New Jersey A685 eliminates the general purpose fee and one percent assessment on residential property sales over $1,000,000.

New Jersey A685 terminates two fees associated with real estate transactions. The bill eliminates the general purpose fee, which was one of the four realty transfer fees, and the one-percent assessment on the selling price of residential property transacted for more than $1 million. These fees were imposed on sellers and buyers, respectively. As a result, property sellers will pay a reduced amount in realty transfer fees, and buyers will no longer pay the one-percent assessment.

New Jersey A685 eliminates the general purpose fee and one percent assessment on residential property sales over $1,000,000.

New Jersey A685 terminates two fees associated with real estate transactions. The bill eliminates the general purpose fee, which was one of the four realty transfer fees, and the one-percent assessment on the selling price of residential property transacted for more than $1 million. These fees were imposed on sellers and buyers, respectively. As a result, property sellers will pay a reduced amount in realty transfer fees, and buyers will no longer pay the one-percent assessment.