Buying or selling in Middle Grove and wondering what closing costs will look like? You are not alone. Understanding who pays what, which fees are fixed, and where numbers can move helps you plan with confidence. In this guide, you will see typical line items, sample budgets at a $350,000 price point, and simple next steps to get precise local quotes. Let’s dive in.
Closing cost basics in NY
Closing costs are the one-time expenses due at settlement for both buyers and sellers. In New York, they commonly include transfer taxes, title insurance, recording fees, attorney fees, and, for buyers, lender-related charges. Some items are fixed by statute while others depend on your loan, the property, and the contract.
In Saratoga County, you should also expect prorations for property taxes and any HOA dues. Your exact total depends on the sale price, mortgage size, and who pays for certain title items. Always confirm your numbers with your lender, attorney, and title company.
Who pays what in Saratoga
Local practice can vary, and many items are negotiable. Here is what is typical in many New York transactions:
Seller typically pays:
- Real estate broker commission.
- New York State real estate transfer tax.
- Seller attorney fees.
- Recording fees to record the deed and related documents.
- Payoff of any existing mortgage and outstanding liens.
- In some areas, the owner’s title insurance policy. Confirm local custom when you write your contract.
Buyer typically pays:
- Mortgage-related fees and the mortgage recording tax.
- Lender’s title insurance policy and often title-related closing fees.
- Buyer attorney fees, appraisal, inspection, and recording fees on the mortgage.
- Prepaid items and escrow deposits for taxes and insurance.
Transfer and mortgage taxes
- New York State real estate transfer tax: 0.4% of the sale price. In many NY deals the seller pays this, but the contract controls and it can be negotiated. Check for any additional local transfer taxes with the Saratoga County Clerk.
- Mortgage recording tax: paid by the borrower on the mortgage amount, not the purchase price. Rates vary by county and loan type. For budgeting, use a sample range of 0.5% to 1.0% of the mortgage amount and verify your exact rate with your lender or the County Clerk.
Title insurance explained
New York closings usually include two one-time policies:
- Owner’s policy: protects the buyer’s ownership. Sample budgeting range is roughly 0.4% to 0.7% of the purchase price. Who pays can vary by local custom and negotiation.
- Lender’s policy: protects the lender and is typically required if you finance. Sample budgeting range is roughly 0.1% to 0.3% of the mortgage amount.
Ask a local title company for written quotes based on your purchase price and loan amount. Endorsements or special coverage can affect the final premium.
Recording, attorney, and other fees
- Recording fees: the County Clerk charges per-document and per-page fees to record deeds, mortgages, and satisfactions. Expect tens to low hundreds of dollars.
- Attorney fees: it is common in New York for both buyer and seller to have counsel. A typical upstate range for a standard residential closing is around $1,000 to $1,800 per side.
- Appraisal: buyers usually see $350 to $600.
- Home inspection: buyers often pay $300 to $500.
- Title search and closing fee: budget $300 to $700.
Seller costs: $350k example
Here is a sample estimate for a Middle Grove home selling at $350,000. These are budgeting examples. Confirm each item with your listing agreement, attorney, and title company.
- Commission (sample 5.5%): $19,250
- NYS transfer tax (0.4%): $1,400
- Seller attorney (sample midpoint): $1,400
- Owner’s title insurance (if seller pays; sample 0.5%): $1,750
- Recording and misc fees: $100
Estimated total seller closing costs: about $23,900 (about 6.8% of the sale price).
If the seller does not pay the owner’s title policy, subtract about $1,750 for a total near $22,150. These figures exclude the seller’s mortgage payoff, any liens, and property tax prorations, which can materially change your net.
Buyer costs: $350k example
Sample buyer estimate for a $350,000 purchase with an $280,000 mortgage (80% loan-to-value):
- Mortgage recording tax (0.5% to 1.0% of mortgage):
- Low: 0.5% x $280,000 = $1,400
- High: 1.0% x $280,000 = $2,800
- Lender’s title policy (sample 0.2% of mortgage): $560
- Owner’s title policy (if buyer pays; sample 0.5% of price): $1,750
- Buyer attorney: $1,400
- Appraisal: $450 (sample within range)
- Home inspection: $400 (sample within range)
- Title search/closing fee: $500 (sample within range)
- Recording fees: $100 (sample within range)
Estimated totals:
- If buyer pays both owner’s and lender’s title policies and the mortgage tax is at the low rate: about $6,560.
- Same scenario with mortgage tax at the high rate: about $7,960.
- If the seller pays the owner’s title policy and the buyer pays the lender’s policy only, the low-to-high range is about $4,810 to $6,210.
Note that buyers also fund prepaid items and escrow deposits for taxes and insurance. Your Loan Estimate and Closing Disclosure from your lender will show these precisely.
Prorations and net proceeds
Prorations adjust for the share of property taxes and HOA dues each party owes as of the closing date. Sellers also settle any utility balances as applicable and pay off existing mortgages and liens. Repair credits or concessions negotiated after inspections can further affect your net. Build these into your plan early so you are not surprised on closing day.
Local checklist for Middle Grove
Use this quick list to lock in accurate Saratoga County numbers:
- Ask your agent or attorney for a line-by-line closing cost worksheet.
- Request written title quotes for owner’s and lender’s policies based on your exact sale price and mortgage amount.
- Confirm whether any local transfer tax applies and get the current recording fee schedule from the Saratoga County Clerk.
- Buyers: obtain a Loan Estimate early and review the Closing Disclosure before signing.
- Sellers: request a net proceeds statement that includes commission, transfer tax, attorney fee, and mortgage payoff.
- Everyone: get a property tax proration estimate so you know how closing date timing affects cash to close or net proceeds.
Next steps with a local pro
Closing costs are predictable when you map them early. If you want a clear estimate tailored to your Middle Grove home, connect with a local team that knows Saratoga County customs and negotiates details that matter at the table. Reach out to Shayna Lynne Goodson for a quick, no-pressure walkthrough and a personalized net sheet or buyer estimate.
FAQs
How much should a Middle Grove buyer budget for closing?
- Plan for several thousand dollars that include mortgage recording tax, lender fees, title policies, inspection, appraisal, attorney, and recording. For a $350,000 example with 80% financing, the sample range is about $4,810 to $7,960 depending on mortgage tax and who pays the owner’s title policy.
Who usually pays the New York state transfer tax in Saratoga County?
- The tax is 0.4% of the sale price and in many New York transactions the seller pays it, but payment is negotiable and set by the contract. Confirm the allocation with your attorney or agent.
Does Saratoga County add its own transfer tax?
- Some New York counties or municipalities add local transfer taxes. Always verify with the Saratoga County Clerk or your closing attorney to see if any local tax applies to your property.
How are New York title insurance costs calculated?
- Title premiums are one-time charges. The owner’s policy is based on the purchase price and the lender’s policy is based on the mortgage amount. Actual premiums depend on the underwriter and endorsements, so request a written quote from a local title company.
Do you need an attorney to close a home in Saratoga County?
- It is common in New York for both buyer and seller to have attorneys, and typical fees for standard residential closings run about $1,000 to $1,800 per side. While not legally required, attorney guidance is standard practice in this area.
