Hongyu "Holly" Tang
 Broker Associate
 NJAR Circle of
 Excellence 2004-2016
 Relocation Specialist

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Frequently Asked Questions (FAQ)

Q.1: What is the buyer's closing cost?
Q.2: What is the seller's closing cost?
Q.3: What is New Jersey realty transfer fee?

Q.4: What is a GRI?

Q.5: Why use a GRI?

Q.6: What is a good faith estimate (GFE)

Q.7: What is HUD-1 statement


 Q.1: What is a buyer's approximate closing cost ?

A.1: You can see the approximate buyer's closing cost schedule for detail information.

.Q.2: What is a seller's approximate closing cost?

A.2: You can see the seller's approximate closing cost schedule for detail information.

.Q.3: What is New Jersey realty transfer fee?

A.3: You can see the  NJ realty transfer fee schedule for detail information.

 Q.4: What is a GRI?

A.4: GRI, which stands for Graduate REALTOR® Institute, is a nationally recognized professional real estate designation.[Find out More]

 Q.5: Why use a GRI?

A.5: A GRI has received one of the most comprehensive training programs available today to REALTORS® in the nation. [Find out More]

 Q.6: What is a good faith estimate (GFE)

A.6: A written estimate provided by a mortgage lender of the closing costs a borrower can expect to pay at or before settlement. This estimate must be mailed or delivered to all loan applicants within three business days after a loan application is received.

Q.7: What is HUD-1 statement

A.7: A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."

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Holly Tang
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    (908) 500-1697 (Cell)
    (908) 874-5798  (O.)
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