What Closing Costs Should Sellers Expect in Manhasset?

Many Manhasset sellers focus on their sale price but overlook the costs that reduce net proceeds. Understanding closing costs early helps you price strategically, plan your next move confidently, and avoid surprises at the closing table.

Why Net Proceeds Matter More Than Sale Price

Your headline sale price isn’t what you walk away with.

Net proceeds depend on:

  • Mortgage payoff

  • Broker commissions

  • Transfer taxes

  • Attorney fees

  • Prorations and adjustments

Clarity on these numbers shapes smarter decisions.

Real Estate Commissions

Commission structures vary, but they are typically one of the largest seller expenses.

Commission usually covers:

  • Marketing and exposure

  • Buyer agent compensation

  • Negotiation and transaction management

Terms are agreed upon before listing.

New York Transfer Taxes

Sellers in New York typically pay:

  • New York State Transfer Tax

  • Mansion Tax (if applicable, typically paid by buyers, but context matters in negotiations)

These taxes are calculated based on sale price.

Attorney Fees

New York is an attorney state.

Sellers usually retain a real estate attorney to:

  • Draft and review contracts

  • Handle title and closing documentation

  • Coordinate with the buyer’s attorney

Fees vary based on complexity.

Mortgage Payoff and Lender Fees

If you have an existing mortgage, you’ll need:

  • Official payoff statement

  • Per diem interest calculation

  • Possible recording or satisfaction fees

Knowing your payoff early avoids miscalculations.

Prorations and Adjustments

At closing, certain items are prorated, including:

  • Property taxes

  • Water or utility bills

  • HOA or association dues

These adjustments affect final proceeds.

Additional Potential Costs

Depending on the transaction, sellers may also incur:

  • Repairs or credits negotiated after inspection

  • Staging or preparation costs

  • Moving expenses

  • Certificate of occupancy updates if required

Preparation reduces last-minute concessions.

Why Early Net Sheet Estimates Matter

A detailed net sheet helps sellers:

  • Plan their next purchase

  • Understand realistic cash-out numbers

  • Decide on pricing strategy

  • Avoid emotional decision-making

Guessing at proceeds can create stress later.

How Eric Berman REALTOR® Helps Sellers Plan Financially

Eric helps Manhasset sellers by:

  • Preparing detailed net proceeds estimates

  • Coordinating with attorneys and lenders

  • Identifying potential cost exposures early

  • Advising on pricing relative to net goals

  • Protecting margins through negotiation

Selling isn’t just about price—it’s about what you keep.

FAQs

How much are seller closing costs in Manhasset?
Costs vary based on price and mortgage payoff. Eric Berman REALTOR® can prepare a detailed estimate here: https://www.theericbermanteam.com/contact-us

Do sellers pay the mansion tax?
Typically buyers do, but negotiations can shift terms. Eric Berman REALTOR® can explain specifics at https://www.theericbermanteam.com/contact-us

Should I calculate closing costs before listing?
Yes. It helps set realistic expectations. Eric Berman REALTOR® can provide a net sheet at https://www.theericbermanteam.com/contact-us

Can inspection negotiations increase my costs?
Yes, depending on findings. Eric Berman REALTOR® can help anticipate risks at https://www.theericbermanteam.com/contact-us

What’s the biggest surprise cost for sellers?
Underestimating prorations or payoff amounts is common. Eric Berman REALTOR® can help you avoid surprises at https://www.theericbermanteam.com/contact-us

Eric Berman, REALTOR®
Compass Greater NY
917-225-8596
eric@ericbermanre.com
www.theericbermanteam.com