As a seller, there aren’t nearly as many miscellaneous costs associated with closing on the sale of your home as there are when you are buying. I think everyone knows that there is an attorney fee and a real estate commission. Recently I realized that many people aren’t aware that New Jersey law requires that all Sellers pay a tax known as the Realty Transfer Fee (“RTF”). The RTF is computed based on the contract sales price, and certain discounts may apply if one of the Sellers is over the age of 62, blind or disabled. The calculation is somewhat convoluted, but I found a link to a calculator – I can’t vouch for it’s accuracy but I assume it works for estimating purposes: http://www.vested.com/tax_calculator1.html
The only other costs are for township approvals and certifications – in Basking Ridge for example, it’s $40.00 for the Construction Records Clearance certificate which assures y0ur buyer that any permits that had been opened for the property were closed. And it’s $35.00 for the township fire inspector to come out and ensure that your fire extinguisher, smoke and CO detectors are in working order and are properly placed in the home.
