What are the average closing costs for sellers on Long Island

If you are trying to determine your real estate closing costs when selling your home on Long Island, there are 3 major fees which are listed below.

1. Real Estate Commission. Lets say 4% times whatever your sales price is. It could be less or more but 4% is the average for full service.
2. NYS Transfer Tax. NYS charges a .004% fee of the sales price upon the sale of a home. Traditionally the seller pays this.
3. Attorney Fee. Long Island is an attorney closing area. Your attorney should cost between $1500-$2500.

So if you sell your home on Long Island for $800,000, your real estate commission would be $32,000, your NYS transfer tax would be $3,200 and lets say your attorney fee is $2,000 for a total of $37,200. Subtract that from $800,000 and your would net $762,800.

There may be a few other small items a seller might have to pay for but generally these are the costs for a seller on Long Island. Take your sales price and do the math from above to get your total expenses and then subtract that from your sales price to get your net profit from your sale.