Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

LBI NJ Real Estate Seller Closing Costs

Nathan Colmer | The Van Dyk Group

C: 609.290.4293 | O: 609.492.1511

Seller Closing Costs LBI NJ Real Estate

Read information about closing costs in the LBI NJ real estate market and the costs of selling a home on Long Beach Island New Jersey. It is important to focus on the total net proceeds when selling a home rather than the gross sales price. The information below can help to determine your actually true net number.

 

 

Seller Closing Costs LBI NJ Real Estate | Costs of Selling a Home on Long Beach Island New Jersey

LBI NJ Real Estate Closing Costs

 

Selling a Home on Long Beach Island New Jersey

When selling a home in the LBI real estate market, it is important to understand the costs of selling a property. While every real estate transaction is different, there are some general closing costs that all sellers should be aware of. Please note that I have provide some very rough numbers associated with each cost. It is important that as a seller you verify these costs as they relate to a transaction as they may be different depending on your specific situation, price range, etc.

Brokerage Fee

This is usually the largest of the expenses incurred when selling a house. The brokerage fee is paid by the seller to the listing agent who shares that fee with the selling agent. While all commissions in New Jersey are negotiable, most agents on Long Beach Island will charge between 5% and 6%.

 

 

Estimated Cost

5%-6% of the total sales price

 

 

Attorney Fee

While the use of an attorney is not required, it is strongly recommended for any transaction in the LBI real estate market. An attorney will review the contract documents, handle any associated negotiations and help to coordinate the closing of the transaction.

 

 

Estimated Cost

$1,000-$1,500

This cost will vary depending on the attorney and the level of time and service.

 

 

NJ Transfer Tax

This is a sliding scale based on the sale price of the house. For general estimation purposes a seller can assume this tax will equate to a little less than 1% of the sale price. There are discounts in place for senior citizens.

 

 

Estimated Cost

The rates are: $4.00/$1,000 on the first $150,000, $6.70/$1,000 between $150,000-$200,000, and $7.80/$1,000 over $200,000. Senior Citizen rates are: $1.00/$1,000 to $150,000,and $2.50/$1,000 over $150,000.

 

 

Out of State Residency Tax

This tax applies only to sellers who reside outside of New Jersey. This tax is applied to the sale price of the home and is due at closing.

 

 

Estimated Cost

2% of the total sales price for the home

 

 

Certificate of Occupancy

In most transactions on Long Beach Island the seller is responsible for obtaining the resale certificate of occupancy. The buyer will provide the seller with a survey and elevation certificate to facilitate this obligation.

 

 

Estimated Cost

$50.00 for the physical inspection and $25.00 for any re-inspections

$150.00-$250.00 for the installation of any smoke detectors, CO2 detectors, fire extinguishers, etc that may be needed.

 

Misc. Expenses

In any transaction there will always be some additional costs. For example, Long Beach Township requires a seller to file a deed restriction if one is not already in place. It is always a good idea to budget a few extra dollars for these expenses.

 

 

Estimated Cost

$500.00

 

Curb Installation

This requirement is unique to Surf City. In Surf City, any home is required to have a curb installed prior to the resale CO being released. This requirement is usually the responsibility of the seller. The curb must be made of poured concrete or solid block.

 

 

Estimated Cost

$2,200.00-$2,500.00

 

Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

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Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511