Trying to figure out how much cash you will need to close on a home in Cherry Hill? You are not alone. Closing costs can feel confusing, especially if you are a first‑time buyer or relocating to South Jersey. In this guide, you will learn what buyers typically pay in New Jersey, what is customary in Cherry Hill, how to build a realistic budget at different price points, and the key documents to watch for. Let’s dive in.
What buyer closing costs include
Closing costs are the fees and prepayments needed to finalize your purchase. In Cherry Hill and across New Jersey, you will usually see the following categories on your closing statement.
- Lender fees. These include a loan origination fee, processing or application fees, underwriting or commitment fees, a credit report (often $25 to $50), and an appraisal (commonly $400 to $900). You may also choose to pay mortgage points to lower your rate. Buyers typically pay these costs.
- Title and settlement. You will see a lender’s title insurance policy, and you can choose an owner’s title policy that protects your ownership. Premiums are one‑time and based on your price and loan amount. There will also be a settlement or closing fee and possible escrow or courier fees. In New Jersey, buyers often pay these, but it can be negotiated.
- Attorney fees. New Jersey commonly uses attorneys in residential closings. Buyers frequently retain their own counsel. Fees vary from several hundred to a couple thousand dollars depending on complexity.
- Government and recording. Expect deed and mortgage recording fees set by Camden County. Buyers typically pay to record their mortgage. The New Jersey Realty Transfer Fee is generally a seller expense, but always confirm your contract terms.
- Inspections and survey. Most buyers order a home inspection (often $300 to $600), and sometimes a termite inspection ($50 to $200) or other specialized inspections. A survey may be requested by your lender or title company and can range from about $150 to $800. Buyers usually pay.
- Prepaid items and escrow deposits. Plan for prepaid property taxes, your first year of homeowner’s insurance or a portion of it, prepaid interest from your closing date to your first payment, and initial escrow deposits for taxes and insurance. Buyers pay these items.
- HOA or condo items. If you buy in an association, there may be transfer fees, estoppel or resale certificates, or move‑in charges. Amounts vary and are often negotiable.
- Other costs. You may see wire or courier fees, and if you put less than 20 percent down, you might have a private mortgage insurance requirement. Some buyers choose to buy down their interest rate with points.
Transfer taxes and who pays in New Jersey
New Jersey imposes a state Realty Transfer Fee on most home sales. In typical practice, the seller pays this fee at closing. Because this fee increases with price, it can be an important negotiation point on higher‑priced homes. Your contract will confirm who pays it in your transaction.
Cherry Hill does not typically add a separate municipal transfer tax for standard residential transactions. You should still plan for Camden County recording charges for the deed and mortgage, which are set by the county and vary by document. Buyers usually pay to record their mortgage, while deed recording can be split or negotiated.
Many other costs are negotiable as well. For example, who pays for the owner’s title insurance policy or HOA transfer fees can depend on your contract and the market. In a competitive market, some sellers may agree to concessions that help cover buyer costs, but that is case by case.
How much to budget in Cherry Hill
A helpful planning rule for many buyers is to estimate about 2 to 4 percent of the purchase price for buyer closing fees like lender, title, settlement, attorney, and recording. Prepaid items and initial escrow deposits can add another 0.5 to 1.5 percent depending on timing, taxes, and insurance. The exact number depends on your loan type, negotiated credits, and your closing date relative to local tax due dates.
The examples below are illustrative only. Your actual numbers will vary. Always request a written Loan Estimate from your lender and a title or settlement estimate for your specific price and loan.
Example budget: $300,000 purchase
- Buyer closing costs: about $4,500 to $9,000 (about 1.5 to 3 percent)
- Prepaids and escrow deposits: about $2,000 to $4,500
- Estimated total cash to close excluding down payment: about $6,500 to $13,500
Example budget: $500,000 purchase
- Buyer closing costs: about $7,500 to $15,000 (about 1.5 to 3 percent)
- Prepaids and escrow deposits: about $3,500 to $7,500
- Estimated total cash to close excluding down payment: about $11,000 to $22,500
Example budget: $800,000 purchase
- Buyer closing costs: about $12,000 to $24,000 (about 1.5 to 3 percent)
- Prepaids and escrow deposits: about $5,600 to $12,000
- Estimated total cash to close excluding down payment: about $17,600 to $36,000
These ranges are planning guides. Your totals can change if you buy mortgage points, receive seller credits, select a specific loan program, or if HOA or attorney fees differ.
