In New Jersey, buyers typically pay 2% to 3% of the purchase price in closing costs, lender fees, title insurance, escrows, attorney, and inspections. Sellers pay more: the realty transfer fee, the new seller-paid supplemental fee on sales over $1 million, commission as negotiated, and their own attorney. On a Gold Coast condo, both sides should budget in real dollars before making a single decision, because these numbers change what you can offer and what you actually net.
The buyer’s side, line by line
Lender costs. Origination or points, appraisal, credit and processing fees. Shop two or three lenders, these vary more than people expect, and on a jumbo loan the differences compound.
Title insurance. Protects your ownership and your lender against defects in the chain of title. Premiums in New Jersey scale with the purchase price. Not optional with a mortgage, and worth having regardless.
Escrows and prepaids. Your lender collects months of property taxes and insurance up front to seed the escrow account, plus interest from closing to month-end. This is not a fee, it is your own money paid early, but it is cash you must bring.
Attorney. New Jersey deals run through attorney review, and your lawyer carries the contract through closing. Local, condo-literate counsel is worth every dollar here, see what attorney review means.
Inspections. Home inspection plus any specialists. A few hundred dollars that routinely saves thousands.
Condo extras. Buildings commonly charge move-in fees or deposits, and some charge a working-capital contribution on purchase. Ask early; these surprise people at the closing table.
The seller’s side, where the big numbers live
Realty transfer fee. New Jersey’s longstanding seller-paid fee, on a graduated scale tied to the sale price.
The supplemental fee over $1 million. Since July 2025 this is seller-paid and tiered, 1% from $1 million to $2 million, stepping up to 3.5% above $3.5 million, on the entire price. In our market this is the single biggest change to seller math in years, and it deserves its own read: who pays the NJ mansion tax now.
Commission. Negotiated between you and your broker, and structured with your listing agreement. What you buy with it, pricing strategy, preparation, marketing, negotiation, is exactly what determines your gross, which is why the cheapest listing arrangement is frequently the most expensive decision.
Attorney and payoff costs. Your lawyer, mortgage payoff and discharge recording, and any municipal certificates your town requires at sale.
What each side should do with these numbers
Buyers: build your total as down payment plus closing costs plus reserves, and get a lender’s loan estimate early so nothing is theoretical. If cash is tight, sequence matters, I have structured plenty of offers around real closing-cost budgets without weakening the bid.
Sellers: demand a written net sheet at the pricing conversation, not at attorney review. Every pricing recommendation I make comes with one, because the transfer fees, the tier thresholds, and your payoff decide what you actually walk away with, and near a $1 million or $2 million line, strategy can be worth tens of thousands.
The one takeaway
Budget 2% to 3% as a buyer, and as a seller, know your net, not your price, before you list. None of this is exotic, but all of it is real money, and the people who see the full number first negotiate better on everything else. As always, confirm the specifics for your deal with your attorney and accountant.
Want a personalized buyer budget or seller net sheet? Twenty minutes and you will have it: 908-227-8226 or [email protected]. Start your search at homes.hudsonagents.com.