Brooklyn, NY · Member since 2018 · 42 posts · 4 votes
Hi everyone
I am trying to find out how much money I need to consider in closing costs in Newark NJ,
I came across a seller for a 3 family in Newark asking 200K cash quick close,
now I am trying to crunch the numbers to see how much cash I would need for closing
Appreciate any input
Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
8y
@Michael Smith are you looking to buy this property with cash or with a mortgage? That would affect your closing costs. You will certainly have costs that include title insurance premium, adjustments for property taxes and homeowner's insurance. Are you using an attorney?
Brooklyn, NY · Member since 2018 · 42 posts · 4 votes
8y
@Dan Barli thanks for your time and help,
So yes I would buy it in cash,
I just don’t know how much a title, inspection, attorney, taxes, transfers, etc. costs
Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
8y
Title insurance is regulated by the state. Inspections are usually $375 - 450. Transfer taxes are the obligation of the seller. Attorney fees can vary. We charge a flat fee of $1200 for a closing. Most attorneys in our area charge more. Let me know if you want to talk further @Michael Smith