Page 34 - Real Estate Laws and Customs - State by State Guide by Old Republic Title

State Locations

A STATE- BY- STATE GUIDE
R E A L E S T A T E L A W S & C U S T O M S 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

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