Closing Costs | Sag Harbor Real Estate

Tax and Title Costs

Closing costs in the Hamptons vary by transaction, financing, and property type. Below is a general overview of the taxes and title-related costs typically associated with buying or selling on the East End. Figures are approximate and should be confirmed with your attorney before closing.

For the Seller

Seller Costs

Other closing costs to the seller may include attorney fees, brokerage commission, capital gains tax, and, if necessary, costs to remedy noncompliance issues identified during the transaction.

For the Purchaser

Buyer Costs

Applies in East Hampton, Southampton, and Shelter Island: 2% on improved property over $250,000, and 2% on vacant property over $100,000.

1% of the mortgage amount, paid by the mortgagor. The lending institution generally covers approximately 25% of this tax, resulting in a net cost to the borrower of roughly 0.75% of the loan amount.

1% of the consideration paid for residential property — including 1–3 family dwellings, a single cooperative apartment, or a condominium unit — sold for $1,000,000 or more. Paid by the purchaser.

Approximate cost for transactions without financing:

$250,000 – $500,000	$1,200 – $2,200
$501,000 – $750,000	$2,201 – $3,000
$751,000 – $999,000	$3,001 – $4,000
$1,000,000 – $1,999,999	$4,001 – $7,100

Title insurance for financed transactions (i.e., with a mortgage loan) costs approximately 12% more than the rates above.

Other costs to the purchaser at closing may include legal fees, survey, certificate of occupancy applications, fuel adjustments, inspections, and a credit to the seller for prepaid property taxes. If a mortgage is involved, additional lender fees may apply — including application, appraisal, credit, legal, and points, along with property insurance, mortgage insurance, and prepaid property tax and mortgage payments. If financing is involved, your lender will provide a written estimate of closing costs; if not, we recommend asking your attorney for an estimate prior to signing a contract of sale.

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Jack and Cee both come from service-oriented backgrounds — fashion and art — which gives them specialized tools for working with savvy clients and customers. This discerning eye for detail, quality and value produces excellent results and homeowner satisfaction.

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