NYC closing costs
Enter a sale price and every line appears, for buyer and seller.
A conventional loan is assumed, with a lender's policy, lender fees and prepaids drawn from the sources listed on this page; commission shows up only when you enter it, and the down payment sits at 20% until you enter yours.
- Transfer tax on real estate
- 0.4% applied to the price
- Who pays this one
- SellerThe base tax is the seller's (grantor's) responsibility. The buyer must pay whenever the seller doesn't pay or has an exemption. A separate 1% mansion tax falls on the buyer.
- Rates for title insurance
- Filed by each insurer; owner's policy: buyer pays
- Deed recording
- $45 on the Sullivan County schedule
How New York City differs
- Customarily the seller pays a real estate transfer tax of 0.4% of the price. Responsibility for the base tax falls on the seller (grantor). The buyer must pay whenever the seller doesn't pay or has an exemption. A separate 1% mansion tax applies, and the buyer is the one who owes it. tax.ny.gov
- New York City: a real property transfer tax, added on top in New York City, 1% up to $500,000 and 1.425% above $500,000. nyc.gov
- In New York City, the supplemental tax adds on top for NYC homes priced at $2 million or more. 0% through $2,000,000. 0.25% between $2,000,000 and $3,000,000. 0.5% between $3,000,000 and $5,000,000. 1.25% between $5,000,000 and $10,000,000. 2.25% between $10,000,000 and $15,000,000. 2.5% between $15,000,000 and $20,000,000. 2.75% between $20,000,000 and $25,000,000. 2.9% above $25,000,000. The buyer pays it. tax.ny.gov
- In New York City, an extra base tax applies on top when an NYC home is priced at $3 million or more: 0% through $3,000,000; 0.25% above $3,000,000. The seller pays it. tax.ny.gov
- The mortgage recording tax applies outside the commuter district and covers the state basic tax, the special additional tax and the additional tax; it equals 1% of the loan and the buyer pays it. County or city add-ons are not included. tax.ny.gov
- Homes that sell for $1 million or more carry a 1% mansion tax, worked out from the sale price. The buyer pays that tax; if the buyer doesn't, the seller does. tax.ny.gov
- Outside New York City, Form TP-584 is filed with the county clerk for the property. Once the deed is delivered, you have 15 days to submit the form and pay all tax. tax.ny.gov
- Nonresident sellers must work out their gain, then pay any estimated income tax on Form IT-2663, or the co-op form IT-2664, unless an exemption applies to them. tax.ny.gov
- Even when no tax is due, New York City requires you to file the transfer tax return in ACRIS and pay the tax within 30 days of the transfer. nyc.gov
- Only the mansion tax is waived for transfers to qualifying nonprofits for open space or parks, or for historic preservation. tax.ny.gov
- Transfers to Real Estate Investment Trusts that qualify are taxed at half the usual city transfer tax rate in New York City. nyc.gov
- Title insurance is filed by each insurer; buyers usually purchase the owner's policy. The state Department of Financial Services approves those rates. Each insurer may file its own rates, although TIRSA proposes rates for its members. dfs.ny.gov
- Recording the deed: $45 (Sullivan County schedule). sullivanny.gov
Who pays the closing costs in New York
| Line | Customary payer | Rate or amount | Source |
|---|---|---|---|
| Transfer tax on real estate | Seller | At 0.4% of the sale amount | tax.ny.gov |
| Real property transfer tax for New York City (New York City) | Negotiable | At 1% up to $500,000, then 1.425% above $500,000 | nyc.gov |
| Supplemental tax on NYC homes valued at $2 million or more (New York City) | Buyer | At 0% up to $2,000,000, then 0.25% from $2,000,000 up to $3,000,000, then 0.5% from $3,000,000 up to $5,000,000, then 1.25% from $5,000,000 up to $10,000,000, then 2.25% from $10,000,000 up to $15,000,000, then 2.5% from $15,000,000 up to $20,000,000, then 2.75% from $20,000,000 up to $25,000,000, then 2.9% above $25,000,000 | tax.ny.gov |
| Additional base tax on NYC homes valued at $3 million or more (New York City) | Seller | At 0% up to $3,000,000, then 0.25% above $3,000,000 | tax.ny.gov |
| Mortgage recording tax (covering the state basic tax, plus the special additional tax and the additional tax; this applies outside the commuter district, and county or city add-ons are not included) | Buyer | At 1% of the loan amount | tax.ny.gov |
| Owner's title policy | Buyer | filed by each insurer rate | dfs.ny.gov |
| Recording the deed | Buyer | $45 | sullivanny.gov |
| Origination charge | Buyer | At 1% of the loan amount | bankrate.com |
| Appraisal | Buyer | $359 | angi.com |
| Buyer's agent commission | Set in the buyer agreement | 2.42% average | redfin.com |
NYC mortgage recording tax
Real property transfer tax for New York City, New York City
$0 to $500,0001%
$500,000 and up1.425%
That band rate covers the whole price.
New York City supplemental tax, for NYC homes priced at $2 million or more
$0 to $2,000,0000%
$2,000,000 to $3,000,0000.25%
$3,000,000 to $5,000,0000.5%
$5,000,000 to $10,000,0001.25%
$10,000,000 to $15,000,0002.25%
$15,000,000 to $20,000,0002.5%
$20,000,000 to $25,000,0002.75%
$25,000,000 and up2.9%
That band rate covers the whole price.
Additional base tax on NYC homes priced at $3 million or more, New York City
$0 to $3,000,0000%
$3,000,000 and up0.25%
That band rate covers the whole price.