Newark is located in Essex County, New Jersey. New Jersey imposes a Realty Transfer Fee (RTF) on all residential real estate sales, paid by the seller. The rate is based on the full sale price: 0.40% up to $150,000; 0.67% from $150,001–$200,000; 0.78% from $200,001–$350,000; and 0.86% over $350,000. The rate applies to the entire purchase price based on the bracket it falls in. For sales over $1,000,000, the buyer also owes an additional 1% fee.
In Newark and throughout New Jersey, the Realty Transfer Fee is paid by the seller at closing. For residential properties sold for over $1,000,000, the buyer also pays an additional 1% transfer fee. These obligations are set by state law. Buyers and sellers should confirm their exact responsibilities with a New Jersey real estate attorney or title company.
Certain Newark real estate transactions may qualify for reduced fees or exemptions. Seniors (62+), blind, or disabled sellers may qualify for a reduced RTF rate. First-time homebuyers may receive a partial exemption. Transfers to qualifying governmental entities and certain other transfers may also be exempt. Consult a New Jersey real estate attorney to determine whether your transaction qualifies for any exemptions.