Anthony Licciardello | March 24, 2026
westfi
A 2026 Seller's Closing Cost Fact Sheet for Union County's Premier Market
Westfield homeowners are sitting on serious equity. With the median sale price hovering around $1.40M as of early 2026, a well-priced home here moves fast — typically under two weeks on market. But before the celebration begins, every seller needs a clear-eyed look at what comes out of those proceeds before the wire hits the bank.
This fact sheet breaks down every seller-side cost line by line — from New Jersey's transfer tax structure to agent compensation scenarios — using Westfield's current price baseline. No estimates borrowed from statewide averages. This is built for the Westfield market specifically.
Before calculating costs, you need a reliable sale price anchor. Here's how the major data sources read Westfield heading into spring 2026:
"For modeling seller costs, we use $1,400,000 as the working baseline — the most recent Westfield closed-sale median. It also happens to be the most consequential price tier because it triggers New Jersey's supplemental transfer fee, stacking costs well above the statewide average."
Why the Union County median doesn't apply here: The NJ REALTORS® MLS data shows Union County's single-family median sale price at $620,000 (Feb 2026). That's less than half of Westfield's. Using a county-wide figure would dramatically understate what a Westfield seller actually faces at closing.
New Jersey is not a low-tax transfer state, and selling above $1,000,000 activates two separate seller-paid charges that many homeowners don't anticipate until they see the settlement statement.
A graduated fee calculated per $500 of consideration, charged on every residential deed transfer in New Jersey. The rate increases across price bands — at $1.4M, the applicable marginal rate is $6.05 per $500.
Paid by: Seller (statutory)
A supplemental fee that activates when total consideration exceeds $1,000,000. For transactions between $1M and $2M, the rate is 1% of total consideration — applied to the entire sale price, not just the amount over $1M.
Paid by: Seller (statutory, since July 2025)
Combined transfer charges at $1,400,000: RTF + GPF = approximately $28,415 — before a single dollar of agent compensation is calculated. This figure is essentially fixed and non-negotiable.
Two scenarios are modeled below: 3% total agent compensation vs. the traditional 5%. All other line items remain constant. The difference between the two scenarios is purely commission structure — and at Westfield's price point, that gap is significant.
| Line Item | 3% Scenario | 5% Scenario | Paid By |
|---|---|---|---|
| Gross Sale Price | $1,400,000 | $1,400,000 | Buyer → Seller |
| Agent Compensation | $42,000 | $70,000 | Seller (from proceeds) |
| NJ Realty Transfer Fee (RTF) | $14,415 | $14,415 | Seller (statutory) |
| NJ Graduated Percent Fee (GPF) | $14,000 | $14,000 | Seller (statutory) |
| Real Estate Attorney (flat fee) | $1,500 | $1,500 | Seller (customary) |
| Home Staging | $1,500 | $1,500 | Seller or negotiated |
| Pre-List Repairs & Refresh | $5,400 | $5,400 | Seller |
| Cleaning & Miscellaneous Prep | $500 | $500 | Seller |
| Property Tax Proration | Variable | Variable | Split by closing date |
| Mortgage Payoff / Liens | Not included | Not included | Seller (from proceeds) |
| Total Est. Seller Costs | $79,315 | $107,315 | ~5.7% vs ~7.7% |
| Est. Net Proceeds (excl. payoff) | $1,320,685 | $1,292,685 | Before mortgage payoff |
"The $28,000 difference between the 3% and 5% commission scenarios is the entire cost of home staging, pre-list repairs, cleaning, and attorney fees — combined — with roughly $19,000 left over. At Westfield price levels, commission structure is the single most negotiable lever a seller controls."
Beyond the modeled line items, three factors can materially change what a Westfield seller actually nets:
Westfield's average 2024 residential tax bill was $18,487. The prorated debit or credit depends entirely on your closing date and what quarter's payment has already been made.
Post-inspection repair credits or buyer closing cost assistance are negotiated deal by deal. In a competitive Westfield market, these may be limited — but they're transaction-specific and can run from zero to several thousand dollars.
Remaining principal balance, per diem interest, lender payoff/discharge fees, and any prepayment penalty are transaction-specific and often the largest number on the settlement statement.
Many sellers have heard about New Jersey's so-called "exit tax" and want to know if it applies to them. Here's the plain-language breakdown:
Based on $1,400,000 sale price · Excludes mortgage payoff & tax proration
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Contact Prodigy Real EstateAll cost estimates are for informational purposes only and based on data current as of early 2026. Transfer fee calculations are derived from NJ Division of Taxation published schedules. Individual transaction costs vary based on closing date, contract terms, property-specific factors, and attorney or title company fees. This is not legal, tax, or financial advice. Consult a licensed NJ real estate attorney and your tax advisor before making decisions based on this content.
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