John Grossi NJ Real Estate Referrals

The NJ Attorney Review & Closing Cost Cheat Sheet

What every New Jersey buyer and seller should know before signing anything — the 3-business-day attorney review period, and exactly what closing costs to expect on both sides of the deal.

1. What is attorney review?

New Jersey is one of the few states where a signed purchase contract isn't the final word. Once a buyer and seller accept an offer, both sides typically get a three-business-day attorney review period. During this window, either attorney can cancel the deal outright, or request changes to the contract terms — no penalty, no forfeited deposit.

Many first-time buyers and sellers don't realize this period exists until they're already in it. In practice, it's a protection built into how real estate works in NJ, and a good agent will walk you through it before you ever sign.

The three-day clock starts the day after the contract is signed by both parties (weekends and holidays don't count). If no cancellation or modification letter is sent by either attorney, the contract becomes final at the end of the third business day.

2. What buyers typically pay at closing

Buyers generally budget 2%–3% of the purchase price for closing costs, on top of the down payment — attorney fees, home inspection, lender fees, appraisal, title insurance, recording fees, and prepaid escrow.

3. What sellers typically net less on

Sellers typically see 6%–10% come off the sale price once real estate commission, the NJ Realty Transfer Fee, attorney costs, and any mortgage payoff are factored in.

Get the full cheat sheet

Free PDF with the complete attorney review breakdown, a full buyer closing cost table, a full seller closing cost table, and what tends to catch NJ sellers off guard.

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Whether you're buying or selling: the right agent handles attorney review and closing costs for you every day — you don't need to become an expert in either. That's the whole point of getting matched with someone who already is.

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Licensing disclosure: John Grossi Referrals is operated by a New Jersey licensed real estate referral agent, affiliated with Shore Properties Referral LLC, NJ license #2185031. As a referral agent, I am not permitted to list, show, or sell real property, and I do not represent buyers or sellers in transactions. Figures above are general estimates for informational purposes only and are not a substitute for advice from a licensed NJ real estate attorney.