Westchester Buyer Closing Cost Calculator
Purchase price
Loan amount
Housing type
Are you buying a one or two family home?
Are you buying in Yonkers, Mt. Vernon or Peekskill?
Are you buying new construction?
Buyer's attorney fee
Estimated Closing Costs
Title insurance: owner's policy premium
Buyer's attorney fee
Title insurance: other charges
Survey
Deed recording fee
Financing Closing Costs
Title insurance: mortgage policy premium
Bank attorney fee
Loan application fee
Appraisal fee
Recognition agreement fee
Title insurance: loan endorsement fees
Mortgage recording fee
UCC-1 fee
Condo/Co-op Closing Costs
Purchase application fee
Move-in fee
Condo POA recording fee
Credit check fee
Title insurance: condo endorsement fee
New Construction Closing Costs
City Transfer Tax
Sponsor's attorney fee
Total Buyer Closing Costs
How Much Are Buyer Closing Costs in Westchester?
Buyer closing costs in Westchester are roughly 3% if you’re financing and 2% if you’re paying cash. Westchester buyer closing costs are lower than in NYC. The largest buyer closing costs in Westchester include the Mansion Tax, Mortgage Recording Tax [...]
How Much Is the Mortgage Recording Tax in Westchester?
The Mortgage Recording Tax in Westchester is 1.3% of your loan size. Yonkers has a higher Mortgage Recording Tax rate of 1.8%. If you’re paying cash, you do not have to pay any Mortgage Recording Tax. Institutional lenders typically contribute 0.25% [...]
Glossary
Westchester Mansion Tax
The Westchester Mansion Tax is 1% of the purchase price and is applicable to purchases of residential property of $1 million or more. The Westchester Mansion Tax applies to all residential real property or interest in residential real property which includes condos, co-ops as well as one to three family houses.
Westchester Mortgage Recording Tax
The Mortgage Recording Tax in Westchester is 1.3% of your loan size. Institutional lenders typically contribute 0.25% towards the Mortgage Recording Tax. This means that the effective Mortgage Recording Tax rate in Westchester is 1.05% of your loan size as opposed to 1.3%. Note that a higher Mortgage Recording Tax Rate of 1.8% applies to properties in Yonkers.
Title Insurance
Title Insurance is approximately 0.4% to 0.5% of the purchase price. It’s a one-time fee which provides you with an insurance policy against defects or future claims against the title of the property you’re buying which were unknown at the time of purchase.
Lender Fees
You will need to pay a handful of mortgage-related fees if you’re financing. These include an application fee, an appraisal fee, bank attorney fees and a mortgage recording fee.
Attorney Fees
The typical real estate attorney fee on a purchase in Westchester is a few thousand dollars. Fees vary based on the complexity of the transaction and the experience level of your attorney.
Recording Fees
Recording fees on a home purchase in Westchester are approximately $200. The specific breakdown is as follows:
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Statutory Recording Fee: $45
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Additional Fee Per Page: $5
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TP-584 (NYS Transfer Tax) Filing Fee: $5
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RP-5217 (Real Property Transfer Report) Filing Fee: $125 or $250
The RP-5217 filing fee is $125 for residential and farm property. The fee for all other property is $250.
Survey and Inspection Fees
Expect to pay around $1,000 to $1,500 in total for a home inspection and a survey.
A home inspector will typically examine the property’s foundation, roof, plumbing, electrical systems, heating and cooling systems, and appliances. Inspections are usually done pre-contract.
A survey verifies that the home you’re buying is not encroaching on land owned by neighbors or by the municipality with fences, decks or other structures. The survey also confirms that the property has appropriate setbacks for any structures on the property.
Building Fees
Condos and co-ops charge buyers a handful of fees at the time of purchase. These fees may include: board application fee, credit check fee, move-in fee, move-in deposit and a reserve fund contribution.
Westchester Buyer Closing Costs FAQ:
How much are buyer closing costs in Westchester?
Buyer closing costs in Westchester are roughly 3% if you’re financing and 2% if you’re paying cash. Westchester buyer closing costs are lower than in NYC.
The largest buyer closing costs in Westchester include the Mansion Tax, Mortgage Recording Tax and title insurance. Additional Westchester buyer closing costs include attorney fees, lender fees if you’re financing, survey and inspection fees, recording fees and building fees if you’re purchasing a condo or co-op.
You can reduce your closing costs by requesting a Hauseit Buyer Closing Credit.
How to reduce your closing costs when buying in Westchester
You can reduce or eliminate your closing costs when buying in Westchester by requesting a buyer agent commission rebate from Hauseit. Rebates are a legal and non-taxable way to reduce your closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process.