Feeling unsure about how much you’ll pay at the closing table in Larchmont? You’re not alone. Between New York State taxes, title fees, and lender charges, it’s easy to miss a line item and blow your budget. This guide lays out typical buyer and seller closing costs in Larchmont and greater Westchester, what drives them, and how to plan so you can close with confidence. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees and prepaids due when you buy or sell a home. In Larchmont and Westchester, they include state transfer taxes, potential mansion tax, title and recording charges, attorney fees, lender costs, and prorations for taxes or HOA dues. Exact amounts vary by price point, loan type, and timing.
Buyer closing costs in Larchmont
Loan costs
If you finance your purchase, your lender will outline fees on a Loan Estimate. You may see application or origination fees and points. A common combined range for origination and points is 0.5% to 1.5% of the loan amount, but many buyers pay less when fees are negotiated or offset by credits. Appraisals typically run $400 to $800. Smaller items like credit reports, flood certifications, and underwriting are usually a few hundred dollars in total.
Title and recording
You will usually purchase an owner’s title insurance policy, with premiums based on the purchase price and state-filed rates. In New York, many buyers find the owner’s policy totals under 1% of the purchase price, though you should request a quote early. If you have a mortgage, your lender will require a separate lender’s title policy. Title searches and closing or escrow fees often total $300 to $1,000. County recording fees for the deed and mortgage are incremental by page and typically fall around $100 to $500 in Westchester.
Prepaids and escrows
Your lender may collect 2 to 6 months of property tax escrow at closing, depending on the billing cycle and your closing date. Westchester property tax bills can be sizable, so plan a meaningful cushion. You’ll also prepay the first year of homeowner’s insurance and any required escrow cushion. If applicable, your PMI deposit follows your lender’s program. For condos or HOAs, you may prepay common charges or certain admin fees based on the calendar.
Other buyer fees
- Attorney fee: typically $1,000 to $3,000
- Inspections: home inspection $400 to $800; specialized inspections raise the total to $400 to $1,200
- Survey (if needed): $300 to $1,000+
- Municipal or condo fees: estoppel or admin fees are often a few hundred dollars
Mansion tax and transfer tax
New York State imposes a 1% mansion tax on residential purchases of $1,000,000 or more. In practice, buyers commonly pay this, and many Larchmont homes meet this threshold. New York State also levies a real estate transfer tax equal to 0.4% of the sale price; contracts often allocate this to the seller, but it is negotiable. Always confirm who pays each tax in your contract and with your attorney and title company.
Mortgage recording tax
New York State imposes a mortgage recording tax in many areas. If you are financing, this can be a material cost based on your mortgage amount and locality. Your lender or title company will calculate the exact figure for Westchester and confirm who pays.
Seller closing costs in Larchmont
Broker commission
In the Westchester market, sellers typically pay the full broker commission, historically around 5% to 6% of the sale price, split between listing and buyer brokers. Confirm the percentage you agree to in your listing agreement.
Taxes and recording
Sellers should plan for New York State transfer tax at 0.4% of the sale price, plus any applicable local transfer taxes or recording charges allocated to sellers by local practice or the contract. These items are customary but negotiable.
Attorney and payoffs
Seller attorney fees often range $800 to $2,500, depending on complexity. Any existing mortgages or liens are paid off at closing, including principal, accrued interest, and any lender payoff fees.
Prorations and credits
You will pay your share of property taxes, HOA or condo charges, and utilities through the closing date. These prorations can be significant in Westchester. You may also provide agreed repair credits or complete repairs negotiated after inspections.
Optional preparation costs
Some sellers invest in staging, minor updates, or a home warranty. These are optional and vary with property condition and market strategy.
Taxes that affect most Westchester closings
- New York State real estate transfer tax: 0.4% of the sale price. Contracts often assign this to the seller, but parties can negotiate.
- New York State mansion tax: 1% on residential purchases $1,000,000+, commonly buyer-paid.
- Local transfer taxes and county recording: Westchester County and municipalities may impose additional fees. Schedules and amounts change, so verify with the county clerk or your title company.
- Mortgage recording tax: Applies when a mortgage is recorded. Your lender or title company will calculate the amount for your specific loan and location.
How to avoid closing-day surprises
- Get a Loan Estimate early and compare it to your Closing Disclosure. Ask your lender to explain any changes.
- Request a written title commitment and title insurance quotes as soon as you go under contract.
- Confirm who pays each tax and fee, including mansion tax, state transfer tax, local transfer taxes, and recording fees.
- Review recent property tax bills and due dates. Westchester tax schedules can be complex and the dollar amounts can be sizable.
- Order payoff letters for existing mortgages early to verify exact amounts and deadlines.
- Work with an experienced Westchester real estate attorney and a title company familiar with Sound Shore transactions.
- Build in time for municipal searches, condo documents, estoppel letters, and payoff processing.
Who to ask for exact numbers
- For buyers: rely on your lender for loan-specific charges and prepaids, your title company for title premiums and recording fees, and your attorney for contract obligations.
- For sellers: ask your listing agent for commission details and contract customs, your attorney for legal fees and tax allocations, and your title company for transfer taxes, payoffs, and recording estimates.
Quick buyer checklist
- Request lender quotes and compare Loan Estimates
- Order inspections early and budget for follow-ups
- Get title quotes, including owner’s and lender’s policies
- Confirm whether you will owe the 1% mansion tax
- Ask your lender about mortgage recording tax
- Set aside 2 to 6 months of tax escrow and the first-year insurance premium
- Review the Closing Disclosure several days before settlement
Quick seller checklist
- Confirm your total commission and marketing plan
- Review your expected 0.4% state transfer tax and any local fees
- Order mortgage payoff letters and clear any liens or violations
- Track property tax due dates for accurate prorations
- Decide on repairs, credits, and staging strategies
- Coordinate final water, sewer, and utility readings
Final thoughts
Closing costs in Larchmont follow clear patterns, but your exact numbers depend on price, financing, and timing. When you know what to expect, you can budget accurately, negotiate smartly, and move through closing with less stress. If you want a clear, customized estimate for your move, you can count on local guidance and careful planning.
Ready to map your numbers and timeline? Connect with Kristin S Bischof for a tailored closing-cost review and next steps.
FAQs
Who pays the New York State mansion tax in Larchmont?
- The 1% mansion tax on purchases $1,000,000+ is commonly paid by the buyer, but your contract controls, so confirm with your attorney and title company.
What is the New York State transfer tax and who pays it?
- The state transfer tax is 0.4% of the sale price; it is often seller-paid in Westchester, though parties can negotiate different allocations in the contract.
How much should a Larchmont buyer budget beyond the down payment?
- Plan for lender fees, appraisal, inspections, title insurance, attorney fees, prepaids and escrows, recording charges, and the 1% mansion tax if your purchase is $1,000,000+.
What are typical attorney fees for Westchester buyers and sellers?
- Buyer attorneys often charge $1,000 to $3,000; seller attorneys often charge $800 to $2,500, depending on complexity and services.
How do tax prorations work for Westchester closings?
- Property taxes, HOA or condo charges, and utilities are prorated so each party pays their share through the closing date, which can be significant given Westchester tax amounts.
What is the mortgage recording tax and how do I estimate it?
- New York’s mortgage recording tax applies when recording a mortgage; your lender or title company will calculate the exact amount for your loan and locality.
When will I see my final closing figures before settlement?
- Buyers receive a Closing Disclosure from the lender several days before closing; sellers receive a final settlement statement from the title company or attorney for review.