Buying in Manhasset Hills comes with a lot of moving parts, and closing costs are one of the most misunderstood. You want a clear, local answer to how much cash you will need beyond your down payment and what each fee actually covers. In this guide, you will learn what typical buyer closing costs look like on Long Island, how Nassau County’s taxes and escrows affect your total, and how to estimate your cash to close with confidence. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees and prepaids you pay at closing to finalize your purchase and loan. Nationally, most buyers spend about 2% to 5% of the purchase price on closing costs, not including the down payment. You can find a plain-language overview from the Consumer Financial Protection Bureau, which explains what shows up on your Loan Estimate and Closing Disclosure. This guide applies those basics to Manhasset Hills specifics so you know what to expect locally.
Nassau County specifics that move the needle
Nassau County property taxes are relatively high compared to many areas. Lenders often require you to fund an initial escrow for several months of taxes and homeowners insurance at closing. That escrow deposit can be one of the larger buyer prepaids on Long Island.
New York also charges a mortgage recording tax when your lender records the mortgage. Rates and formulas vary by county and loan details, so confirm current rules on the New York State Department of Taxation and Finance site. You will also pay document recording fees to the county when the deed and mortgage are recorded. For current fee schedules and forms, check the Nassau County official site and the County Clerk resources.
Line-by-line: your closing cost checklist
Below are the most common buyer costs for a single-family home in Manhasset Hills. You may not see every item on your file, but this covers the typical playbook.
Lender-related costs
- Loan origination and underwriting fees. Sometimes expressed as points. 1 point equals 1% of the loan amount.
- Application, processing, and credit report fees.
- Appraisal fee. Lenders usually require an appraisal to confirm value.
- Prepaid interest. Interest from your closing date to your first mortgage payment.
- Initial escrow deposits. Several months of property taxes and homeowners insurance collected up front.
- Mortgage recording tax. A New York State tax on recorded mortgages. Review current guidance and calculators on the New York State Department of Taxation and Finance site.
Title and settlement
- Title search and examination. Confirms the chain of title and finds liens.
- Lender’s title insurance policy. Typically required by the lender.
- Owner’s title insurance policy. Optional but common in New York to protect your ownership. For consumer information and how rates are regulated, see the New York State Department of Financial Services.
- Settlement or closing fee. Charged by the title or settlement company.
- Recording fees. County charges to record your deed and mortgage. See Nassau County resources for current fee details.
Government taxes and transfer items
- New York State real estate transfer tax. Usually paid by the seller in many transactions, but confirm your contract. Review rules on the New York State Department of Taxation and Finance site.
Third-party inspections and reports
- General home inspection.
- Pest or wood-destroying insect inspection.
- Radon, lead, chimney, roof, or sewer inspections, as needed by property or loan program.
Professional fees
- Buyer’s attorney fee. In New York, both sides commonly use attorneys.
- Real estate broker commission is typically paid by the seller in local practice. Confirm terms in your contract.
Prepaids and escrows
- Property tax escrow. Several months collected at closing to fund your escrow account.
- Homeowners insurance. First-year premium or an initial escrow deposit.
- Private mortgage insurance. Upfront premium if required by your loan.
Miscellaneous
- Survey, if required by your lender or title company.
- HOA or condo move-in fees or document fees, if applicable.
- Recording, courier, and administrative fees.
- Utility and tax prorations based on your closing date.
How costs differ by property type
Single-family homes
- Deeded transfer with standard title insurance and county recording of deed and mortgage.
- Mortgage recording tax applies when you finance the purchase.
- Escrow deposits for Nassau County property taxes can be sizable.
Condominiums
- Also a deeded transfer with title insurance and county recording.
- Expect potential association administrative fees, move-in fees, and estoppel letters. Who pays can vary by building and contract.
- Lender requirements for appraisal, mortgage recording tax, and escrows still apply.
Cooperatives (co-ops)
- You buy shares with a proprietary lease rather than a recorded deed.
- Closing costs look different. Board application fees and move-in fees are common. A flip tax is sometimes charged and is often a seller item, but it is negotiable.
- There is typically no deed recording, so the fee and tax profile differs. Have your attorney review the proprietary lease, offering plan, and house rules early.
How to estimate your cash to close
Use this simple worksheet to organize your numbers. Replace placeholders with your actual quotes and program details.
