A New Jersey closing statement must allocate the Realty Transfer Fee to the party conveying title. Which party is generally responsible under New Jersey law?
Correct Answer
A) The seller, as the party conveying title to the property
Under N.J.S.A. 46:15-5 et seq., the New Jersey Realty Transfer Fee is imposed on the grantor (seller) at the time of recording the deed. The RTF is the seller's obligation because it is triggered by the act of conveying title, which is the seller's action. This is a frequently tested NJ-specific rule.
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Related Concepts
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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