Before You Calculate Your Closing Costs in Islip, Avoid These 5 Errors

Selling your home in Islip, East Islip, West Islip, or Islip Terrace? Don’t let unexpected closing costs catch you off guard. Many homeowners underestimate or miscalculate what it truly costs to close the sale of a home, leading to frustration—and sometimes, financial strain—at the finish line. Here are the top 5 mistakes to avoid when calculating your closing costs:

1. Forgetting Transfer Taxes

In New York, sellers are responsible for the NY State Transfer Tax, which is $4 per $1,000 of the sale price. This is a major expense that often surprises sellers. For example, if you're selling your Islip home for $600,000, that’s an automatic $2,400 cost.

2. Assuming the Buyer Pays All Costs

It’s a common misconception that buyers pay most of the closing costs. While that’s true for things like mortgage origination fees, sellers often cover title fees, attorney fees, transfer tax, and any agreed concessions. Review your offer carefully to understand what’s expected.

3. Not Including Attorney Fees

In New York, real estate attorneys are standard for both buyer and seller. Seller attorney fees typically range from $1,500–$3,000, depending on complexity. Skipping this in your calculations could cause budget misalignment at closing.

4. Overlooking Negotiated Concessions

If you agreed to cover part of the buyer’s closing costs—or committed to repairs or a credit—those items should be added to your closing cost estimate. What you agree to during negotiations directly impacts your net proceeds.

5. Using Online Calculators Without Local Context

Generic closing cost calculators don’t always reflect local taxes, attorney fees, or customary practices in Suffolk County. To get an accurate estimate, work with a local Realtor like Jeffrey Canas at Serhant South Shore. He’ll help you break down expected costs and calculate your net-to-seller with real precision.

Before you list, know where you’ll land. For a personalized net sheet and expert guidance through every step of your Islip home sale, reach out to Realtor Jeffrey Canas at Serhant South Shore.