Understanding Closing Costs When Selling a Long Island Home
What are the closing costs when selling a home on Long Island?
When selling a home on Long Island, expect closing costs between 6% and 10% of your home’s sale price. These costs typically include agent commissions, attorney fees, transfer taxes, and other miscellaneous charges. Eric Berman REALTOR helps Long Island sellers understand, plan for, and reduce these costs whenever possible.
What Are Closing Costs?
Closing costs are the fees and expenses that must be paid at the end of a real estate transaction. As a seller, these are deducted from your proceeds at closing.
While buyers also have closing costs, sellers typically pay for the costs related to transferring ownership and compensating professionals involved in the sale.
Average Seller Closing Costs on Long Island
Here’s a breakdown of common seller-side closing costs in Nassau and Suffolk counties:
1. Real Estate Agent Commission
Usually 5%–6% of the sale price, split between listing and buyer’s agents
This is negotiable, and Eric Berman can advise on what’s competitive in today’s Long Island market
2. New York State Transfer Tax
$4 per $1,000 of the sale price (0.4%)
Example: On a $750,000 home, the NYS transfer tax is $3,000
3. Attorney Fees
Typically $1,500–$2,500 for a residential sale
Attorneys are required in all New York real estate transactions
4. Property Condition Disclosure Credit (if applicable)
If you choose not to complete the Property Condition Disclosure Statement, you must pay the buyer a $500 credit
5. Municipal Fees & Miscellaneous Costs
Fees for CO (certificate of occupancy), permits, smoke/carbon monoxide detector compliance, etc.
Varies by town and village (budget $250–$1,000 depending on location)
6. Payoff Fees (if you have a mortgage)
Final mortgage payoff amount plus any related recording/release fees
Also includes property taxes due up to the date of closing
Eric Berman REALTOR provides net sheets that break all this down so you’re never caught off guard.
Estimated Example
Let’s say you’re selling your home in Nassau County for $850,000. Your closing costs might look like this:
Agent commission (5.5%): $46,750
NYS transfer tax (0.4%): $3,400
Attorney fee: $2,000
Disclosure credit: $500
Municipal fees: $750
Total estimated costs: ~$53,400
That’s roughly 6.3% of your sale price. The actual amount varies based on your home’s value, location, and specific circumstances.
How to Prepare Financially
Before you list, Eric Berman helps you:
Calculate your net proceeds after closing costs and mortgage payoff
Strategize price based on your financial goals
Explore Compass Concierge if pre-sale improvements could boost your net profit
Knowing your numbers helps you plan your next move with confidence.
Can You Reduce Closing Costs?
Sometimes, yes. You might:
Negotiate commissions (especially if you’re buying and selling with the same agent)
Shop for attorneys with transparent pricing
Complete required repairs or paperwork early to avoid rush fees or fines
Eric helps sellers keep costs low by coordinating early and anticipating potential surprises.
Don’t Forget: Your Next Home
If you're buying after selling, you'll face a new set of closing costs. Planning both sides of the transaction is key to:
Avoiding gaps in housing
Timing closings properly
Managing cash flow
Eric Berman REALTOR offers full guidance whether you're moving locally or relocating out of Long Island.
Final Thoughts
Closing costs are a real part of selling a home on Long Island—but they don’t have to be a mystery. With the right preparation and expert advice, you can keep your costs manageable and maximize your net proceeds.
Want to know exactly what you’ll walk away with?
Contact Eric Berman REALTOR today for a custom seller net sheet and one-on-one guidance.
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Wondering what it costs to sell your Long Island home? Eric Berman REALTOR breaks down average seller closing costs and how to plan ahead.
