Closing Costs for Home Sellers in Staten Island

Most sellers focus on their sale price — and understandably so. But the number that actually lands in your bank account is the sale price minus your closing costs. In Staten Island and throughout New York City, seller closing costs can be substantial, and many first-time sellers are surprised by how much they add up to.

This post breaks down exactly what sellers typically pay at closing so you can plan ahead and avoid surprises on closing day.

What Are Closing Costs for Sellers?

Closing costs are expenses that the seller is responsible for paying out of the proceeds of the sale at the time of closing. Unlike buyer closing costs — which tend to involve loan-related fees — seller closing costs are dominated by transfer taxes, commissions, and payoff-related expenses.

In Staten Island, a seller can generally expect to pay between 7% and 10% of the sale price in total closing costs, depending on the price of the home and the specific circumstances of the transaction.

New York City Real Property Transfer Tax (RPTT)

The NYC Real Property Transfer Tax is one of the largest costs a seller faces in New York City, including Staten Island. Learn more about how transfer taxes are calculated. The rate depends on the sale price:

• 1% — for residential properties (1–3 family homes, co-ops, condominiums) selling for under $500,000
• 1.425% — for residential properties selling for $500,000 or more

On a $750,000 home, the RPTT alone would be $10,687.50. On a $1,000,000 home, it would be $14,250. This tax is almost always the seller's responsibility, though in some transactions it may be negotiated as part of the deal.

New York State Transfer Tax

In addition to the NYC RPTT, sellers also owe New York State transfer tax at a rate of 0.4% of the sale price (or $4 per $1,000). For a $750,000 sale, that's $3,000.

Real Estate Commissions

If the seller is working with a real estate broker, the broker's commission is typically paid by the seller at closing. Traditionally, commissions in New York have ranged from 4% to 6% of the sale price, though actual commission structures vary. For a $750,000 home at a 5% commission, that's $37,500.

Seller's Attorney Fee

In New York, a seller's attorney prepares and negotiates the contract of sale, handles the closing process, coordinates payoff of the existing mortgage, and ensures a clean transfer of title. The attorney's fee typically ranges from $1,500 to $3,000 for a standard residential sale, depending on the complexity of the transaction.

This is not optional. Unlike some states, New York does not have a standardized real estate contract that non-attorneys can complete without risk. An experienced real estate attorney protects the seller's interests from contract through closing.

Existing Mortgage Payoff

If there is an outstanding mortgage on the property, it will be paid off at closing from the sale proceeds. The payoff amount includes the remaining principal balance plus any accrued interest through the closing date. Sellers should also be aware of prepayment penalties if their mortgage contains one, though these are less common today than they once were.

Other Common Seller Costs

Beyond the major items above, sellers in Staten Island may also encounter:

• Mortgage satisfaction fee — a fee to record the discharge of the existing mortgage with the county, typically a few hundred dollars
• Property tax adjustments — sellers may owe or receive a credit based on property taxes already paid (or not yet paid) through the closing date
• HOA payoff or transfer fees — if the property is in a homeowners association, there may be outstanding dues or a transfer fee
• Home warranty — some sellers offer a home warranty as a concession to buyers; the cost is typically deducted from seller proceeds
• Use and occupancy costs — if you need to remain in your home briefly after closing, you'll owe daily adjustments for the buyer's mortgage interest, property taxes, insurance, and utilities, plus face substantial penalties for overstaying. Learn more about what post-closing occupancy actually costs

What You Won't See on This List

Sellers in New York do not pay the NYC mansion tax — that is a buyer's expense. Sellers also do not pay mortgage recording tax (that's the buyer's cost if they are financing the purchase). Understanding which costs belong to which party helps you negotiate more effectively and read your settlement statement accurately.

Calculating Your Net Proceeds

A rough estimate of your net proceeds:

Sale Price

minus Real Estate Commission

minus NYC RPTT

minus NYS Transfer Tax

minus Attorney Fee

minus Existing Mortgage Payoff

minus Other Adjustments

= Net Proceeds to Seller

Your attorney and broker can both help you prepare a more precise estimate before you list.

Work With an Attorney Who Knows the Numbers

At Weinman Law Offices, Pete Weinman represents home sellers throughout Staten Island and can help you understand your projected closing costs before you sign a contract, review any seller concession arrangements, and ensure your closing proceeds smoothly from start to finish.

Before you list, there are legal issues to address that most sellers overlook: open permits, title review, liens, capital gains exposure, and tenant situations. See the complete pre-listing checklist: Before You List Your Staten Island Home: The Legal Checklist Your Realtor Won't Give You.

Your attorney's fee covers more than just closing paperwork—they protect you from deal killers. See our guide: 7 Common Problems That Can Derail Your Closing.

For a complete overview of the entire selling process, see The Staten Island Home Selling Process: A Step-by-Step Guide.

Selling in Staten Island and buying in New Jersey? Pete is licensed in both states and can handle both transactions. See our Complete Guide to Selling in Staten Island and Buying in New Jersey.

Contact Pete today: Call (718) 442-2010 | Text (718) 957-8121 | Weinman@StatenIslandLaw.com