Closing costs in New York
What a buyer or seller pays at the closing table in New York — the real transfer-tax rate, recording fees, title-insurance method and attorney rules, plus a calculator that uses New York's actual rates.
- Transfer tax
- 0.4%
- customarily seller-paid
- Recording fee (deed)
- ~$125
- a flat fee per document
- Title insurance
- promulgated
- ~$5.75 / $1,000
- Attorney at closing
- Required
New York in the national transfer-tax dataset
0.4%, #16 of 51 nationally; at $400,000, that is $960 above the median $640 tax at $400,000. The comparison uses the 51 source-verified state and DC records in the TallyClose dataset; null transfer-tax states count as 0% rather than being filled with an estimate.
- National rank
- #16 of 51
- highest state transfer-tax rate first
- Median-state tax at $400,000
- $640
- New York: $1,600
- County coverage
- 7
- 4 with a city-tax field
New York transfer-tax data: official source linked on this page, reviewed 2026-Q2.
How closing costs work in New York
The biggest closing-cost variable in New York is the real-estate transfer tax, which here is 0.4% and is customarily seller-paid. New York State charges $2.00 per $500 of price (0.4%), paid by the seller. On residential sales of $3M+ the state rate rises. New York City adds its own Real Property Transfer Tax (1% under $500k, 1.425% above) plus, on $1M+ homes, the buyer-paid 'mansion tax' (1%–3.9% by price band). NYC LLCs also face a newspaper publication quirk unrelated to transfer tax.
On a $400,000 home, the state-level transfer tax works out to roughly $1,600 , before any county or city add-ons. County recording fees are a flat fee per document and run around $125 for the deed.
For title insurance, New York title-insurance premiums are promulgated — set by the state and identical at every company, so you can't shop the premium itself. New York is also an "attorney state": a licensed attorney must be involved in the closing, which adds an attorney fee that title-only states don't have. Lenders here typically charge $1,800–$4,000 in origination and processing fees, and 2 months of property-tax escrow is commonly collected at closing.
Statute: N.Y. Tax Law Article 31 § 1402. Official source ↗
Recent New York rule changes
Selected from the source-cited rule-change dataset by this state slug.
New York closing cost calculator
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Counties in New York
County and city taxes can change the total significantly. Open a county for its precise rate.
Frequently asked questions
How much are closing costs in New York?
In New York, buyer closing costs typically run about 2%–5% of the purchase price. The state-specific pieces are the transfer tax (0.4%, customarily seller-paid), county recording fees (a flat fee per document, around $125), and title insurance. New York also requires an attorney at closing, which adds a fee. Use the calculator above for your price.
What is the transfer tax in New York?
New York's real-estate transfer tax is 0.4% and is customarily seller-paid. New York State charges $2.00 per $500 of price (0.4%), paid by the seller. On residential sales of $3M+ the state rate rises. New York City adds its own Real Property Transfer Tax (1% under $500k, 1.425% above) plus, on $1M+ homes, the buyer-paid 'mansion tax' (1%–3.9% by price band). NYC LLCs also face a newspaper publication quirk unrelated to transfer tax.
Who pays closing costs in New York?
Both buyer and seller pay different items. The transfer tax in New York is customarily seller-paid. Buyers generally cover lender fees, the appraisal, lender's title insurance and prepaids; sellers generally cover the agent commission and, in most states, the bulk of the transfer tax. Everything is negotiable in the contract.
Do I need an attorney to close in New York?
Yes. New York is an "attorney state" — a licensed attorney must conduct or oversee the real-estate closing, which adds an attorney fee to your costs.
Closest transfer-tax comparisons
Algorithmic neighbors by verified transfer-tax rate, not a static related-links block.
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