Home Sale Calculator in New York

Q: How much is transfer tax in New York?

In New York state , the real estate property transfer tax rate is 0.40% for properties below $3 million and 0.65% for properties above $3 million.

Question 1

Who pays closing costs in New York?

Accepted Answer

Both the parties i.e., the buyer and the seller have to pay their respective closing costs in New York. Seller closing costs mainly include agent commissions, home inspection, and some other fees, all of which could sum up to 5%-10% of the property’s sale price.

The buyers have to pay their closing costs as well which are mostly mortgage-related and could sum up to 3%-4% of their loan amount.

Question 2

Do sellers pay closing costs in New York?

Accepted Answer

Yes, sellers do pay closing costs in New York. If you are a home seller in New York then you can expect to pay anywhere between 5%-10% of your home’s sale price as of closing costs.

However, you can save thousands of dollars by listing your home on the New York MLS with Houzeo’s Flat Fee MLS New York packages.

Question 3

Do sellers pay closing costs in NY?

Accepted Answer

Both sellers and buyers pay closing costs in New York state.

Question 4

How much is transfer tax in New York?

Accepted Answer

In New York state, the real estate property transfer tax rate is 0.40% for properties below $3 million and 0.65% for properties above $3 million.

Question 5

What does the seller pay at closing in New York?

Accepted Answer

As a home seller in New York, your closing costs will mainly include real estate agent commissions, outstanding amounts owed on the property, prorated property taxes, settlement fee, title search, municipal lien search, HOA estoppel, documentary stamps on the deed, title insurance, etc.

Question 6

How do you calculate the seller's closing costs in New York?

Accepted Answer

To calculate seller closing costs all you need to do is input the relevant details in Houzeo’s Closing Costs Calculator and you will have your estimated closing costs with just a few clicks.

Question 7

Who pays transfer tax in New York (NY)?

Accepted Answer

Usually the seller pays the transfer tax in the state of New York but this can be negotiated with the buyer.

Home Sale Calculator in New York

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Closing Costs Worksheet