Closing Costs in NJ - Help!

[Diane Giam]

I did a Search on Stamp tax since I never heard of it before, or was charged one.


Tax-stamps. A levy mandated by the government on the transfer of ownership of real estate

Stamp duty is a form of tax that is levied on documents. Historically, a physical stamp (a tax stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document became legally effective. More modern versions of the tax no longer require a physical stamp.


Diane G

[JerseyG]

Ok - just bought a property at the end of May. Here's what the Settlement charges were:

Line 1201: Deed fee - $80, Mortgage $70. Total $150. Paid from Borrower.
Line 1202: No charges
Line 1203: State Tax/Stamps - $935.00 NJCTYS $350K or less. Paid From Seller.
Line 1204: Blank/no charges.

For a property that cost $200K my total paid out at closing was $1802.00.

[Caro257]

Originally Posted by joe moving

We paid $2193 on $392k for title insurance. I don't know what all that included, but we did not need anything more than that with regard to title insurance or title search. The fee for this is supposed to be regulated and I called around and the amounts were about the same so I figured it was correct.

Recording fees in Bergen county about $300 if that helps. I have no clue what a tax stamp is!

tax applies to a seller if i'm not mistaken..
My mortgage broker said to expect about 2% of the purchase price to be paid as a closing cost, add annual tax.

You have to pay title search fees, insurance, recordings - check the link for the County Cler:
Mercer County, NJ | Land Records (http://www.nj.gov/counties/mercer/officials/clerk/services/land.html - broken link)

You are also responsible for your attorney as well as the bank attorney.