Closing Costs in NY

Seller’s Estimated Closing Costs

Closing costs for sellers are often pretty straight forward. Here is a general idea (not a quote for services) of typical closing costs when selling a home in Erie County, NY:

  • Real Estate Broker Commission: 7% of Selling Price (4% to buyer’s broker & 3% to your listing agent); example only

  • NYS/Erie County Transfer Tax: 0.9% of sale price

  • Attorney Fees: $600-$1,000

  • County Clerk Recording Fees: $45-$100

  • Search & Survey - $300-600

  • Outstanding Mortgage, HELOC, Other Liens Balances, accrued interest

  • Pre-payment penalties (if applicable, not common

Buyer's Estimated Closing Costs

When buying a home, closing costs are notoriously difficult to nail down. This and NYS' "Truth in Lending" laws are why lenders tend to overestimate. Your lender will be the best source for estimating your closing costs. Always ask you lender to review their "Good Faith Estimate" with you. They should go through it thoroughly with you. Here is a general idea of typical closing costs when buying a home in Erie County, NY:

  • Mortgage Fees – includes document preparation fee relative to the mortgage

  • Lender Fees and Charges:

    • Application Fee

    • Points (fee or credit)

    • Appraisal Fee

    • Pro-Rated Interest

    • 1st mortgage payment

  • NYS Mansion Tax (1% of entire price if it exceeds $1,000,000)

  • Property Tax Escrow – paid to the lender at closing for pre-paid real estate taxes, flood or hazard insurance premiums for 2-3 months.

  • Private Mortgage Insurance (if down payment is less than 20%) or Mortgage Insurance Premiums for all FHA loans.

  • Fire / Hazard Insurance (1 Year pre-paid)

  • Flood certification Fee – paid to the lender to search the flood maps for your property

  • Title Insurance (variable based on property’s value, standardized by law) – to protect the buyer and lender from any future, unexpected claims on the property

  • Attorney Fees: $600-$1,000

  • Title Search Fee – to review the title for liens, problems, etc.

  • County Clerk Recording Fee – $45 – $100

  • See our mortgage calculator to estimate your monthly payment

Disclaimer: These are simply estimates. You should always check with your attorney and/or lender for the best estimates of your closing costs.​

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