Real Estate Laws & Customs By State - Fidelity National Title Insurance Company

- 33 - REAL ESTATE LAWS & CUSTOMS BY STATE NEW JERSEY Title Insurance Rates Filed Form of Conveyance Bargain and Sale Deed with covenants against grantor’s acts State Encumbrance Forms Mortgage Customary Closing Entity Attorney: North NJ; Title Company: South NJ Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With Commitment; paid at closing Deed Transfer Tax? Yes, Realty Transfer Fee (RTF); Mansion Tax (over $1 million) Mortgage Tax? No Leasehold Tax? No, if less than 99 years CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Buyer pays Survey Charges Buyer pays Deed Transfer Tax Seller pays, unless otherwise agreed upon between parties Buyer pays NJ “Mansion Tax” Mortgage Tax Not applicable Closing Fees Buyer pays, sometimes split Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances