New York State charges $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 applies to residential sales of $1 million or more and is normally paid by the buyer.
Before you sign, ask the title company to show the State and local transfer-tax lines for the actual sale and check who the written agreement says will pay. 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. Your mortgage, liens, back taxes, and share of current property taxes are separate.