Page 34 - Real Estate Laws and Customs - State by State Guide by Old Republic Title
P. 34
State Locations
A STATE - BY - STATE GUIDE
REAL ESTATE LAWS AND CUSTOMS NEW JERSEY
Title Insurance Rates NEW JERSEY
Filed
Form of Conveyance NEW JERSEY
Bargain and Sale Deed with Covenants Against Grantor’s Acts
State Encumbrance Forms NEW JERSEY
Mortgage
Customary Closing Entity NEW JERSEY
Title Company; Attorney
Commitment Issued? Duration? NEW JERSEY
Yes; 180 Days
When Is Invoice Issued? NEW JERSEY
With Commitment
Deed Transfer Tax? NEW JERSEY
Buyer Pays “Mansion” Tax. (1% of Deed); Consideration When > $1M on Residential and Commercial
Seller Pays Realty Transfer Fee (RTF)
Mortgage Tax? NEW JERSEY
No
Leasehold Tax? NEW JERSEY
No; Unless Lease is for ≥ 99 Years
Remote Online Notarization (RON) Status NEW JERSEY
In Effect
CUSTOMARY SPLITS
Owner’s Policy Premium NEW JERSEY
Buyer Pays
Loan Policy Premium NEW JERSEY
Buyer/Borrower Pays
Title Search and Exam Fees NEW JERSEY
Buyer Pays
Survey Charges NEW JERSEY
Buyer Pays
Deed Transfer Tax NEW JERSEY
Buyer Pays “Mansion” Tax. (1% of Deed); Consideration When > $1M on Residential and Commercial
Seller Pays Realty Transfer Fee (RTF)
Mortgage Tax NEW JERSEY
Not Applicable
Closing Fees NEW JERSEY
South Jersey it is Split; North Jersey the Buyer Pays
Commercial is Negotiable
Recording Fees NEW JERSEY
Buyer Pays to Record Deed and Mortgage
Seller Pays to Record Documents to Remove Encumbrances
UCC coverage is available; for assistance with your transaction contact UCC@oldrepublictitle.com 34
oldrepublictitle.com/ncs Updated 07/2023
