Covering Closing Cost- Who pays for what?

[Asher Carr]

So i'm writing up a contract to buy a rental property. I was wondering what others do with the closing cost portion. What closing cost should buyers and sellers cover? I would like to cover the cost but I didn't realize the different parts associated unless closing cost is just one cost. And also transfer fees? Thanks in advance.

[Dan Barli]

Hi @Asher Carr, usually in NJ, the buyer pays for their own closing costs, which includes title insurance, attorney fees, and lender fees if applicable. The seller usually pays the realtor commission (if there is one), the realty transfer tax and any open items found on title. Hope that helps!