Monmouth County Real Estate Attorney Christine Matus Discusses Closing Costs in an NJ Real Estate Transaction
May 11, 2022 at 16:14
Monmouth County real estate attorney Christine Matus releases a new blog post (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) that discusses who will pay the closing costs of a real estate transaction in New Jersey. The lawyer mentions that closing costs should be taken into consideration when someone sells or buys a New Jersey property.
According to the Monmouth County real estate attorney, "closing costs is a generic term used for anything that gets paid over and above the purchase price, usually at the end of the transaction, the so-called closing table. Although some closing costs can be negotiable between a buyer and seller, most are typically paid by one or the other."
The lawyer explains that closing costs are often paid by the buyer. Common closing costs include mortgage payoff, real estate commissions, taxes, stamps, and well-wanted inspection. Prorated adjustment for property taxes and transfer fees, as well as homeowner association dues and transfer fee fees, may be required by the seller.
The buyer's closing cost will depend on whether they are getting a mortgage, who their lender is, and what kind of loan they have. The buyer typically pays closing costs. These costs include title and closing insurance, closing costs, inspection costs as well as escrow costs for homeowners insurance or property taxes.
Matus also explains that a seller can pay a part of the buyer’s closing costs depending on the lender chosen by the buyer. A majority of loans allow sellers the opportunity to contribute money towards the closing costs of the buyer. This amount may vary depending on whether the mortgage payment is for 3 percent, 6 percent, or both.
“In most cases, however, the market will determine whether a seller chooses to contribute to a buyer’s closing costs. If the market is very competitive, the seller will have little incentive to pay a buyer’s closing costs. Conversely, in a down real estate market, a seller may offer to offset a buyer’s costs or offer other concessions to attract buyers,” says the real estate attorney.
Lastly, the attorney Matus emphasizes the importance of having a skilled attorney when dealing with real estate transactions. An experienced attorney can help the client understand their rights during the transaction and the steps to take.
About The Matus Law Group
The Matus Law Group has a team of real estate attorneys committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call The Matus Law Group today at (732) 785-4453.
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Matus Law Group - Monmouth County
125 Half Mile Rd Red Bank, NJ 07701