New Jersey Real Estate Lawyer Christine Matus Explains Who Pays Closing Costs in an NJ Real Estate Transaction
June 09, 2022 at 15:59
New Jersey real estate lawyer 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. When someone buys or sells a New Jersey property, there will always be closing costs to consider and expect.
“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," says the New Jersey real estate lawyer.
The lawyer explains that closing costs are usually paid by the buyer. Common closing costs include mortgage payments, real estate commissions, taxes, stamps, and well-wanted inspection. The seller may require a prorated adjustment for property taxes, transfer fees, homeowner association dues, and transfer fees.
Attorney Christine Matus says that the closing costs of a buyer will vary depending on whether they get a mortgage, their lender, and the type of loan they have. Closing costs are usually paid by the buyer. These costs include title insurance and closing insurance, inspection costs, as well as other closing costs.
In the article, attorney Matus also mentions that the buyer can choose to pay part of the seller's closing costs, depending on which lender they have chosen. Most loans offer sellers the chance to contribute money to the closing costs of their buyers. This amount can vary depending on whether the mortgage payment was for 3 percent, 6%, or both.
According to them, "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."
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