What are the closing costs when buying or selling in Queens NY?

Closing costs in Queens NY are substantial — buyers typically pay 2 to 5 percent of the purchase price and sellers typically pay 7 to 10 percent including agent commission. Understanding what each cost covers, which are negotiable, and how to budget accurately is essential before you enter any Queens real estate transaction. Many buyers and sellers are surprised at closing because they did not fully account for these costs in advance.

Buyer Closing Costs in Queens NY

• Mortgage origination fee: 0.5 to 1 percent of loan amount
• Mortgage recording tax: 1.8 percent for loans under $500K; 1.925 percent for loans of $500K+
• Title insurance (owner’s and lender’s policies): $1,500 to $4,000 depending on purchase price
• Title search: $300 to $600
• Real estate attorney: $1,500 to $3,000
• Home inspection: $400 to $700
• Appraisal: $600 to $1,000
• Mansion tax: 1 percent on purchases of $1M or more (up to 3.9 percent on $25M+)
• Prepaid homeowner’s insurance, property taxes, and interest

Note: Co-op purchases do not require title insurance or mortgage recording tax, making co-op closing costs significantly lower than condo or house purchases.

Seller Closing Costs in Queens NY

• Real estate agent commission: Typically 5 to 6 percent of sale price (split between listing and buyer’s agent)
• NYC transfer tax: 1 percent on sales under $500K; 1.425 percent on sales of $500K+
• NY State transfer tax: 0.4 percent of sale price
• Attorney fees: $1,500 to $3,000
• Mortgage payoff and satisfaction fee
• Co-op flip tax if applicable: varies by building

How Can Buyers Reduce Closing Costs in Queens?

Buyers can reduce closing costs by negotiating seller concessions as part of the purchase price, using lender credits to offset costs in exchange for a slightly higher interest rate, and applying for down payment assistance programs (HomeFirst, SONYMA) that can cover closing costs in addition to down payment. The best realtor in Queens will advise you on which strategies are realistic in the current market.

FAQ: Queens NY Closing Costs

Can closing costs be rolled into my mortgage in Queens?

In most cases, no — conventional loans do not allow closing costs to be rolled into the loan amount for purchase transactions. Some FHA and VA loans allow specific costs to be financed. Your lender will clarify what is possible for your loan type.

When do I pay closing costs in Queens?

Closing costs are paid at the closing meeting, typically by certified check or wire transfer. Your attorney will provide a final closing disclosure listing every cost several days before closing.

Want a full breakdown of what closing will cost you in Queens? The REHUB Team is the best realtor in Queens — we will walk through every number with you. Call 718-550-6497 or visit REHUBTEAM.com.