Buying or selling in Bronxville and trying to pin down what you will actually pay at the closing table? You are not alone. Between state taxes, lender fees, title, and prorations, totals can feel opaque until you see them item by item. In this guide, you will learn what typical closing costs include, how Bronxville and Westchester specifics can change the math, and what to ask your lender and attorney to get accurate numbers early. Let’s dive in.
What closing costs cover
Closing costs are the one-time expenses paid when a home changes hands. Some are paid by buyers, some by sellers, and some are negotiable.
Buyer costs at a glance
- Lender charges and third-party loan costs
- Appraisal and credit report
- Title search and lender’s title insurance; optional owner’s policy
- Attorney fees
- Mortgage recording tax on financed purchases
- Prepaid items and escrows for taxes and insurance
- Inspections and surveys
- Association application and move-in fees for condos and co-ops
Typical buyer closing costs in New York, excluding the down payment, often run about 2% to 5% of the purchase price. In Bronxville, where many homes exceed $1,000,000, that can mean $20,000 to $50,000+ on a $1,000,000 purchase, depending on loan size, taxes, and title selections.
Seller costs at a glance
- Real estate broker commission
- Seller’s attorney fees
- Payoff of any existing mortgages and liens
- State and any applicable local transfer taxes
- Prorated property taxes and utilities
- Municipal certificates or required compliance items
- Possible contributions to title costs if negotiated
Seller costs are driven primarily by commission. All-in, sellers commonly see about 6% to 8%+ of the sale price, depending on commission structure, taxes, and any concessions.
What changes your total in Westchester
Purchase price and financing
Many New York fees are percentage based. Higher prices and larger loans increase absolute dollars paid. Your loan type can also change who pays certain fees and how lenders disclose them.
Property type: single family, condo, co-op
Single family and condo purchases involve a deed recording and, if you finance, a recorded mortgage. Co-ops are different because you purchase shares and a proprietary lease rather than a deed. Co-ops often have board application fees, managing agent charges, and sometimes a flip tax. Always request the building’s current fee schedule early in the process.
Buyer closing costs in Bronxville
Typical ranges
As a planning rule, Bronxville buyers often budget 2% to 5% of the purchase price for closing costs. On a $1,000,000 home with financing, a common range is $20,000 to $40,000. Your actual total depends on your loan, title choices, and taxes that apply.
Common buyer line items
- Lender fees: Origination and underwriting vary. Ask for an itemized Loan Estimate so you can compare options.
- Appraisal: Often several hundred to over a thousand dollars depending on size and complexity.
- Credit report and admin fees: Generally modest but should be listed by your lender.
- Mortgage recording tax: A significant buyer expense on financed purchases in New York. The amount depends on the loan and applicable state and county components. Get a written estimate from your lender or closing attorney.
- Title search and lender’s title insurance: Required by the lender. Premiums are based on loan amount and are typically standardized by the title underwriter’s schedule.
- Owner’s title insurance: Optional but commonly purchased for additional protection. One-time premium based on purchase price; payment is negotiable.
- Attorney fees: New York closings are attorney-driven. In Westchester, many buyers see fees in the low thousands depending on complexity.
- Home inspection(s): General inspections plus any specialty inspections, if needed.
- Survey: Sometimes required or recommended; many buyers rely on an existing survey if acceptable to title.
- Recording fees: Fixed county charges for recording documents, separate from taxes.
- Prepaid items and escrows: Your first year of homeowner’s insurance, prepaid interest that depends on your closing date, and escrow deposits for property taxes and insurance.
- HOA, condo, or co-op fees: Application, processing, and move-in fees vary by building or association.
Seller closing costs in Bronxville
Typical ranges
Broker commission is usually the largest seller cost. With commission plus attorney, transfer taxes, prorations, and routine fees, many Bronxville sellers see about 6% to 8% of the sale price. On a $1,000,000 sale, that can be $60,000 to $80,000 or more, depending on your commission and any local taxes or concessions.
Common seller line items
- Broker commission: Typically a percentage of the sale price, agreed in your listing agreement.
- Attorney fees: Westchester sellers often budget in the low thousands.
- Mortgage payoff: Any existing liens must be satisfied, including payoff fees or potential prepayment charges.
- Transfer taxes and recording: New York State imposes a transfer tax. Confirm whether any county or local transfer tax applies to your deal.
- Municipal requirements: Some villages require certificates or inspections before closing. Ask your attorney to confirm any Bronxville items.
- Title related items: If any issues must be cleared to deliver clear title, there may be associated costs.
- Prorations: Property taxes and utilities are settled so each party pays their share through the closing date.
- Repairs or credits: Any negotiated concessions are reflected on the settlement statement.
