Closing Costs for Buyers on Nantucket

When a property transfers on Nantucket, the Buyer pays several closing costs unique to the island. The largest is the Nantucket Land Bank Fee, which equals 2% of the purchase price. Established in 1993, the Land Bank acquires open space for community recreation, preservation, and agricultural use. Since its creation, it has acquired more than 3,500 acres on Nantucket. Although the Buyer-paid Land Bank fee is not tax-deductible, it may be added to the property’s cost basis when the property is sold. First-time buyers are exempt from the Land Bank fee on real estate purchases of up to $1,250,000.

Other Buyer-paid closing costs may include structural, building, and pest inspections, as well as lead-paint and well-water inspections when applicable. Buyers may also be responsible for legal fees, bank fees associated with financing, and prorated property taxes, insurance, and homeowners’ association dues, when applicable.

Closing Costs for Buyers and Sellers on Nantucket