State guide · New York
Seller closing costs in New York
New York's state transfer tax is just the floor — NYC adds its own Real Property Transfer Tax, and condos and coops bring their own seller-paid surprises.
Pre-loaded with New York transfer-tax math. No signup required.
New York at a glance
- State transfer tax
- Tiered / conditional rate — see rule below
- Transfer tax paid by
- Seller
- Owner's title insurance
- Buyer pays
- Closing handled by
- Attorney-handled
State base 0.4% on full price; +1.0% Mansion Tax on full price if sale > $1M. NYC adds a Real Property Transfer Tax on full price: 1.0% for residential <= $500K, 1.425% for residential > $500K. Worst case (NYC > $1M residential): 0.4 + 1.0 + 1.425 = 2.825% of sale price.
In New York, the buyer customarily pays for owner's title insurance. The seller pays the New York State Real Estate Transfer Tax, attorney fees, and (in NYC) the Real Property Transfer Tax.
New York is an attorney state. Both sides retain attorneys for the contract and closing. Title companies handle the insurance and recording; the legal work runs through the attorneys.
Typical seller closing cost band
8% – 11%
Roughly 8–11% upstate New York, but 10–15% in New York City because the NYC Real Property Transfer Tax (RPTT) layers on top of the state transfer tax. Coops add a 'flip tax' that can push it higher again. The Mansion Tax on sales above $1M is paid by the buyer historically — confirm with your attorney.
The New York-specific line items
These are the costs that differ from the generic seller-closing-cost list — the ones a national calculator usually gets wrong for New York.
New York State Real Estate Transfer Tax (RETT)
0.4% of the sale price, paid by the seller. The base rate is uniform across the state and applies to every transfer above the de-minimis threshold.
NYC Real Property Transfer Tax (RPTT) — NYC sales only
On top of the state RETT, New York City imposes its own RPTT on sales inside the five boroughs. Residential rate: 1.0% on sales of $500,000 or less; 1.425% on sales above $500,000. The seller pays. This is the line that makes NYC closing costs feel categorically different from upstate.
Mansion Tax — sales above $1M
New York's Mansion Tax (1.0% on the full sale price for sales > $1M, graduated higher for NYC sales > $2M) is historically a buyer-paid tax — different from New Jersey's recent seller-shift. Confirm with the closing attorney, since some sale contracts assign it to the seller as a concession. The DashLoops NETSheet excludes the Mansion Tax from the seller line unless the contract assigns it to the seller.
Flip tax (condos and coops)
Many New York condo associations and most coops levy a 'flip tax' on resale — typically 1–3% of sale price, sometimes a per-share charge. It's payable to the building, not the city or state, and the seller pays. Read the offering plan and building bylaws; the management company will confirm the current rate.
Attorney fees (seller side)
New York sellers retain a real estate attorney for the contract and closing. Typical flat fee: $1,500–$3,500 outside NYC; $2,500–$5,000+ in Manhattan. The fee is higher for coops because of the board-package preparation work.
Recent change worth knowing
New York increased the Mansion Tax for NYC sales above $2M in 2019 (graduated up to 3.9% above $25M). Outside NYC and below $2M the original 1% rate still applies. The Mansion Tax remains a buyer obligation under default custom — confirm with your closing attorney since contract terms can reassign it.
A worked example
$500,000 sale price, typical New York norms. Your numbers will vary — run the NETSheet for an actual estimate with your sale price, payoff, and close date.
- Sale price
- $500,000
- Mortgage payoff
- −$230,000
- Commission (6% total)
- −$30,000
- NYS RETT (0.4% × $500K — non-NYC)
- −$2,000
- Title + settlement fees
- −$1,500
- Prorations + other seller costs
- −$2,500
- Estimated net proceeds
- $234,000
Numbers are illustrative — they don't replace a real NETSheet run with your contract terms.
Run your own New York numbers
Pre-loaded with New York transfer-tax rates and customary practice. Punch in your sale price, payoff, and close date — the tool fills the rest.
Frequently asked — New York
How much are seller closing costs in New York?
Outside New York City, sellers typically pay 8–11% of the sale price at close. Inside the five boroughs, that range is 10–15% — the NYC Real Property Transfer Tax (RPTT) adds 1.0% or 1.425% on top of the state's 0.4% transfer tax. Coop sellers face an additional 'flip tax' from the building. Major lines: commission (5–6%), state RETT, NYC RPTT if applicable, attorney fees, and any flip tax.
What's the New York State transfer tax?
New York State imposes a Real Estate Transfer Tax (RETT) of 0.4% of the sale price, paid by the seller, on every transfer above the de-minimis threshold. The rate is uniform statewide. The Mansion Tax (1% on sales above $1M, graduated higher for NYC sales above $2M) is a separate tax and is historically the buyer's responsibility.
What is the NYC Real Property Transfer Tax (RPTT)?
The NYC RPTT is a city-level transfer tax that applies to sales inside the five boroughs of New York City, in addition to the state RETT. The residential rate is 1.0% for sales of $500,000 or less and 1.425% for sales above $500,000. The seller pays. For a $750,000 NYC sale, that's the state RETT (0.4% = $3,000) plus the NYC RPTT (1.425% = $10,687) — a total of ~$13,700 in transfer-related taxes alone.
Who pays the Mansion Tax in New York?
The buyer customarily pays the Mansion Tax in New York. The Mansion Tax kicks in on sales above $1M (1.0% of full sale price) and graduates higher for NYC sales above $2M (up to 3.9% above $25M). This is different from New Jersey, where the Mansion Tax shifted to the seller in July 2025. Some New York sale contracts reassign the Mansion Tax to the seller as a concession — confirm with the closing attorney.
What is the flip tax on a NYC coop or condo?
A flip tax is a fee levied by the building (not the city or state) on resale. Most coops and many condos charge it; the rate is set by the building's bylaws. Typical structures: 1–3% of sale price, $X per coop share, or a flat fee. The seller pays at close, and proceeds go to the building's reserves. The management company will confirm the current rate.
Who pays for title insurance in New York?
The buyer customarily pays for owner's title insurance in New York. Title rates are set by the New York Department of Financial Services, so the premium doesn't vary by title company — only the optional endorsements do. The seller's title-related cost at close is usually the deed-preparation work, which the seller's attorney handles.
Do I need an attorney to sell a home in New York?
Practically, yes. New York is an attorney state. Both sides retain attorneys for the contract review and closing. Outside NYC, a seller's attorney typically charges $1,500–$3,500. In Manhattan, expect $2,500–$5,000+, higher for coops because of the board-package work.
Why are NYC closing costs so much higher than the rest of New York?
Three reasons: the NYC RPTT (1.0% or 1.425% on top of the state's 0.4%), higher attorney and broker norms in Manhattan, and the flip tax on coops and many condos. A non-NYC seller pays only the 0.4% state RETT for transfer tax. An NYC seller pays state RETT plus city RPTT plus, often, a building flip tax — three separate transfer-related costs.
Related guides
- How to calculate seller net proceeds — the general guide that the state-specific math sits on top of.
- Seller closing costs — all 50 states + DC — quick-reference table of transfer-tax rates by state.
- Contract-to-close transaction checklist — every task between accepted offer and closing day.