Closing Costs on the East End of Long Island

John Quinn provides this guide to estimate closing costs for homebuyers on the East End of Long Island, NY for informational purposes only. Both Buyers and Sellers should receive Estimated Closing Costs from their respective attorneys prior to closing.  Purchasers using a lending institution receive a Truth in Lending Statement from the lender. These are itemized lists of expenses.  Request them as early as possible so that you can best prepare for closing.

FOR THE SELLER

NYS Real Estate Transfer Tax            $4.00 per $1,000 (.004 X purchase price)

Real Estate Commission                   Amount agreed to between broker and their client   

Legal Fees                                           Fees vary, Buyer and Seller pay their respective attorneys

FOR THE BUYER

Loan Application Fee                         Consult lender*

Appraisal                                            Fee paid to appraise the house for the lender. Consult lender*

Points                                                 May be charged by the lender. One point equals 1% of loan amount*

Mortgage Recording Tax                   . 80% (less 30.00) of loan amount*

Mansion Tax                                      1% of sale price of $1M or more on improved property

Title Insurance                                   Fees set by NYS, consult your attorney

Survey                                                Price varies

Inspection                                          Price varies, consult inspector

Real Estate Commission                   Amount agreed to between broker and their client

Legal Fees                                          Fees vary, consult your attorney and lender

Adjustments                                      Cost of fuel in tanks (propane or gas), prepaid real estate taxes, prepaid HOA fees etc.

Title Co. Representative                   This is a gratuity and ranges from $200-300

Property Condition Disclosure         Seller provides a completed form to Buyer with contract

Peconic Bay Region Community Preservation Tax

East Hampton, Southampton & Shelter Island Towns 

2.5% of purchase price over 400,000 for improved property and 100,000 on unimproved* No exemptions on property over $2M

Peconic Bay Region Community Preservation Tax

Southold Town   

2.5% of purchase price over 200,000 for improved property and 75,000 on unimproved* No exemptions on property over $2M

Peconic Bay Region Community Preservation Tax

Riverhead Town  

2% of purchase price over 200,000 for improved property and 75,000 on unimproved* No exemptions on property over $2M