How Much Are Seller Closing Costs in Westchester County?

Seller closing costs in Westchester County are roughly 6.5% to 8%. However, you can pay as little as 1% to 2% in total closing costs by using a Hauseit Agent Assisted FSBO Listing.

The largest seller closing costs in Westchester include broker commissions, NYS Transfer Taxes, city transfer taxes in the case of Yonkers, Mt. Vernon and Peekskill as well as seller attorney fees.

Additional seller closing costs in Westchester include bank loan satisfaction fees if you have an outstanding mortgage, the property condition disclosure waiver fee if you’re selling a house as well as building fees if you’re selling a condo or co-op.

Seller closing costs in Westchester are considerably lower than in NYC. This is primarily because NYC charges an additional city transfer tax of 1% to 1.425% on top of NYS Transfer Taxes.

In addition, residential deals of $3m or more and commercial deals of $2m or more in NYC are required to pay a higher NYS Transfer Tax rate of 0.65% whereas the NYS Transfer Tax rate in Westchester is 0.4% across the board.

However, seller closing costs are comparable between NYC and Yonkers, Mt. Vernon and Peekskill because these three towns impose an additional city transfer tax similar to NYC.

Broker commission
NYS Transfer Tax
City Transfer Tax
Seller attorney fees
Property condition disclosure waiver fee
Bank loan satisfaction fee
Building fees

The traditional real estate commission rate in Westchester is 5% to 6% of the sale price. The total commission paid by the seller is typically split equally between the listing agent and the buyer’s agent. 

If the total commission is 6%, the listing agent and the buyer’s agent both pocket 3%.

Most listing agreements stipulate a fixed total commission regardless of whether a buyer is represented. This means that the listing agent typically pockets the full 6% if there’s no buyer’s agent.

In other words, sellers typically don’t save any money in the case of an unrepresented buyer. As a result, most buyers tend to be represented.

The NYS Transfer Tax rate in Westchester is 0.4% of the sale price. The tax rate does not vary by sale price or property type (residential vs. commercial) as is the case with NYC Transfer Taxes.

When calculating the transfer tax, be sure to round up the sale price to the nearest $500.

For example, if the sale price is $875,501, round it up to $876,000 prior to multiplying by the tax rate. The transfer tax calculation in this example is as follows:

Yonkers, Peekskill and Mt. Vernon charge sellers a city transfer tax on top of the NYS Transfer Tax. 

Yonkers charges its own transfer tax of 1.5% on top of the standard 0.4% NYS Transfer Tax, for a total of 1.9% of the sale price. 

Peekskill charges a city transfer tax of 1% in addition to the NYS Transfer Tax rate of 0.4%, for a total of 1.4% in seller transfer taxes. 

Mt. Vernon levies a city transfer tax of 1% on consideration in excess of $100,000 in addition to the 0.4% NYS Transfer Tax on the entire purchase price. The combined city and state transfer tax rate in Mt. Vernon is approximately 1.4%.

The city transfer tax imposed by Yonkers, Peekskill and Mt. Vernon does not apply to co-ops.

If you are selling a co-op in Westchester, you’re only responsible for the NYS Transfer Tax.

The typical real estate attorney fee on a sale in Westchester is a few thousand dollars. Fees vary based on the complexity of the transaction and the experience level of your attorney.

Most real estate attorneys in Westchester operate on a flat fee basis which includes contract negotiation with the buyer’s lawyer and the closing.

Your lawyer may charge additional flat fees or hourly fees for extras such as a power of attorney or for non-standard work required to close your sale.

If you’re selling a house, you will need to fill out a Property Condition Disclosure Statement or credit the buyer $500 in lieu of completing this form.

Many sellers opt to pay the $500 penalty instead of filling out the form in order to reduce the risk of litigation.

Per the official disclosure form: “A knowingly false or incomplete statement by the seller on this form may subject the seller to claims by the buyer prior to or after the transfer of title.”

The Property Condition Disclosure Statement asks rather detailed questions, and most homeowners are not engineers or professional inspectors. Paying $500 is a small price to pay to mitigate the risk of costly litigation.

The Property Condition Disclosure Act became law in New York in 2002. It does not apply to condos and co-ops. Therefore, this form (and the associated $500 penalty for not completing it) is not applicable if you’re selling an apartment.

If you have an existing mortgage, your lender will likely charge you a bank loan satisfaction fee of approximately $50 to $75 as part of your loan payoff. 

This fee is often referred to as a reconveyance release preparation fee.

If you’re selling a condo or co-op in Westchester, your building may charge a handful of closing related fees. These include:

• Flip Tax: 1% to 3%, usually just for co-ops and varies by building

• Move-out Fee: $1,000 or less

• Move-out Deposit (refundable or non-refundable): varies

• Closing Fee: around $500, payable to your building’s managing agent.