What It Costs to Sell in Staten Island and Buy in New Jersey: A Side-by-Side Breakdown
When you're selling your Staten Island home and buying in New Jersey, you're paying two sets of closing costs ā one on the sell side, one on the purchase side. Understanding both before you get to the table prevents surprises and helps you calculate exactly what you'll net from the SI sale and what you'll need for the NJ closing.
Because Pete Weinman is licensed in both New York and New Jersey, he can represent you on both transactions ā one attorney fee covering both deals rather than paying two separate firms. For a complete overview of the process, see our Complete Roadmap guide.
Part 1: Costs When Selling in Staten Island
| Cost | Rate / Amount | Who Pays |
|---|---|---|
| NYC Real Property Transfer Tax (RPTT) | 1.0% (under $500K) / 1.425% ($500K+) | Seller |
| NYS Real Estate Transfer Tax | 0.4% of sale price | Seller |
| Real Estate Agent Commission | Typically 5%ā6% | Seller |
| Attorney Fee | $1,500ā$2,500 | Seller |
| Mortgage Payoff | Remaining balance + per diem interest | Seller |
| Title Closer Fee | $300ā$500 | Seller |
| Moving Costs | Varies | Seller |
Learn more about NYC transfer taxes and seller closing costs in Staten Island. See also our FAQ about typical seller closing costs.
Example: $700,000 Staten Island Home Sale
| Item | Amount |
|---|---|
| Sale Price | $700,000 |
| NYC RPTT (1.425%) | ā$9,975 |
| NYS Transfer Tax (0.4%) | ā$2,800 |
| Commission (5.5%) | ā$38,500 |
| Attorney Fee (estimate) | ā$2,000 |
| Mortgage Payoff (example) | ā$300,000 |
| Estimated Net Proceeds | ā $346,725 |
Your net proceeds from the SI sale are what you'll use to fund the NJ purchase ā either as your full payment or as a down payment if you're financing.
Part 2: Costs When Buying in New Jersey
| Cost | Rate / Amount | Notes |
|---|---|---|
| NJ Mansion Tax | 1% of purchase price | Only on sales $1M+; paid by buyer |
| Owner's Title Insurance | ~0.5%ā0.6% of price | One-time premium; protects buyer |
| Lender's Title Insurance | ~0.3%ā0.4% of loan | Required if financing |
| Attorney Fee (NJ) | $1,500ā$2,500 | May be combined with NY fee if same attorney |
| Home Inspection | $400ā$700 | Strongly recommended |
| Well Inspection | $200ā$400 | If property has a private well |
| Septic Inspection | $300ā$600 | If property has a septic system |
| Radon Test | $150ā$300 | Recommended in NJ |
| Mortgage Origination Fee | 0.5%ā1.5% of loan | Lender-dependent |
| Appraisal | $500ā$800 | Required by lender |
| Recording Fees | $100ā$300 | County recording of deed and mortgage |
| Pre-paid Taxes and Insurance | 2ā3 months escrow | Required by most lenders |
Note on NJ Realty Transfer Fee: In New Jersey, the realty transfer fee is paid by the SELLER, not the buyer. As a buyer in NJ, you do not pay this fee.
Learn more about New Jersey closing costs for buyers and what closing costs to expect. Don't forget to budget for New Jersey's high property taxes.
The Big Picture: Know Your Numbers Before You Make an Offer
The most important number is your net proceeds from the Staten Island sale. Once your attorney calculates your estimated net, you can determine:
- How much you have available for a NJ down payment
- Whether you can buy in NJ in cash or need to finance
- Whether you need a bridge loan or other financing to cover any gap
- What purchase price range is realistic in New Jersey
Your attorney will provide a projected net proceeds statement well before closing. Don't wait until closing day to understand these numbers ā you need them while you're actively shopping for the NJ home.
Contact Pete today: Call 718-442-2010 | Text 718-957-8121 | Email: Weinman@StatenIslandLaw.com
Legal Disclaimer: The information provided on this blog is for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by reading or commenting on these posts. The content may not reflect the most current legal developments and may not apply to your specific situation. For legal advice concerning your individual circumstances, please consult with a licensed attorney. Do not rely on information from this blog as a substitute for professional legal counsel. Past results described in blog posts do not guarantee similar outcomes in future cases.
Legal Disclaimer
The information provided in this blog post is for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by reading this content. The information may not reflect the most current legal developments and may not apply to your specific situation. For legal advice concerning your individual circumstances, please consult with a licensed attorney. Do not rely on this information as a substitute for professional legal counsel. Past results do not guarantee similar outcomes in future cases.
Need Legal Assistance?
If you have questions about real estate law or need representation, I'm here to help. Contact me today for a consultation.
Contact Pete Weinman ā