What Are Closing Costs When Selling a Home on Long Island?
What are closing costs when selling a home on Long Island?
Closing costs are the fees and expenses you pay at the end of a home sale. On Long Island, these typically include transfer taxes, attorney fees, and adjustments for property taxes or utilities. Eric Berman REALTOR explains common seller closing costs so you know what to expect and how to prepare.
Typical Closing Costs for Sellers on Long Island
1. New York State Transfer Tax
Rate: $4 per $1,000 of the sale price (0.4%)
Example: $600,000 sale = $2,400 transfer tax
2. Attorney Fees
Range: $1,500–$3,000
Attorneys handle contracts, negotiations, and ensure compliance with state regulations.
3. Title and Recording Fees
Covers recording the deed and related paperwork
Usually $500–$1,000+, depending on county and municipality
4. Property Taxes and Utilities
Sellers pay property taxes and utilities up to the closing date
If prepaid, you may get reimbursed for the unused portion
5. Real Estate Commissions
Typically 5–6% of the sale price, split between buyer’s and seller’s agents
Negotiated upfront in the listing agreement
6. Potential Buyer Credits
Sellers may agree to cover closing costs or provide repair credits as part of negotiations
Less Common Costs
Open Permit Resolution: Paying to close out or resolve open permits before closing
HOA/Community Fees: Prorated dues if the home is in an association
Septic or Well Inspections: Required in certain Long Island towns
Estimating Net Proceeds
Eric Berman REALTOR prepares net sheets so sellers know:
Expected costs at closing
Estimated net proceeds after mortgage payoff and fees
How concessions may impact final numbers
How Eric Berman REALTOR Helps
Eric ensures sellers:
Understand all potential closing costs
Coordinate with attorneys and title companies
Have a clear estimate before listing
Final Thoughts
Closing costs are an important part of planning your home sale. By knowing what to expect, you’ll avoid surprises and have a clearer picture of your net proceeds.
Want a personalized estimate of your net proceeds?
Contact Eric Berman REALTOR today for a detailed breakdown of your expected closing costs.
Meta Description:
What closing costs do sellers pay on Long Island? Eric Berman REALTOR explains transfer taxes, attorney fees, commissions, and more to help sellers prepare.
