A real estate settlement, also referred to as a “closing”, can be very confusing and complex. This is especially true for first-time home buyers. We sat down with one of our best Settlement Coordinators in our South Jersey office, Melissa Hartford, to find out what questions she receives most frequently. If you are purchasing or selling a property in the near future, it is important to come prepared and well informed. Read on to learn about what questions, and the corresponding answers, Melissa encounters most.

The Top Ten Most Frequent Questions With Answers

1. Who signs a deed? Buyer or Seller?

The seller

2. I have a Power of Attorney for my mom. My Mom passes away. Can I still sign the listing agreement as a POA?

No, The Power of Attorney dies with the principal.

3. When are second quarter taxes due in New Jersey and what period do they cover?

Second quarter taxes are due on May 1^st and they cover April 1^st through June 30^th.

4. Who pays the listing agents commission at Closing? Buyer or Seller?

The seller

5. Who pays the buyers agents’ commission at closing? Buyer or Seller?

The seller 

6. What qualifications must you meet to get a partial exemption on the realty transfer tax?

You must be 62 years of age or older and the property being sold must the sellers primary residence, blind or disabled.

7. Is there an additional tax if you sell a property and don’t live in New Jersey?

Yes, 2%

8. Who usually pays the settlement fee in South Jersey? Buyer, Seller or Split?

In South Jersey, the buyer and the seller split the settlement fee. In North Jersey, however, the buyer pays the entire settlement fee. 

9. Can CoreTitle hold a deposit on a transaction?

Yes, as long as we have a title order.

10. Who pays for recording of the deed?

The buyer

Contact Us

At CoreTitle, we’re committed to making sure your settlement is easy and smooth. Get the help you need today by calling (856) 316-4005 for our offices in South Jersey; (267) 428-3821 for our team in Philadelphia, Pennsylvania; (954) 434-1445 for our Fort Lauderdale, Florida office; (239) 970-4200 for our Naples, FL office,  (305) 357 -3989 for our Miami, Florida office or (734) 823-3356 for our Northville, MI office. Any one of our team members will readily answer and assist you with any question or concern.