Closing Costs

Typical Closing Costs for a Buyer

Peconic Bay Region Community Preservation Fund

For East Hampton, Southampton and Shelter Island, the tax is computed as follows:

• Amount: 2% on the value of all improved residential property over $250,000

• 2% on the value of all residential land over $150,000

For Southold and Riverhead, the tax is computed as follows:

• Amount: 2% on the value of all improved residential property over $150,000

• 2% on the value of all residential land over $75,000 - Known As: CPF tax

Mansion Tax

• Amount: 1% of Sale Price on sales of $1,000,000 or more on improved property

• Known As: NYS Real Estate Transfer Tax

Average Title Insurance Premiums

Amount: $675 for 1st $100,000

• $190 for each additional $50,000 up to $500,000

• $3.75 for each $1,000 between $501,000-$1,000,000

• Known As: Fee Insurance

Note: If purchase is financed by a bank additional insurance is required.

Mortgage Recording Tax

Amount: 1% of mortgage, paid by mortgagor

• (.2% of mortgage recording tax is generally paid by the lending institution resulting in a cost to mortgagor of .8% of the amount of the loan.)

Survey Charges

Recent poll shows survey charges for existing lots vary from $1,200 to $2,500