Every real estate transaction in New Jersey is subject to the Realty Transfer Fee (RTF) which is typically paid by the Seller at the time of closing. The fee is a calculated based on the purchase price, but there may be some partial exemptions.
The RTF fee is based on the purchase price and calculated on a graduated basis. The calculation can be complicated, but the higher the purchase price, the more will be due to the State of New Jersey. The State explains their calculations and provides tables showing what the realty transfer fee would be for a specific purchase price here.
A Seller may be partially exempt if they are over the age of 62, blind, or permanently disabled. If you are over the age of 62 or otherwise qualify for an exemption, you should make sure the settlement agent is aware so that you receive the exemption for this fee.
At Petriello Law, as real estate is our primary practice area, we will ensure that the RTF payment amount is calculated at the minimum required level for each transaction. Should you be in need of any services regarding real estate, we look forward to your call or email.