New York State real estate transfer tax is $2 for each $500 of sale price, or part of $500, when the price exceeds $500. The seller normally pays this base tax, but the sale agreement can provide otherwise. Local transfer taxes may add to it. A separate 1% mansion tax normally applies to the buyer on residential sales of $1 million or more.
When you sell to us, we pay the closing costs, including New York State real estate transfer tax and any applicable local real estate transfer taxes.
That closing-cost promise does not pay a seller's mortgage, liens, back taxes, or share of current property taxes. Those remain separate settlement items.
New York State Department of Taxation and Finance: real estate transfer tax →