2025 Guide to Westchester Closing Costs
Go Back To Previous PageThere is much to consider when considering buying properties in a place like Westchester. You’ll have to consider how close your
home is to major amenities like schools, restaurants, or grocery stores. You must also watch for things you want in your home, like bedrooms or a nice large shower. The list of things you may need to check for a new home purchase is endless. When you think of all the nuts and bolts, it’s easy to overlook other issues with closing costs for a house in Westchester, NY. In Westchester, closing costs are a pretty big deal. How much are the buyer’s closing costs in Westchester, NY?
Knowing what to expect when you want to save money for closing costs is essential. Thankfully, it’s pretty easy to determine.
This closing cost guide will give you the general costs of purchasing or selling a cooperative, condominium, or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note that we do not represent that these are the entirety of potential costs but are only to be used as a guide.
Anticipate the costs of a real estate closing well before the actual meeting.
Please remember that this list includes many typical closing costs but not necessarily those that may apply to your closing. When your mortgage is approved, ask the lender and attorney for full disclosure of all closing costs.
On the day you close on your new home, you have the right to inspect the property and review any improvements or corrections that the seller agreed to.
Closing Costs You Need To Be Aware Of As A Buyer
Buyer costs tend to be somewhat higher than seller costs. This is a general estimate of what you must remember when buying a home.
Note: This estimate is available so that yours might be higher or lower.
- Buyer’s Attorney Fees. These vary wildly, and it’s best to ask a lawyer before you hire one.
- Bank Fees: $750 for most, with a $350 application fee lenders charge. This is primarily the cost of the appraisal report.
- Bank Attorney: $750 for most. Asking your banker for a loan estimate is the first step in the home loan application.
- Credit Report Fee: $10 to $15 in most cases.
- Appraisal Fee: This depends on the property appraiser you hire. It can be anywhere from $300 to $1,500.
- Tax Escrow: Traditionally, this would be two to six months.
- Recording Fees: Up to $350
- Fee Title Insurance typically starts at $450 for each $100,000. After $1 million, you will be expected to have 15 percent of the home’s price as insurance.
- Mortgage Title Insurance: $350 to $500 per every $100,000 home value. Lenders require the buyer to pay for this insurance.
- Mortgage Tax: 0.80 percent of the mortgage price for Westchester.
- Lien Search: This typically only applies to co-ops and may cost up to $350
- UCC-1 Filing: This is another co-op-only charge and will be around $100 for most places.
Although it is not a closing cost, the home inspection is another cost of the buying process and ranges from 800 to 1000 dollars.
Westchester Closing Costs You Need To Be Aware Of As A Seller
While buyers pay the lion’s share of the fees, sellers aren’t exempt. This is especially true in places like Westchester,
which has prices similar to New York City. Note: This is a general estimate so that yours might be higher or lower. How much are closing costs in Westchester, NY?
- Buyer’s Attorney Fees. These vary wildly, and it’s best to ask a lawyer before you hire one. Most charge a flat fee, and others charge hourly rates for their legal services.
- Broker Fee: Traditionally, it’s 6 percent of the home price. However, this can vary greatly depending on the brokerage you can get.
- NYS Transfer Tax: .04 percent of your mortgage price.
- Title Fees: $200 to $500, variable.
- Pickup/Payoff Fee: $100 to $500, usually.
- Condo/Co-Op Deed Transfer Fees: This will usually total around $200 for all transfer fees.
- Condo/Co-Op UCC-3 Filing Fee: $100
An Important Note About Fees That Involve Condos And Co-Ops
While Westchester isn’t part of New York City, certain NYC attitudes have poured over into the real estate world that the county currently has. This
includes the fee-heavy culture that often permeates condos and co-ops. At times, it can also include exclusivity for Westchester’s top condos and co-ops.
The fees you should expect are far more evident when buying a traditional house, and this is because condos and co-ops are communities. If you believe in a co-op or condo, you should expect to see many fees associated with entering or leaving that community.
Depending on the community, these fees can range from a couple hundred dollars to several thousand. Unfortunately, these are not negotiable.
How Can You Save On Closing Costs?
If you are a buyer who wants to save money on closing costs for a house in Westchester, we forgive you. The best way to save money on Westchester closing costs is to go for low-fee appraisers and lawyers. Of course, there’s more to savings than just trying to curb prices.
An excellent way to save money on your home purchase is to opt for a brokerage that offers buyer rebates. Buyer rebates like NestApple will give you a portion of the money you spend on Westchester closing costs back to you once the keys are exchanged.
We do it, so call our brokerages if you want to save big.