Westchester taxes you should verify
NYS mansion tax
Many Bronxville homes sell at or above $1,000,000, which means the New York State mansion tax often applies. This is a surcharge tied to the purchase price of certain residential transfers. Ask your attorney who is paying it under your contract and how much to budget.
Mortgage recording tax
If you finance your purchase, New York charges a mortgage recording tax that includes a state portion and, in many areas, a county or municipal portion. The amount is based on your loan. For many Bronxville buyers, this is a meaningful single line item, so request the exact figure from your lender or closing attorney early.
New York and local transfer taxes
New York State levies a real estate transfer tax. Some counties or municipalities also impose local transfer taxes. Confirm with your attorney whether Westchester County or the Village of Bronxville has any applicable transfer tax or fee for your transaction and who pays it.
Property tax prorations and escrows
Westchester property taxes are material, so prorations at closing can be sizable. Your lender may also collect escrow deposits for taxes and insurance. Ask your attorney and lender to estimate these amounts based on local billing cycles so you can plan cash needed to close.
Co-op and condo considerations
Co-op transactions differ from fee-simple home purchases. There is usually no deed recorded the same way, and the building or managing agent may charge application, processing, and move-in fees. Some co-ops have a flip tax paid by buyer, seller, or split by agreement. Financing rules can also be different. If you are considering a co-op or condo, request the building’s latest fee schedule, house rules, and transfer requirements as soon as you go to contract.
Your pre-closing checklist
- Get your Loan Estimate and, later, your Closing Disclosure. Compare every line item.
- Ask for an itemized estimate of mortgage recording tax and any buyer-paid transfer tax.
- Request a written title quote for lender’s and optional owner’s policies. Confirm who is paying the owner’s policy.
- Obtain estimates for property tax prorations, utilities, and any association fees.
- Order your home inspection and any specialized inspections early.
- If applicable, request condo or co-op application packets and a current fee schedule.
- Confirm the seller’s mortgage payoff and any liens are in process so timing is not affected.
Smart questions to ask
Questions for your lender
- Please provide a detailed Loan Estimate that includes the mortgage recording tax. What exact amount will I owe in Westchester?
- Do you charge any discount points or credits that change my cash to close?
- If the closing date shifts, how will prepaid interest and escrow funding adjust?
- Are there any program rules for my loan type that affect who pays certain fees?
Questions for your attorney or title agent
- Can you share a buyer and seller settlement worksheet with itemized closing costs?
- Who typically pays the owner’s title insurance in Bronxville, and is it negotiable here?
- Will this purchase price trigger the New York State mansion tax, and who is responsible under our contract?
- What are the exact mortgage recording and transfer taxes for this transaction, and when are they due?
- Are there any Village of Bronxville certificates, permits, or inspections required before closing?
- Do you see any title issues or municipal items that could affect costs or timing?
- For a co-op or condo, what are the building’s transfer, application, and move-in fees, and is there a flip tax?
How we support your closing
Closing costs are manageable when you see them early and negotiate with clarity. Our approach blends finance-grade analysis with hands-on guidance so you can plan cash to close, evaluate tradeoffs like owner’s title coverage, and negotiate items such as credits or fee splits with confidence. We coordinate with your lender, attorney, and title company to help you avoid surprises and close on time.
Ready to talk through your numbers and next steps for a Bronxville purchase or sale? Connect with Sheila Stoltz for a tailored plan.
FAQs
What are typical buyer closing costs in Bronxville?
- Buyers commonly budget about 2% to 5% of the purchase price for closing costs, which can be $20,000 to $50,000+ on a $1,000,000 purchase depending on loan, title, and taxes.
Who pays New York’s mansion tax on a Bronxville purchase?
- The tax applies to certain residential transfers at or above $1,000,000; responsibility is set in your contract, so ask your attorney to confirm who pays and the exact amount.
How does the mortgage recording tax affect Westchester buyers?
- If you finance, the tax is a significant buyer cost based on your loan amount, with state and county components; your lender or closing attorney can calculate the exact figure.
Are co-op closing costs different from condos and houses?
- Yes. Co-ops involve board applications, managing agent fees, and possible flip taxes, while condos and houses have deed recording and, if financed, a mortgage recording tax.
What do Bronxville sellers typically pay at closing?
- Sellers usually cover broker commission, attorney fees, state transfer tax, prorated taxes, and any negotiated concessions, often totaling about 6% to 8%+ of the sale price.
How can I get accurate closing numbers before I commit?
- Request written estimates: a Loan Estimate from your lender, a title quote for lender’s and owner’s policies, and an itemized settlement worksheet from your attorney or title agent.
