent on getting back to me. Overall, I had a really positive experience with CJ during my 1st home buying experience.

Working with CJ was one of the best decisions we made when we were looking to purchase a new home. It took us months of looking at different properties before we found the right one. Throughout the process he was extremely flexible with his time, always available for questions, and he carried a wealth of knowledge in the real estate industry. Finding the right home was only half the battle. Once CJ was able to secure a contingency deal on our dream home he had to list our home and sell quickly. Sure enough, less than two weeks on the market and we had multiple offers and were under contract. Purchasing a home and selling a home at the same time was stressful. CJ made both happen for us rather seamlessly. He was often the voice of reason when we were overwhelmed by the process and took time to explain things and guide us. We would choose to work with CJ 100x over again and highly recommend him!

 

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/07/2022. The listing information on this page last changed on 12/07/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Ocean County MLS (last updated Thu 09/12/2019 11:22:12 AM EST) or Bright MLS (last updated Wed 12/07/2022 6:44:06 AM EST). Real estate listings held by brokerage firms other than Davies & DeGennaro may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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