Closing Costs for Home Buyers in Staten Island: What to Expect Before You Sign

Buying a home in Staten Island is one of the biggest financial decisions you will ever make — and the purchase price is only part of what you will pay. Before you get to closing day, you need to budget for closing costs: the fees, taxes, and charges that come due when the transaction is finalized.

For most single-family home buyers in Staten Island, closing costs run between 3% and 5% of the purchase price, depending on your loan amount, the purchase price, and what you negotiate with the seller. On a $600,000 home, that is $18,000 to $30,000 on top of your down payment. Knowing exactly what goes into that number — and why — can save you from an unpleasant surprise at the closing table.

Here is a plain-English breakdown of what Staten Island home buyers typically pay at closing.

1. Mortgage Recording Tax

This is usually the largest single closing cost for buyers who are financing their purchase, and it is one that catches many first-time buyers off guard.

New York State and New York City both impose a tax on the recording of a mortgage. Because Staten Island is part of New York City, buyers here pay the combined city and state rate:

• Mortgages under $500,000: 1.80% of the loan amount (you pay 1.55%; your lender pays 0.25%)
• Mortgages of $500,000 or more: 1.925% of the loan amount (you pay 1.675%; your lender pays 0.25%)

Example: If you borrow $480,000 to buy a single-family home, your mortgage recording tax is approximately $7,440.

This tax applies to the loan amount — not the purchase price — so if you are making a larger down payment, your tax will be lower. If you are buying with cash, there is no mortgage recording tax at all.

Tip: There is a program called a CEMA (Consolidation, Extension, and Modification Agreement) that can reduce your mortgage recording tax if you are refinancing or if the seller has an existing mortgage with the same lender. Ask your attorney whether it applies to your situation.

Learn more about mortgage recording tax in NYC

2. Mansion Tax

The mansion tax is a New York State transfer tax paid by the buyer on residential purchases of $1,000,000 or more. Despite the name, it applies to any home — condo, co-op, or single-family — that closes at or above that threshold.

With Staten Island home prices rising steadily, more buyers are crossing the million-dollar line than ever before.

Example: On a $1,100,000 purchase, the mansion tax is $11,000 (1% × $1,100,000).

The mansion tax is paid at closing and is due in full by the buyer. Unlike some costs, it is not typically negotiable.

Learn more about the mansion tax

3. Title Insurance

When you buy a home, you are not just buying the property — you are buying the seller's right to sell it. Title insurance protects you if that right turns out to be defective: an old lien that was never satisfied, a prior owner who was not properly removed, a forged signature somewhere in the chain of title, or a boundary dispute that surfaces years later.

In New York, there are two types of title insurance:

• Owner's Policy: Protects you as the buyer. This is a one-time premium paid at closing, and the coverage lasts as long as you or your heirs own the property.
• Lender's Policy: Required by your mortgage lender. Protects the bank's interest, not yours. The cost is separate from the owner's policy.

Title insurance premiums in New York are set by the state and based on the purchase price. For a single-family home in Staten Island, you can generally expect the owner's policy to cost between $1,500 and $3,500, depending on the purchase price, with the lender's policy adding several hundred dollars more.

Title insurance also covers the cost of the title search — the examination of public records going back decades to verify the chain of ownership and flag any outstanding issues.

Read our complete guide to title insurance

4. Attorney Fees

New York is what is called an attorney state: real estate transactions here are handled by lawyers, not just agents or escrow companies. Unlike some other states, having an attorney represent you at a New York closing is not just a formality — it is how the process works.

Your real estate attorney will:

• Review and negotiate your purchase contract
• Advise you on contingencies and deadlines
• Coordinate with your lender, the seller's attorney, and the title company
• Review your title report and raise any objections
• Prepare you for what to sign at closing
• Represent you at the closing table

Attorney fees for buyer representation in Staten Island typically range from $1,500 to $3,000 for a standard residential transaction, usually charged as a flat fee. More complex deals — those involving co-ops, investment properties, or title issues — may cost more.

This is money well spent. A good real estate attorney protects you from contract terms that favor the seller, catches title problems before they become your problem, and makes sure you understand exactly what you are signing.

5. Bank Attorney Fee

If you are financing your purchase, your lender will have its own attorney at the closing. That attorney represents the bank — not you. And yet, as is customary in New York, you pay for the bank's attorney.

The bank attorney fee typically runs $1,200 to $1,500 for a standard residential mortgage closing.