Buyer worksheet fields
- Purchase price (P)
- Down payment percent and amount (D% and D$)
- Loan amount (L = P − D$)
- Lender fees and points (enter percent of L or flat amount)
- Appraisal fee
- Home inspection(s)
- Title search and closing/settlement fee
- Owner’s title insurance premium
- Lender’s title insurance premium
- Attorney fee
- Mortgage recording tax (use the New York State Department of Taxation and Finance to find current rules and calculators)
- State and local transfer taxes, if applicable
- Recording fees for deed and mortgage (see Nassau County resources)
- Prepaid property taxes for escrow (months to escrow × monthly tax)
- Homeowners insurance (first year or initial escrow)
- HOA, condo, or co-op fees and move-in charges
- Other items (survey, pest, radon, courier)
Simple formulas
- Cash to close = Down payment + Sum(all closing fees, taxes, prepaids, escrows) − Seller credits or prorations.
- Closing costs percent = Sum(all closing fees and prepaids) ÷ Purchase price × 100.
Example for a Manhasset Hills single-family home
Assume:
- Purchase price P = $900,000
- Down payment = 20% = $180,000, so Loan L = $720,000
Illustrative line items:
- Lender fees: 1.0% of loan ≈ $7,200
- Appraisal: $500
- Inspections: $600
- Attorney fee: $1,800
- Title search and settlement: $700
- Owner’s title insurance: $1,800
- Lender’s title insurance: $900
- Mortgage recording tax: use the New York State Department of Taxation and Finance to calculate based on current rules
- Recording fees: $200
- Escrows and prepaids: 3 months of property tax if annual taxes are $15,000 equals $3,750; plus first-year homeowners insurance of $1,200
- Miscellaneous: $500
Illustrative subtotal excluding mortgage recording tax and any transfer tax is about $19,150, which is roughly 2.1% of the purchase price. The mortgage recording tax and transfer taxes can add materially to this percentage, so always calculate those using current state guidance.
Smart ways to manage costs
- Ask for a detailed Loan Estimate. Lenders must provide this early in the process. Compare at least two to three quotes to see how points, rates, and fees stack up. The Consumer Financial Protection Bureau explains how to read these forms clearly.
- Price shop items you can choose. You can often compare lenders, title companies, home inspectors, and insurance providers. Taxes and county recording fees are fixed by government.
- Plan for escrows. Ask your lender to estimate tax and insurance escrow deposits early so you can set expectations for cash to close.
- Confirm who pays what. Your contract can shift certain fees. Attorneys on both sides will make sure your Closing Disclosure reflects the final agreement.
What to do next
- Get your Loan Estimate from your lender and review every line.
- Ask your attorney and title company for estimated title and recording charges.
- Price your inspections and insurance.
- Use the worksheet above to tally your numbers. Then update once you receive your Closing Disclosure.
If you want a local, clear-eyed view of your total cash to close for a Manhasset Hills home, reach out. As a North Shore advisor, I coordinate with your lender and attorney to keep your numbers accurate and your timeline on track. For a friendly, no-pressure consult, connect with Annie Holdreith.
Helpful resources
FAQs
What are typical closing costs for Manhasset Hills homebuyers?
- Most buyers can plan for about 2% to 5% of the purchase price in closing costs, with Nassau County escrows and New York mortgage recording tax influencing where you land in that range.
How does New York’s mortgage recording tax affect my budget?
- It is a state tax due when your mortgage is recorded, and it can be a significant line item; use the New York State Department of Taxation and Finance guidance to calculate your amount based on your loan.
Why are my Nassau County escrow deposits so high at closing?
- Lenders often collect several months of property taxes and homeowners insurance to seed your escrow account, and Nassau County’s higher tax levels make those deposits larger than many buyers expect.
Do buyers ever pay New York transfer tax?
- The state real estate transfer tax is commonly a seller responsibility, but contracts can shift who pays; confirm your contract and have your attorney review any negotiated terms.
What changes for condos and co-ops compared with single-family homes?
- Condos are deeded like houses and add association fees, while co-ops involve shares and a proprietary lease with board application and move-in fees, and the recording and tax profile differs.
When will I see my exact closing numbers?
- Your lender must provide a Loan Estimate early and a final Closing Disclosure before closing; review both carefully with your attorney to confirm cash to close and all fee details.
