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New Jersey Seller Closing Costs Calculator

Adding machine calculatorEasily calculate the closing costs and seller transfer tax with the seller net calculator. Simply enter the property sale (or list) price, and adjust the closing costs if necessary (i.e. transfer tax discounts). New Jersey does not impose an excise or recordation tax/fee. Please send me an E-mail if you see an error or want to make a comment.

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  NET TO SELLER    
1. What is the selling or listing price?    
2. Mortgage Payoff (1st mortgage)    
3. Mortgage Payoff (2nd mortgage)    
4. Additional Payoff(s)    
5. Property Residentially Zoned? (Y/N):    
6. Seller a Nonresident Ind./Estate/Trust? (Y/N):  
7. Senior/Blind/Disabled/Low and Moderate Income (Y/N):    
       
  ESTIMATED CLOSING EXPENSES    
8. Additional Real Estate Broker Fees    
9. Cancellation of Existing Mortgage $50-$100    
10. Certificate of Occupancy (varies with municipality) generally $65 or higher  
11. Courier & handling    
12. Deed Preparation    
13. Home Warranty (Estimated $425)    
14. Real Estate Tax Proration    
15. Real estate taxes (past due & penalties)    
16. Realtor Commission - Flat dollar amount*  
17. Realtor Commission Percentage %
18. Seller Cost Contribution %
19. Seller Cost Contribution - Flat dollar amount*    
20. Settlement/AttorneyFee ($800-$1,300)    
21. Smoke Detector & Carbon Monoxide Certification (approx.) $25-$65 $50.00
22. Transfer tax    
23. Water Hold    
24.      
25.    
26.    
  TOTAL  
   
Realtor Commission - Flat dollar amount* - If the commission is a flat dollar amount (i.e. $6,000), enter that amount in the adjacent box. The cost will over ride the percentage calculation. If the split commission calculator is used below, the calculation will over ride both the percentage and flat dollar commission. Be sue to tick the box to add to total for this feature to work.
   
Seller Cost Contribution* - If the seller is paying a flat dollar amount toward the seller assist, enter the cost in the adjacent box. The cost will over ride the percentage calculation. Make sure you are within the maximum allowable cost for a seller assist.
   
  SPLIT COMMISSION CALCULATOR    
27. Sales Price %  
28. Commission on first dollar amount
29. Commission on remaining amount
30. Total Real Estate Commission ADD TO TOTAL
    Be sure to tick the box

New Jersey transfer taxes for home buyers and sellers

The State of New Jersey imposes a Realty Transfer Fee (RTF) on the seller whenever there is a transfer of title by deed. The fee is based on the sales price of the property, and the seller is required to pay the fee at the time of closing. (No RTF is owed on non-deed transfers of title for a house.) Note: The State of New Jersey imposes an additional transfer fee of 1% of the sales price on buyers of certain real property when the purchase price exceeds $1 million. This fee is separate from a Controlling Interest Transfer Tax (CITT), which applies only to certain transfers of controlling interest in entities possessing commercial properties. You can find more information on the CITT and non-deed transfers of title here. Read more

Nonresident Taxpayers

Non-residents (individuals, estates, and trusts) who sell a New Jersey property are required to complete and sign the GIT/REP-1or GIT/REP-2form to record the deed and close the sale. Non-resident sellers are required to pay estimated Gross Income Tax in the amount of 2% of the consideration or 8.97% of the net gain from the sale, before or at the time of closing.
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