Wondering how much you will need at the closing table in Victor? Those line items can feel like alphabet soup the first time you see them. You just want a clear number so you can plan your cash and move forward with confidence. In this guide, you will get a simple breakdown of buyer closing costs in Ontario County, what is fixed, what varies, and how to estimate your total with an easy example and checklist. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees, taxes, and prepaids due when your purchase and mortgage are finalized. They include lender charges, third-party fees like appraisal and title, government recording and taxes, plus escrow deposits for taxes and insurance. The Consumer Financial Protection Bureau explains how these fees appear on your Loan Estimate and Closing Disclosure so you know what to expect before you sign. You can review those timelines in the CFPB’s guide to the Loan Estimate and Closing Disclosure. (CFPB overview)
As a planning rule, buyers often budget about 2% to 5% of the purchase price for closing costs. That range is a starting point since actual totals depend on your loan type, price, and location. (Closing cost ranges)
Fixed county and state fees
These items are set by New York State and Ontario County. They do not depend on your lender.
Deed and mortgage recording fees
Ontario County charges $50 for the first page and $5 for each additional page to record deeds and mortgages. Small copy and certification fees may also appear on your settlement statement. You can confirm current charges on the county’s published fee schedule. (Ontario County Clerk fees)
State transfer tax (TP-584)
New York State’s real estate transfer tax is $2 per $500 of consideration, which is 0.4% of the purchase price. Local custom often has the seller paying this, but it can be negotiated in the contract. (NYS transfer tax)
Mortgage recording tax in Ontario County
When you finance your purchase, New York applies a mortgage recording tax when your mortgage is recorded. The Ontario County Clerk currently indicates a 1.0% mortgage tax calculated on the mortgage amount, rounded to the nearest $100. Because state and local components can be presented differently in various sources, confirm the exact rate for your deal with your lender or title company, and use the county clerk’s schedule as your practical reference. (NYS mortgage tax guidance, Ontario County Clerk fees)
Variable lender and third-party costs
These items vary by provider, property, and loan.
Title insurance in New York
In New York, title insurance rates are filed with the Department of Financial Services and priced from a statewide manual. You will typically see an owner’s policy based on the purchase price and a lender’s policy based on the loan amount. When both are issued at the same time, the lender’s policy is discounted. Ask your title company for an itemized quote for premiums and any endorsements. (NY DFS title insurance)
Lender fees
Expect charges such as origination, underwriting, and a credit report fee. Your lender must provide a Loan Estimate within three business days of application so you can see and compare these costs. (Loan Estimate basics)
Appraisal and inspection
Most loans require an appraisal. A common range is about $400 to $800, depending on the property and loan type. Home inspections are optional but common and usually run a few hundred dollars, depending on size and scope. (Typical closing costs)
Attorney and settlement fees
New York purchases commonly involve attorneys. Buyers typically pay their own attorney, with fees varying by firm and complexity. The New York City Bar outlines typical buyer obligations in a New York purchase. (NYC Bar buyer guidance)
Prepaids and escrow deposits
Lenders usually collect an initial escrow for property taxes and homeowners insurance, plus the first year of your insurance premium. These amounts depend on your closing date and local tax cycles. The CFPB explains how these appear on your disclosures. (CFPB overview)
Who pays what in New York
Traditionally in many New York transactions, sellers pay broker commissions and the state transfer tax, and buyers pay lender-related costs, title insurance premiums, their own attorney, and the mortgage recording tax if financing. Local practice can vary, and some items are negotiable. The safest move is to spell out who pays each line item in your purchase contract so your Closing Disclosure matches your expectations. (NYC Bar buyer guidance, Negotiation overview)
Example cost snapshot for Victor
Here is an illustrative example for a $400,000 purchase in Victor with 20% down and a $320,000 mortgage. Your numbers will differ.
- Mortgage recording tax: If Ontario County’s rate is 1.0%, tax is $3,200 on a $320,000 mortgage. If the applicable rate were 0.75%, tax would be $2,400. Confirm your rate with your lender or title company. (Ontario County Clerk fees)
- Deed and mortgage recording fees: about $60 to $100 depending on page count. (Ontario County Clerk fees)
- Title insurance: owner and lender policies together often total in the low thousands, priced from the NY rate manual. Ask for an itemized quote. (NY DFS title insurance)
- Appraisal: often $450 to $800. (Typical closing costs)
- Buyer attorney: varies by firm, often the hundreds to a few thousand.
- Initial escrow deposits: can range from hundreds to several thousand based on tax cycles.
One illustrative tally might look like this: appraisal $600 + title $1,400 + mortgage tax $3,200 + recording $150 + attorney $1,200 + initial escrow $2,000 = about $8,550. On a $400,000 price, that is roughly 2.1% of the purchase price. This is only an example to help you plan. Actual totals can be higher or lower.
How to estimate your number
- Ask your lender for a written Loan Estimate within three business days of application. Compare estimates from more than one lender when possible. (Loan Estimate basics)
- Confirm fixed county fees and any mortgage tax with the Ontario County Clerk or your title company before closing. (Ontario County Clerk fees)
- Get an itemized title premium quote for both owner’s and lender’s policies, including endorsements. (NY DFS title insurance)
- Clarify in the contract who pays the state transfer tax and the owner’s policy, and note any seller credits in writing. (Negotiation overview)
- Budget a cushion. Many buyers set aside 2% to 5% of the purchase price to cover closing costs and prepaids. (Closing cost ranges)
Quick checklist for Victor buyers
- Know your range: plan for 2% to 5% of price.
- Ask for your Loan Estimate early.
- Confirm Ontario County recording fees and mortgage tax.
- Request itemized title quotes.
- Nail down who pays what in the contract.
- Keep extra funds for escrows and prorations.
Ready when you are
If you want local, straight-talk guidance on costs and how to structure your offer, reach out. I will help you estimate your cash to close, line up trusted lenders and attorneys, and keep you confident from contract to keys. Connect with Stephanie Ide to get started.
FAQs
What are typical buyer closing costs in Victor, NY?
- Many buyers plan for about 2% to 5% of the purchase price, with actual totals depending on your loan, price, taxes, and insurance. (Closing cost ranges)
Who usually pays New York’s transfer tax?
- The 0.4% state transfer tax is often paid by the seller in New York, but it is a negotiable contract item, so confirm how yours is allocated. (NYS transfer tax)
How is the mortgage recording tax calculated in Ontario County?
- It is applied to your mortgage amount, rounded to the nearest $100, using the county’s stated rate, which the clerk lists at 1.0%; verify your exact rate with your lender or title company. (Ontario County Clerk fees)
Are title insurance premiums negotiable in New York?
- Premiums are set from a statewide rate manual filed with the Department of Financial Services; ask your title company for an itemized quote to understand the required coverages. (NY DFS title insurance)
When will I see my final closing numbers?
- Your lender must provide a Closing Disclosure at least three business days before closing, and you should receive a Loan Estimate within three business days of application. (CFPB overview)
