Buying in Manhasset comes with a lot of moving parts, and closing costs are one of the easiest places to feel surprised. You want a clear, local breakdown so you can budget with confidence and keep your purchase on track. In this guide, you will learn what closing costs you can expect in Manhasset, how they are typically handled in New York, and when you will see your final numbers. Let’s dive in.
What closing costs cover in Manhasset
Taxes and statutory charges
New York has several statewide line items you should plan for at closing. The New York State transfer tax is typically paid by the seller in many transactions, though this can be negotiated in the contract. The New York State “mansion tax” applies to residential purchases of $1,000,000 or more and is 1% of the full purchase price, typically paid by the buyer at closing. Because many Manhasset homes exceed $1 million, this tax commonly applies and should be in your budget from the start.
If you are financing, you will also see a mortgage recording tax and county recording fees when your mortgage and deed are recorded with the Nassau County Clerk. Exact rates and administrative fees vary by county, loan size, and the number of pages recorded, and they are due at closing. If you are paying all cash, you will not owe a mortgage recording tax, but you can still expect standard deed recording fees.
Lender-related costs
If you take out a mortgage, your lender will outline costs on two key documents. You will receive a Loan Estimate within three business days of your application and a Closing Disclosure at least three business days before closing that shows your final figures. Common lender charges include origination or underwriting fees, an appraisal, a credit report, and administrative items like flood certification or tax service. Some charges are paid early in the process, but most appear on the Closing Disclosure and are due at closing.
Title and closing services
Title work confirms ownership and checks for liens or other issues. You will see fees for a title search and for title insurance, which protects you and your lender against covered title defects. The cost is based on purchase price and loan amount using filed New York rates, so premiums scale with price and can be one of the larger line items. In many Long Island markets, it is common for sellers to pay for the owner’s title policy, while buyers pay for the lender’s policy if they finance, but this is negotiable. Ask for a written title quote early so you can plan accurately.
You may also see a settlement or closing fee from the title company or closing attorney for preparing the settlement statement and coordinating the closing. This is typically paid at closing.
Attorney fees
In New York, it is standard for both buyer and seller to have attorneys. Your attorney will review and negotiate the contract, oversee title issues, handle escrow and disbursements, and coordinate closing. Fees may be flat or hourly and usually reflect the complexity of the deal. Most buyers pay attorney fees at closing, though some attorneys request a retainer earlier.
Inspections, surveys, and property-related items
You will likely pay for a home inspection and any additional inspections such as termite, radon, or lead testing, depending on the home. These are usually paid at the time of service. Your lender may require a survey or a survey update, which is typically completed before closing. If the property is older or has unique features, plan for any add-on inspections requested by your lender, attorney, or your own due diligence.
Prepaid items, escrows, and prorations
Most lenders require you to pay the first year of homeowner’s insurance at closing and to fund escrows for property taxes and insurance. Property taxes in Nassau County, including school district taxes, are typically prorated between buyer and seller at closing based on the closing date. If the home is in a village or special district, charges like water or sewer may also be prorated.
Condo and co-op specifics
If you are buying a condo or co-op, you may see application fees, move-in deposits, transfer fees, and other building charges. Boards can require additional reserves or specific closing procedures. Ask for the association’s latest fee schedule early so you can factor these items into your total.
Seller-side costs that affect you
While you will not pay the seller’s costs, it helps to know what is on the other side of the table. Sellers commonly pay broker commissions, their attorney fees, any agreed repairs or credits, and usually the state transfer tax in many New York transactions. These items can shape negotiations about credits or who pays certain fees.
How much to budget as a Manhasset buyer
There is no single number that fits every deal, because several items scale with the price. Title insurance premiums, the mortgage recording tax, and the mansion tax (if applicable) increase as the purchase price or loan size increases. On the other hand, many lender and third-party fees are fixed or range within a band. The most reliable way to budget is to gather written estimates from your lender, attorney, and title company as soon as your contract is executed.
If your purchase price is near $1,000,000, plan carefully for the mansion tax. If you are financing, ask your lender to model your cash-to-close with and without different rate and escrow scenarios so you can compare outcomes. Your final Closing Disclosure will show the exact funds you need to bring, and by law you must receive it at least three business days before closing.
