Closing on a house - advice on costs (Edison: sale, lender)

[SATiger]

I am in the process of closing a house (single family home). It was built in 1966. Here is my questions;

1. What is the typical attoney cost?
2. What is the appo. cost to do lead paint testing/risk assessment?
3. What are the costs are covered (paid) by seller in NJ?.

Appreciate your responses. Thanks....

[davenj08]

1. anywhere from $600 to 1200; typically around $800-900
2. not sure
3. usually none

[SweepTheLeg]

If the house has been on the market for a while, and you're the only interested buyer, you can try to negotiate with the seller to cover some costs. But it's a very touchy situation.

Costs for a lawyer sound accurate. Get it in writing before you engage his or her services.

[re_alvz]

Lawyer costs are $800-$1000.
But make sure the lawyer only charge you once. That is, if for whatever reason the deal falls through, they do the next property for the same fee not double. Most attorney already do this, but if yours doesn't then ask them and they generally will agree.

[jerseyjersey]

The PP are right about the lawyer fees.

I've seen lead paint testing in the $350-400 range for a SFH, though that's going back a couple of years (but I doubt it's changed that dramatically). Removal/remediation can vary greatly, though.

Sellers typically pay the realty transfer fee as well as the realtor commission (if applicable)--the realty transfer fee varies by house sale price, it's a percentage fee with tiered percentages that increase as the sale price increases. A $350,000 house would have a RTF in the $2100 range, a $500,000 house would have a fee in the $4,100 range.

[boater1]

Inspection cost (termite, radon, construction, lead paint etc) are usually paid by the buyer.

But in this buyer market everything is negotiable,

and if you see soemthing bad on an inspection report, and decide not to buy the house, ask the seller if they would like to buy the report from you.
They might want to see the report to fix the problem. This way you might be able to recoup part or all of the cost.

If you ordered and paid for the report, it is yours, no obligation to show it to the seller.

[SATiger]

Thanks for all the inputs. Appreciate it. My lender also said the realty transfer fee is covered by the seller. That's good to know.

[manderly6]

Closing costs are part of the price negotiation. I think it is pretty typical these days for the seller to pay a certain dollar amount towards closing. Really, the seller should only care about the net number they are getting, not how it is split up.

[davenj08]

Originally Posted by boater1

But in this buyer market everything is negotiable

you may not agree, but some parts of NJ are still not "buyers market". i have a couple friends looking for houses in North Edison and West Windsor and every house they have placed an offer in last 2-3 months has went up for a bidding by multiple buyers. houses are still selling 5-10% above asking price in desirable locations.

i know its hard to believe but its a fact.

[jerseyjersey]

Originally Posted by davenj08

you may not agree, but some parts of NJ are still not "buyers market". i have a couple friends looking for houses in North Edison and West Windsor and every house they have placed an offer in last 2-3 months has went up for a bidding by multiple buyers. houses are still selling 5-10% above asking price in desirable locations.

i know its hard to believe but its a fact.

I agree with this, for sure. We currently live in one town in northern Bergen County, and are in the process of purchasing a home in a neighboring town, and both are fairly hot markets. While prices are definitely down from 2005-6 levels, reasonably priced listings are gone quickly, often over asking price with multiple offers. We encountered numerous bidding wars, and the sellers from whom we're buying (and we are paying market for the house, both realtors agree) has very much a "take it or leave it" attitude about inspection-related repairs and such.