For a sale price over $500, New York State real estate transfer tax is $2 for each $500 of price, or part of $500. The seller normally pays the base tax, though the sale agreement can provide otherwise, and a local transfer tax may add to it. A separate 1% mansion tax on residential sales of $1 million or more is normally paid by the buyer. Ask the closing professional to confirm what applies to your sale. 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. Mortgage balances, liens, back taxes, and your share of current property taxes are separate.