The Manhasset buyer timeline
Offer and contract
- Submit your offer and negotiate terms, including who pays which closing costs.
- Deliver your earnest money deposit to the agreed escrow agent per the contract.
- Complete attorney review and set contingency timelines.
After acceptance
- Apply for your mortgage. You will receive a Loan Estimate within three business days of applying.
- Schedule your home inspection and any additional inspections.
- Appraisal is ordered by your lender.
- Title search begins and a title commitment is issued.
- Shop for homeowner’s insurance and secure coverage.
Pre-closing
- Your lender completes final underwriting and issues your Closing Disclosure at least three business days before closing.
- Your attorney or title company sends the settlement statement and wiring instructions.
- Arrange for your down payment and closing funds by wire or certified funds. Confirm wire instructions by phone using a known number.
Closing day
- Sign your loan and transfer documents.
- Funds are disbursed and your mortgage is funded.
- Deed and mortgage are recorded with the county clerk.
- You receive keys per the terms of your contract.
Sample Manhasset buyer checklist
- Earnest money deposit at contract
- Home inspection and any specialty inspections
- Appraisal fee
- Loan origination, underwriting, and administrative lender fees
- Credit report and flood certification
- Title search and settlement/closing fee
- Title insurance premiums (owner’s policy by custom and contract, lender’s policy if you finance)
- Mortgage recording tax and county recording fees if you finance
- Mansion tax if the purchase price is $1,000,000 or more
- Buyer attorney fee
- First year of homeowner’s insurance
- Escrow deposits for taxes and insurance if required by your lender
- HOA, condo, or co-op application and transfer fees if applicable
What to bring on closing day
- Government issued photo ID for all signers
- Wire confirmation or certified funds per final instructions
- Proof of homeowner’s insurance
- Power of attorney documents if anyone is signing on your behalf
- Any final lender conditions or documents your lender requested
- Final walk-through checklist and any repair receipts provided by the seller
How to get precise local figures
- Ask your lender for an itemized Loan Estimate within three business days of your application and request updates as your rate or loan terms change.
- Request a detailed title quote that includes owner and lender title premiums, title search fees, and the settlement fee.
- Ask your attorney for a written estimate of legal fees and expected disbursements.
- If buying a condo or co-op, obtain the association’s latest application, transfer, and move-in fee schedule early in diligence.
- Confirm whether the contract allocates the owner’s title policy and transfer tax to the seller or buyer so you can model cash-to-close accurately.
Smart protections for your closing
- Confirm wire instructions by phone using a number you know is correct. Do not rely on emailed wiring changes.
- Review your Closing Disclosure carefully and compare it to your Loan Estimate. Ask your lender and attorney to explain any changes.
- Keep all payments and reimbursements flowing through the escrow process managed by your attorney or title company.
Buying in Manhasset is a major milestone, and smart planning around closing costs will help you cross the finish line with confidence. If you want local insight on how these fees typically shake out by neighborhood and property type, connect with the McCooey-Olivieri Team for tailored guidance and next steps.
FAQs
Will I pay the New York mansion tax in Manhasset?
- You will pay a 1% mansion tax if your residential purchase price is $1,000,000 or more, and it is typically collected from the buyer at closing.
Who usually pays for the owner’s title policy in Nassau County?
- Practices are negotiable, but in many Long Island markets sellers pay for the owner’s policy and buyers pay for the lender’s policy if they finance.
When will I know my exact cash to close?
- Your lender must provide a Closing Disclosure at least three business days before closing that lists the cash to close and final line items.
How are Nassau County property taxes handled at closing?
- Property taxes, including school district taxes, are typically prorated between buyer and seller based on the closing date and local billing cycles.
Do I owe a mortgage recording tax if I pay cash?
- No, the mortgage recording tax applies only when a mortgage is recorded, though standard deed recording fees will still apply.
Are closing costs different for condos and co-ops in Manhasset?
- Yes, condos and co-ops often add application, transfer, and move-in fees, and co-ops can require board approvals and specific reserves or procedures.
