Closing Costs

Tax and Title Costs

For the Seller:

New York State Real Property Transfer Tax ("Deed Stamps")

0.4% of purchase price
​​​​​​​Other closing costs to the seller include attorney fees, brokerage commission, capital gains tax and, if necessary, costs to remedy noncompliance issues.

For the purchaser:

Town Peconic Transfer Tax (East Hampton, Southampton and Shelter Island)

2% on the consideration of improved, property over $250,000.
2% on the consideration of unimproved (vacant) property over $100,000.

Mortgage Recording Tax

1% of mortgage, paid by mortgagor (-25% of mortgage recording tax is generally paid by the lending institution resulting in a cost to mortgagor of .75% of the amount of the loan)

Additional New York State Real Property ("Mansion") Tax

1% of consideration paid for residential property (including 1-3 family dwellings or a single Cooperative Apartment or Condominium Unit) sold for $1,000,000 or more. Paid by purchaser

Title Insurance

Transactions without financing (Approximate)
$250,000 to $500,000: $1,200 to $2,200
$501,000 to $750,000: $2,201 to $3,000
$751,000 to $999,000: $3,001 to $4,000
$1,000,000 to $1,999,999: $4,001 to $7,100

Title insurance for financed (i.e. mortgage loan) transactions will cost approximately 12% over the above rates.

Other costs to purchaser at closing may include legal fees, survey, applications for certificate of occupancy, fuel adjustments, inspections, credit to seller for property taxes and if there is a mortgage, additional fees such as application, appraisal, credit, legal, points, property insurance, mortgage insurance, prepayment of property tax as well as a mortgage payment. If there is a mortgage involved, the lender will provide a written estimate of closing costs. If there is not a lender, it is recommended that the purchasers ask their attorney for such an estimate prior to signing a contract of sale.

Compass Bridgehampton

2405 Montauk Hwy/P.O.Box 1170
Bridgehampton, NY 11932

Compass East Hampton

53 Main Street
East Hampton, NY 11937

Compass Southampton

30 Nugent Street
Southampton, NY 11968

Compass Montauk

37 Carl Fisher Plaza
Montauk, NY 11954

Download Our Exclusive Closing Cost Guide

To help you better understand the costs involved during closing download our comprehensive guide.

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Three local brothers with over 20 years of combined experience to offer their expertise as the Burns Team at Compass. Together, they will be able to thoughtfully evaluate where you are and help you get to where you want to be.
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