6. Lender Fees

Your mortgage lender will charge a variety of fees to originate and process your loan. These are disclosed on your Loan Estimate when you apply and confirmed on your Closing Disclosure a few days before closing. Common lender fees include:

• Loan origination fee (often 0.5% to 1% of the loan, or a flat fee)
• Application fee ($200–$500)
• Appraisal fee ($500–$800 for a single-family home in Staten Island)
• Credit report fee ($30–$75)
• Underwriting fee ($400–$900)

Shop around. Lender fees vary significantly from bank to bank, and you are permitted to compare Loan Estimates from multiple lenders before committing.

7. Prepaid Items and Escrow Reserves

These are not fees in the traditional sense — they are amounts you pay upfront to cover costs that will accrue from the time you close. Most lenders require them as a condition of the loan.

• Prepaid interest: Interest on your mortgage from the closing date through the end of that month. If you close on the 15th, you pay interest for approximately 15 days.
• Homeowner's insurance: Most lenders require you to prepay the first year's premium at or before closing, and to deposit additional months into an escrow account.
• Property tax escrow: Depending on your lender, you may be required to deposit several months of property taxes into escrow at closing, so the lender can pay your taxes on your behalf when they come due.

Combined, prepaid items and escrow reserves can add $3,000 to $8,000 to your closing costs, depending on your loan amount, your insurance premium, and the time of year you close.

8. Survey

A survey is a professional measurement of the property's boundaries. Most lenders require one for single-family home purchases, and it is a smart investment even when not required.

A survey confirms that the home sits where it is supposed to, that fences and driveways are within the property lines, and that there are no encroachments from neighboring properties. Issues discovered in a survey — a garage that crosses into the neighbor's lot, for example — are far easier (and cheaper) to address before closing than after.

Survey costs in Staten Island generally run $800 to $1,500 for a standard single-family property.

9. Home Inspection

While not a closing cost in the technical sense — you typically pay for the inspection during the contract contingency period, well before closing — it is a necessary out-of-pocket expense every buyer should plan for.

A qualified home inspector will examine the structure, systems, and condition of the property and provide a written report. Inspections in Staten Island typically cost $400 to $700 for a standard single-family home, with additional fees for radon testing, mold testing, or sewer scope inspections if warranted.

The inspection report becomes the foundation for any repair requests or price renegotiations before you are legally committed to the deal.

Learn why you need a licensed home inspector

10. Recording Fees and Miscellaneous Charges

The county clerk charges a fee to record the deed and mortgage in the public record. In Richmond County (Staten Island), recording fees are generally $250 to $400 depending on the number of pages.

You may also encounter smaller miscellaneous charges at closing: municipal lien searches, document preparation fees, wire transfer fees, and the like. These are typically modest individually but can add up to a few hundred dollars.

Putting It All Together: A Sample Closing Cost Estimate

Here is what closing costs might look like for a Staten Island buyer purchasing a $625,000 single-family home with a $125,000 down payment (20% down) and a $500,000 mortgage:

Note: This is an illustration only. Your actual costs will depend on your specific loan, lender, title company, and transaction details. Always request a detailed Closing Disclosure before your closing date so there are no surprises.

Can You Negotiate Closing Costs?

Yes — in some cases.

Seller Concessions

In a buyer-friendly market, you can ask the seller to contribute toward your closing costs as part of your offer. The amount is limited by your loan type (conventional loans typically cap seller concessions at 3%–6% of the purchase price depending on your down payment), but even a $5,000–$10,000 concession can meaningfully reduce what you bring to the table.

Lender Fees

You can shop multiple lenders and compare their Loan Estimates side by side. Fees vary, and a lower-fee lender may be worth slightly higher rate (or vice versa) depending on how long you plan to keep the loan.

Title Insurance

In New York, owner's title insurance premiums are regulated by the state, so the rate itself is fixed — but you can sometimes negotiate credits or package deals.

What You Generally Cannot Negotiate

Taxes. The mortgage recording tax, mansion tax, and recording fees are set by law. They are what they are.

Work with an Experienced Staten Island Real Estate Attorney

Closing costs can add up quickly, and knowing what to expect — well before closing day — allows you to budget accurately, negotiate strategically, and avoid last-minute surprises.

As a Staten Island real estate attorney with over 25 years of experience representing home buyers, I review and explain every number on your closing disclosure so you understand exactly what you are paying and why. I also negotiate seller concessions, manage your timeline, and make sure your interests are protected from accepted offer through final closing.

Ready to get started? Call (718) 442-2010, text (718) 957-8121, or schedule a free consultation online. There are no upfront fees.

Pete Weinman is a real estate attorney licensed in New York and New Jersey, with offices at 260 Christopher Lane, Suite 201, Staten Island, New York 10314. This article is for general informational purposes only and does not constitute legal advice. Consult an attorney regarding your specific situation.