Timing and key documents
- Loan Estimate. After you apply for a mortgage, your lender must provide a Loan Estimate within three business days. Use it to compare interest rates and lender fees.
- Title or settlement estimate. Ask your Cherry Hill title company for an early estimate that shows title insurance premiums, settlement fees, and Camden County recording charges. This helps you plan your cash to close.
- Closing Disclosure. At least three business days before settlement, your lender will issue your Closing Disclosure. Review every line for accuracy and compare it to your earlier estimates. Ask questions right away if something looks different.
- Prorations and tax adjustments. New Jersey property taxes are prorated at closing. Depending on the closing date and what the seller has already paid, you may see a tax credit or a charge. Confirm Cherry Hill Township tax due dates and the seller’s last payment so you know what to expect.
- Homeowner’s insurance. Your lender will require proof of an active policy before closing. Plan to prepay the first year or a portion, and fund initial escrow deposits if your lender manages taxes and insurance.
Cherry Hill buyer checklist
Use this quick list to keep your numbers organized and avoid surprises.
- Loan Estimate from your lender within three business days of application
- Preliminary title or settlement estimate with title premiums and recording fees
- Estimate of property tax proration based on Cherry Hill Township tax schedule
- Itemized HOA or condo transfer and resale certificate fees, if applicable
- Attorney engagement letter with a clear fee quote and scope of services
- Inspection invoices and any agreed repair credits for the settlement statement
- Homeowner’s insurance binder ready for closing
- Closing Disclosure received at least three business days before settlement
- Verified wire instructions and call‑back procedures with the title company to prevent fraud
Local tips for Cherry Hill buyers
- Confirm who pays the New Jersey Realty Transfer Fee for your contract and whether any local transfer charges apply. Practices are consistent statewide, but you should always verify.
- Contact a lender and a local title company early. They can provide current interest rate options, fee quotes, and precise Camden County recording charges for your specific price point.
- If you are buying a condo or townhome, ask upfront about HOA or condo resale documents and transfer fees. These vary and can take time to gather.
- Plan for attorney involvement. Many buyers retain a New Jersey real estate attorney. Ask for a flat‑fee quote and what is included so you can budget confidently.
- Watch the calendar. If taxes are due shortly after your closing date, your escrow and prepaid amounts may be higher at settlement.
- Shop where you can. Compare lenders using the Loan Estimate, and ask title companies about their fee schedules and the cost of an owner’s title policy.
Plan your strategy and get help
You deserve clear numbers and a smooth path to the closing table. If you want a second set of eyes on your estimates or need local introductions to lenders, title companies, or attorneys, I am here to help you navigate every step in Cherry Hill and the surrounding South Jersey suburbs. Ready to talk through your budget and timeline? Connect with Romanna Dumyak to schedule a free consultation.
FAQs
Who pays the New Jersey Realty Transfer Fee in a Cherry Hill sale?
- In typical New Jersey practice, the seller pays the state Realty Transfer Fee at closing, but always confirm what your contract says.
What closing costs do Cherry Hill buyers usually pay?
- Buyers commonly cover lender fees, title and settlement charges, attorney fees, inspections, Camden County recording for the mortgage, and prepaid taxes and insurance.
Are there extra municipal transfer taxes in Cherry Hill, NJ?
- Municipal transfer taxes are uncommon in New Jersey and are not typically imposed in Cherry Hill for standard residential transactions, but verify with your title company or county clerk.
How much should I budget for buyer closing costs in Cherry Hill?
- A conservative rule is 2 to 4 percent of the purchase price for fees, plus another 0.5 to 1.5 percent for prepaids and escrows; request written estimates for your exact scenario.
When will I see my final numbers before closing?
- Your lender must provide a Closing Disclosure at least three business days before settlement; review it closely and compare it to earlier estimates so you can resolve any questions in time.
