How Much Are Closing Costs for Sellers on Long Island?

If you're thinking about selling your home on Long Island, one of the most important questions to ask is: How much will I actually walk away with after the sale?

While your home's sale price gets the most attention, closing costs for sellers can significantly impact your final net proceeds. Understanding these costs ahead of time helps you avoid surprises and plan your next move with confidence.

In this guide, we’ll break down typical seller closing costs on Long Island, what you can expect to pay, and how to estimate your net proceeds.

What Are Seller Closing Costs?

Seller closing costs are the fees and expenses paid when ownership of your home transfers to the buyer. These costs are typically deducted from your proceeds at closing, meaning you usually don’t need to bring money to the closing table.

While buyers also pay closing costs, sellers are generally responsible for costs related to transferring ownership, commissions, and certain taxes.

On Long Island, most sellers can expect closing costs between 6% and 10% of the home’s sale price, depending on the details of the transaction.

Common Seller Closing Costs on Long Island

Here’s a breakdown of the most common closing costs sellers pay:

1. Real Estate Commission

This is typically the largest expense when selling your home.

Usually 4%–6% of the sale price
Typically split between listing agent and buyer’s agent
Negotiable depending on services and agreement

Example:

$700,000 home
5% commission = $35,000

While this may seem like a large expense, a strong marketing strategy and negotiation can often help you achieve a higher sale price and better terms.

2. New York State Transfer Tax

In New York, sellers typically pay the transfer tax, which is:

$4 per $1,000 of the sale price

Example:

$700,000 sale
Transfer tax = $2,800

For homes selling above $1 million, additional taxes may apply depending on the transaction details.

You can learn more about New York transfer taxes here:
https://www.tax.ny.gov

3. Attorney Fees

New York is an attorney state, meaning sellers typically hire a real estate attorney to handle the transaction.

Typical seller attorney fees:

$1,200 to $2,500
May vary depending on complexity

Your attorney will:

Review contracts
Coordinate closing
Handle legal paperwork
Protect your interests

4. Mortgage Payoff

If you still have a mortgage, it will be paid off at closing using your proceeds. This includes:

Remaining loan balance
Interest through closing date
Possible bank fees

While not technically a closing cost, it significantly affects your net proceeds.

5. Title and Administrative Fees

These fees may include:

Title company fees
Recording fees
Document preparation
Payoff processing

These costs typically range from a few hundred to a few thousand dollars depending on the transaction.

6. Property Tax Prorations

On Long Island, property taxes are often paid in advance. Depending on your closing date:

You may owe the buyer credits
Or receive credits

Your attorney will calculate this at closing.

Additional Possible Seller Costs

Some sellers may also encounter:

Buyer concessions
Home repairs after inspection
Certificate of occupancy issues
HOA or condo fees
Home warranty (optional)

Every transaction is different, which is why getting a custom estimate is helpful.

Example of Seller Closing Costs

Here’s a sample scenario:

Sale Price: $750,000

Estimated Costs:

5% Commission: $37,500
Transfer Tax: $3,000
Attorney Fees: $1,800
Miscellaneous Fees: $1,200

Estimated Total Closing Costs:
$43,500

Estimated Net (Before Mortgage Payoff):
$706,500

Your actual numbers will vary, but this provides a general estimate.

How to Estimate Your Net Proceeds

The best way to estimate your proceeds is to:

Determine your home’s value
Review your mortgage balance
Estimate closing costs
Calculate your net proceeds

You can start by getting a free home value estimate at:
👉 https://aguilarteamsellsny.com

At Aguilar Team Sells NY, we can also provide a free seller net sheet showing:

Estimated sale price
Closing costs
Mortgage payoff
Estimated proceeds

This helps you plan ahead with confidence.

Ways to Reduce Seller Closing Costs

Here are a few ways sellers may reduce costs:

Negotiate commission structure
Compare attorney fees
Limit buyer concessions
Sell "as-is" when appropriate
Price strategically to avoid excessive negotiations

An experienced local real estate professional can often help maximize your net proceeds, not just your sale price.

Why Understanding Closing Costs Matters

Many sellers focus only on the sale price, but what you walk away with matters more.

For example:

Offer A:

$760,000
Buyer requests $20,000 in concessions

Offer B:

$745,000
Clean offer

Offer B may actually result in more money in your pocket.

Understanding closing costs helps you make smarter decisions.

Thinking About Selling Your Long Island Home?

If you're considering selling, I can help with:

Free home value estimate
Estimated closing costs
Net proceeds calculation
No obligation consultation

Visit:
👉 https://aguilarteamsellsny.com

Fair Housing Notice

All real estate services are provided in accordance with Federal, New York State, and Long Island Fair Housing laws. We are committed to providing equal professional service to all clients regardless of race, color, religion, sex, disability, familial status, national origin, sexual orientation, gender identity, lawful source of income, or any other protected class.

Final Thoughts

Closing costs are an important part of selling your home on Long Island. While most sellers pay between 6% and 10%, your exact costs depend on your property, timing, and negotiation strategy.

Understanding these costs early helps you avoid surprises and plan your next move with confidence.

If you're wondering:

What's my home worth?
How much will I net?
Is now a good time to sell?