First-time buyers in Lawrence Township should plan for lender fees, title insurance, attorney fees, an inspection and some prepaid taxes and insurance, while the seller usually covers New Jersey's realty transfer fee.
Here's what typically lands on the buyer's side:
Lender costs. Expect an appraisal, an origination or processing fee and any points you choose to buy down your rate. Your lender's Loan Estimate spells these out, so compare them line by line.
Title insurance and title fees. Your lender requires a title policy to protect its loan, and most buyers also buy an owner's policy. The title company also charges for the search and settlement.
Your real estate attorney. In New Jersey, most buyers hire an attorney who handles attorney review, title issues and closing. Ask for the fee up front.
Inspections. A home inspection is standard. Radon testing is common in Mercer County, and you may want a sewer line scope on an older home.
Prepaids and escrow. You'll prepay homeowner's insurance and set aside property taxes in an escrow account. Lawrence Township taxes are paid quarterly, and the amount you put in escrow depends on the closing date.
Know what the seller pays. In New Jersey, the seller pays the realty transfer fee. Since July 2025, the tax on sales over $1 million, often called the mansion tax, is also paid by the seller instead of the buyer.
A good tip: ask your lender for a Loan Estimate as soon as you're under contract, and ask your agent whether a seller credit toward closing costs makes sense in your offer.
Fred Gomberg works with Berkshire Hathaway HomeServices Fox & Roach in Princeton and has lived in Lawrenceville for 30 years. He serves on the board of Lawrenceville Main Street and holds a 5.0 rating on Zillow. If you're buying your first home and want a clear picture of the numbers, Fred is glad to sit down with you, no strings attached.
