Closing Costs

Nassau & Suffolk Counties Closing Cost

The aim of this guide on closing costs is to provide you with an overview of the typical expenses linked to buying or selling a cooperative, condominium, or townhouse property. However, it's important to note that these figures are estimates, and individuals who are interested in purchasing or selling should seek advice from their real estate attorney or financial advisor for detailed information. Please keep in mind that these costs are not exhaustive and are intended solely as a reference. Our partner, Embrace Home Loans, has provided estimates of mortgage closing costs.

For the Seller

  • Broker's Commission: Usually 6%
  • Pick-up / Payoff Charge to Title Closer: $100-$300
  • NYS Transfer Tax: $4 per $1,000 of the property price
  • Various Title Fees: $200-$500
  • Attorney: Seek advice from your own attorney

For the Purchaser

  • Closing Costs for Mortgage
  • Buyer’s Legal Counsel: Consult with your attorney
  • Lender's Title Insurance: Around $130 per $100,000 of mortgage amount
  • Bank Charges: $750
  • Application Fee: $350
  • Municipal Search: $350-$500
  • Processing Fee: $330
  • Tax Escrows: 2 to 6 months
  • Appraisal Fee: $300-$1,500 (depending on the property price)
  • Credit Report Fee: $10.10 single/$15.20 joint
  • Bank's Legal Counsel: $650-$750
  • Recording Fees: $250-$750
  • Owner's Title Insurance: Around $450 per $100,000 of property price under 1M, +15% on $1M or higher

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