Attorney Fees

[Bill Keegan]

Originally Posted by SeeSaw

Offically by law it's the buyers obligation, but the market has switched that to sellers as a type of "incentive". So 99% of the time the seller pays but really simply adds it to the selling price of the home...

That's incorrect.
The NJ Realty Transfer Fee (RTF) is the SELLERS obligation. Here's a link to the NJ Division of Taxation FAQ (http://www.newjersey.gov/treasury/taxation/lpt/rtffaqs.htm - broken link)on the subject.
Perhaps you're thinking of the so called "Millionaires Tax", which was instituted in 2006, and imposes on the buyer a tax of 1% on any property where the purchase price is over $1million, in addition to the RTF.
There are also measures being floated by the state legislature to allow local municipalities to impose additional fees. The NJ Association of Realtors fought this last year, and it didn't get approved. It'll be brought up again though.

[SeeSaw]

I thought the taxes (fees) were one in the same...thanks Bill.

[RabbleRouser]

Title Insurance including searches, endorsements, examination, etc. - All fees are filed rates with the State of NJ and non-negotiable and the premium rate is based on the purchase price - ask Seller if he has back title and it will save you a couple hundred $ under the re-issue rate. Back title must be less than 10 years old to get the discount

Recording Fees - Mtg $30 first page add $10 for each additional page (approx $190-250) Deed $40 first page + $10 each additional (approx $90)

Survey or Condo Certification "Survey" $450-$700 add $100 per pin if you want them set (non-condo property) Surveys are typically required by the lender unless seller has survey of less than 10 years old during the period he had owned the property. Title will insure with a copy of the survey and the Seller's Affidavit of No Change

Real estate taxes due at time of closing wil have to be paid (pro-rated if Seller already paid)

Appraisal Fee - varies greatly from $375 up

Bank fees including: points, credit reports, tax & insurance escrows

Attorney fees (if you are using one) if it is a simply residential prop purchase usually no more than $1000 - ASK if they are charging you more - sometimes an attorney will charge a flat fee that includes the recording charges, etc.

NO RTF, as that is seller responsibility unless property is over $1MIL and then you will have to pay 1% on the sale as buyer.

Bank should provide commitment and GFE (Good Faith Estimate) 10 days prior to closing. You can also ask for a prelim HUD from the attorney/title agency that will give you and idea of title and recording fees.

[shannybannany]

Our attorney was $900 flat fee for normal transactions. If anything above and beyond "normal" a $250 per hour fee would apply.
Our attorney was great! If anyone in the Cherry Hill area needs a name, pm me!
Cheers,
Shanny