Pre-Closing Questions for Hudson County (flat fee, real estate, condo)

[ksk385]

Hi,

I am trying to line up a real estate attorney for a condo that I plan on buying in Hudson County. Seems they charge $900-$1000 on average, are quotes in this range considered usual? Anyone have any referrals of attorneys you have worked with?

How about Home Inspectors, any recommendations? What would be the cost to inspect a condo of 500-800 sq ft ? How long would this take on average?

Another question about costs involved; What is considered a good conservative ball park of closing costs for a condo (maybe as a percentage of loan amount)? How accurate are the GFEs provided by banks?

Any input is appreciated. Thanks in advance.

Regards,

K

[JCParalegal]

The lower the price, the higher the chance that filing fees may be pumped up and additional charges will be added to your HUD., like a title review fee or an escrow fee. $1,100 flat with actial costs is decent for Hudson County.

You want someone who will charge you a flat fee for the closing, cradle to grave, along with actual costs. For example, Deeds are 30 for the first page and 10 for each additional page. Most cost 70 to 80 to record. If you see 150 to record the Deed on your HUD, you were lowballed on the price and they are making it up in other areas. Same thing with the mortgage, NOS, etc. NOS's are 20 each, and you need two unless you are paying cash. Then you need one. If it says 75 to 100 on the HUD, they are making up for lowballing you on the fee.

GFE's are extremely accurate as to the costs of the loan, but they have no real bearing on other costs. You will have to pay for an owners policy, the lenders policy, perhaps a capital contribution to the association, maybe a move in/out fee, an administrative fee, your lender may request a cushion for taxes, etc. All these costs are found in the paperwork from the association, your lender requirements, etc. It's not always the same for everyone.

If you send me a pm, I can give you a phone number.