New York State real estate transfer tax is $2 for each $500 of sale price, or part of $500, when the price exceeds $500. Local transfer taxes may add to it, and a separate 1% mansion tax normally applies to residential sales of $1 million or more and is normally paid by the buyer. Ask your closing attorney to show which taxes apply and how the agreement allocates them. 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.