Closing costs out here work differently than in most markets — including two taxes many buyers have never encountered before. Below are typical estimated costs for single-family home transactions on the East End, along with the taxes specific to our towns.
Typical estimated closing costs for the purchaser of a single-family home:
| Item | Typical Estimate |
|---|---|
| Buyer's attorney | Consult your attorney |
| Bank fees | $750+ |
| Application fee | $350+ |
| Processing fee | $330+ |
| Appraisal fee | $500–$2,000 |
| Credit report fee | $45–$100+ |
| Bank attorney | $750–$1,000 |
| Tax escrow | 2–6 months |
| Recording fees | $500–$1,500 est. |
| Fee title insurance | NYS filed rates |
| Mortgage title insurance | Variable by transaction |
| Municipal search fees | $425–$650 per lot |
| Mortgage tax (Suffolk/Nassau, paid by borrower) | 1.05% of loan amount |
| Mansion Tax (if purchase price is $1M+) | 1% of purchase price |
| Peconic Bay CPF Tax (see below) | 2.5% less exemption |
Typical estimated closing costs for the seller of a single-family home:
| Item | Typical Estimate |
|---|---|
| Agent | Agreed-upon broker fee |
| Own attorney | Consult your attorney |
| Mortgage satisfaction fee | Varies |
| NYS transfer tax | $4 per $1,000 |
| Administrative fee — residential deed transfer | $75 |
| Pick-up/payoff fee to title closer | ~$250–$500 |
| NYS equalization fee | $75 |
| Miscellaneous title fees | $500+ |
Home inspections, lender charges, mortgage broker charges, oil tank inspection, survey, title insurance and searches. Title closer fees may be paid by buyer and/or seller.
Unique to the five East End towns, the Community Preservation Fund tax (plus the Community Housing Fund tax) is paid by the buyer at closing. The combined rate is 2.5% of the purchase price in East Hampton, Southampton, Shelter Island, and Southold, less an exemption that varies by town:
| Town | Exemption |
|---|---|
| East Hampton, Southampton, Shelter Island | $400,000 improved · $100,000 vacant land |
| Southold | $200,000 improved · $75,000 vacant land |
| Riverhead (rate remains 2%) | $150,000 improved · $75,000 vacant land |
No exemption applies on transactions of $2,000,000 or more (East Hampton, Southampton, Shelter Island, Southold).
Purchase at $1,800,000: ($1,800,000 − $400,000) × 2.5% = $35,000
Purchase at $2,500,000: no exemption applies — $2,500,000 × 2.5% = $62,500
Paid by the purchaser on transactions that are 100% residential with a purchase price of $1,000,000 or more. On Long Island, the rate is a flat 1% of the purchase price — it does not increase at higher price points.
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