New York seller closing costs
| State transfer tax | 0.4% (0.65% on residential sales of $3M or more) |
| Local and county taxes | NYC Real Property Transfer Tax 1.0% (up to $500K) / 1.425% (over $500K) residential |
| Who customarily pays | seller pays the state transfer tax and NYC RPTT; buyer pays the mansion tax (1%+ on $1M+) |
| Owner's title policy customarily paid by | buyer |
| Attorney at closing | Customary |
| Typical recording fee | Verify with a local title company. |
| Notes | Attorney-customary state. |
How this works
Net proceeds are the sale price minus everything that comes out of it at closing: loan payoffs, commissions, the seller’s share of transfer taxes, concessions, title and settlement fees, recording and HOA fees, repairs, a home warranty and anything else you add. The effective cost percentage leaves out the loan payoffs, since those are the seller’s own debt rather than a cost of selling.
Property taxes are prorated on a calendar year: the seller owns the home through the day before closing and is charged that share of the year’s taxes. Some places bill in arrears or on a fiscal year, so adjust if yours does. Transfer tax defaults come from our state research, and where a state uses tiers, the calculator applies them to your price.
The second column recomputes everything at a higher price, 2% by default, to show what competing offers can mean: the extra money to the seller after costs, and the extra gross commission. On deadline day, an offer round is how you find that number.
Questions
Who pays the transfer tax when selling a home in New York?
Seller pays the state transfer tax and NYC RPTT; buyer pays the mansion tax (1%+ on $1M+). Who pays can be negotiated in the contract.
How much is the real estate transfer tax in New York?
0.4% (0.65% on residential sales of $3M or more). NYC Real Property Transfer Tax 1.0% (up to $500K) / 1.425% (over $500K) residential. On a $400,000 sale that works out to about $1,600 for the seller.
Do you need an attorney to close on a home sale in New York?
New York is an attorney-closing state: an attorney customarily conducts the closing. This reflects local custom, not a legal ruling; confirm with your title company or a local attorney.