When the sale price exceeds $500, New York State real estate transfer tax is $2 for each $500 of sale price, or part of $500. The seller normally pays the base tax, but the sale agreement can provide otherwise; local transfer taxes may also apply. A separate 1% mansion tax applies to residential sales of $1 million or more and is normally paid by the buyer. Mortgage balances, liens, back taxes, and your share of current property taxes are separate. 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.