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Seller guide

Understanding Closing Costs & Net Proceeds in New Jersey

Selling in New Jersey has three quirks worth planning for: a graduated Realty Transfer Fee that the seller pays entirely (unlike most states), a standard 3-business-day attorney review period baked into every residential contract, and the widely-misunderstood "New Jersey exit tax" — which is not an extra tax at all, just a prepayment of estimated state income tax that non-residents get back on their NJ return.

Key local custom breakdown

• Realty Transfer Fee: Graduated and seller-paid: about 0.40% on the first $150K, rising through mid tiers to about 1.21% on the portion above $350K. On a $500K sale that's roughly $3,900. The buyer customarily pays no NJ transfer tax.
• Attorney review period: Every NJ residential contract includes a standard 3-business-day attorney review window after both sides sign, during which either attorney can revise or cancel. Attorney involvement is near-universal — plan for attorney fees on the seller side.
• "Exit tax" — not really a tax: NJ withholds 2% of sale price (or 8.97% of gain, whichever is greater) at closing only from non-residents or sellers moving out of state. It's a prepayment of estimated income tax, fully creditable on your NJ return. NJ residents staying in-state file form GIT/REP-3 to avoid the withholding entirely.

How the New Jersey transfer tax is calculated

Realty Transfer Fee (graduated, seller-paid):
  0.40% on the portion up to $150,000
  0.67% on the portion $150,000–$200,000
  0.78% on the portion $200,000–$350,000
  ~1.21% on the portion over $350,000

Frequently asked questions (New Jersey real estate)

Is the New Jersey "exit tax" a real extra tax when I sell my house?

No — the so-called "New Jersey exit tax" is not an additional tax. It is a prepayment of estimated state income tax withheld at closing, equal to 2% of the sale price or 8.97% of the taxable gain, whichever is greater. It only applies to non-residents and to sellers moving out of New Jersey. Every dollar withheld is fully creditable on your NJ state tax return, so you get back whatever you didn't actually owe. New Jersey residents who are staying in-state can avoid the withholding entirely by filing form GIT/REP-3 at closing.

Who pays the New Jersey Realty Transfer Fee and how does the graduated rate work?

The seller pays the New Jersey Realty Transfer Fee — the buyer customarily pays no NJ transfer tax. The fee is graduated by sale price: approximately 0.40% on the portion up to $150,000, about 0.67% on the portion $150,000–$200,000, about 0.78% on the portion $200,000–$350,000, and roughly 1.21% on the portion above $350,000. On a $500,000 sale that works out to about $3,900. These are estimates — the exact NJ RTF has additional micro-brackets, so confirm the precise amount with a NJ title company or attorney.

What is the New Jersey attorney review period and why does it matter to sellers?

New Jersey residential contracts include a standard 3-business-day attorney review period after both sides sign. During that window, either party's attorney can revise the contract or cancel it outright. Attorney involvement is near-universal in NJ closings (unlike title-company-only states), so budget for attorney fees on both sides. The review period matters to sellers because a contract isn't truly firm until those 3 business days pass without cancellation.