Monmouth County Real Estate Attorney Christine Matus Explains Real Estate Closing Costs
Monmouth County real estate attorney Christine Matus releases a new article (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) that explains who pays real estate closing costs in New Jersey. The lawyer mentions that if an individual is looking to buy or sell a house in New Jersey, they must keep in mind that there are “closing costs” to be paid at the so-called closing table.
According to the Monmouth County real estate attorney, “Although some closing costs can be negotiable between a buyer and seller, most are typically paid by one or the other. Before you make any decisions, it is important to consult with an experienced real estate attorney.”
The lawyer explains that there are different types of closing costs that are typically paid by or credited to the buyer by the seller. The common costs usually paid by the seller include mortgage payoff, real estate commissions, state, county, and city transfer taxes or stamps, well water inspection, and prorated adjustment for property taxes for the year.
Attorney Christine Matus also talks about the common costs that a buyer should pay at the closing of the sale. These costs include escrow for homeowners insurance, escrow for property taxes, mansion tax, costs associated with closing and title insurance, and costs associated with the mortgage.
In the article, the lawyer discusses that a seller may also pay a portion of the buyer’s closing costs depending on the lender that the buyer is using. For most loans, the seller is allowed to contribute some amount towards the buyer’s costs. This can vary from around 3 percent to 6 percent.
Furthermore, attorney Matus explains that the market will determine whether a seller chooses to contribute to a buyer’s closing costs. The seller may have to pay a buyer’s closing costs for a little incentive if the market is very competitive. In a down real estate market, a seller may have to offset a buyer’s cost.
Lastly, attorney Christine Matus emphasizes the importance of having a skilled real estate lawyer when it comes to dealing with real estate transactions. Having an experienced lawyer may be able to help the client ensure that they are getting a favorable deal.
About the Matus Law Group
The Matus Law Group has a team of estate planning attorneys who are 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 estate planning needs. Call The Matus Law Group today at (732) 785-4453.
For more information about Matus Law Group - Monmouth County, contact the company here:
Matus Law Group - Monmouth County
125 Half Mile Rd Red Bank, NJ 07701