How much are seller closing costs in New York?

Outside New York City, sellers typically pay 6–8% of the sale price: 4–6% in agent commissions, the 0.40% New York State transfer tax, attorney fees of $1,500–$3,500, and recording and payoff fees. Inside New York City, total seller costs commonly run 8–10% because the NYC Real Property Transfer Tax (1.0% up to $500,000, 1.425% above) is layered on top of the state tax, plus a co-op flip tax of 1–3% where it applies.

What is the New York State real estate transfer tax?

New York State charges $2.00 per $500 of sale price — 0.40% — on residential sales under $3 million. For residential sales of $3 million or more the rate rises by $1.25 per $500, for a combined 0.65%. The seller customarily pays this tax statewide.

Who pays the New York mansion tax, the buyer or the seller?

The buyer pays the mansion tax. It starts at 1% on residential purchases of $1 million or more and scales up in bands to 3.9% on purchases of $25 million or more. It is not a seller closing cost, but it affects negotiations because buyers price it into their offers just under each threshold.

What is a co-op flip tax in New York City?

A flip tax is a transfer fee the co-op corporation charges when a unit is sold, paid by the seller at closing. It is set by the building's bylaws and is typically 1–3% of the sale price, or a per-share amount, or a percentage of the seller's profit. Always confirm the exact formula with the managing agent before quoting a net number.

Do you need an attorney to sell a home in New York?

Yes in practice. New York is an attorney-closing state: the seller's attorney drafts the contract of sale, orders the payoff letter, and attends closing. Expect $1,500–$3,500 for a standard residential sale, and more for co-ops and estates.

New York seller guide

New York seller closing costs, line by line (2026)

New York stacks more seller-side line items than almost any other state: a state transfer tax, a separate New York City transfer tax, a co-op flip tax, mandatory attorney representation, and — for luxury deals — a buyer-paid mansion tax that quietly shapes your list price. This guide walks every line on a New York seller net sheet, then hands off to the free New York seller net sheet calculator.

Quick answer: what New York sellers pay

Upstate and on Long Island, total seller closing costs run 6–8% of the sale price. Inside New York City they commonly run 8–10%. Here is the split on a $750,000 sale outside the five boroughs:

Agent commissions (4–6%): $30,000 – $45,000
NYS transfer tax (0.40%): $3,000
Seller's attorney: $1,500 – $3,500
Recording, deed prep, payoff/wire fees: $300 – $700
Prorated property & school taxes: variable
NYC RPTT (city sales only, 1.0–1.425%): $0 outside NYC
Co-op flip tax (co-ops only, 1–3%): $0 for houses

1. New York State Real Estate Transfer Tax

The state transfer tax applies to every conveyance in New York and is customarily a seller expense:

NYS Transfer Tax = Sale price × 0.0040 ($2.00 per $500)

A $750,000 sale = $3,000. On residential sales of $3 million or more, the rate increases by $1.25 per $500 for a combined 0.65% — a $3.2M sale pays $20,800 instead of $12,800.

2. New York City Real Property Transfer Tax (RPTT)

Sell inside the five boroughs and the city layers its own transfer tax on top of the state tax. The seller pays it:

Residential, $500,000 or less: 1.0% of the sale price.
Residential, above $500,000: 1.425% of the entire sale price — not just the amount above the threshold.
Commercial / 4+ unit: 1.425% up to $500,000 and 2.625% above it.

On a $1,000,000 Brooklyn condo that's $14,250 in city tax plus $4,000 in state tax — $18,250 before a dollar of commission. Note the cliff at $500,000: a $505,000 sale pays roughly $2,200 more city tax than a $500,000 sale.

3. The mansion tax — buyer-paid, but it shapes your price

New York's mansion tax is paid by the buyer on residential purchases of $1 million or more, so it never appears on your seller net sheet. It still matters, because buyers negotiate around each band:

$1M – $1.999M: 1.00%
$2M – $2.999M: 1.25%
$3M – $4.999M: 1.50%
$5M – $9.999M: 2.25%
$10M – $14.999M: 3.25%
$15M – $19.999M: 3.50%
$20M – $24.999M: 3.75%
$25M and above: 3.90%

Pricing at $999,000 rather than $1,010,000 can save your buyer $10,000 and win a faster offer. In slower markets sellers are sometimes asked to credit the mansion tax — treat that as a concession line on your net sheet.

4. Attorney fees — New York is an attorney-closing state

Unlike escrow states such as California, New York closings are run by attorneys. The seller's attorney drafts the contract of sale, orders the mortgage payoff letter, clears title objections, and attends the closing table.

Standard house or condo sale: $1,500 – $3,000
Co-op sale (extra board and lien-search work): $2,000 – $3,500
Estate sales, short sales, and 1031 exchanges: higher

The buyer pays for the owner's title insurance policy in New York, so title premium is not a seller line on a house or condo. Co-ops have no title insurance at all — shares are personal property.

5. Co-op flip tax and building fees

Roughly two-thirds of Manhattan apartments are co-ops, and most co-op corporations charge a flip tax — a transfer fee paid by the seller at closing. Common formulas:

1–3% of the gross sale price (most common)
A flat per-share amount
A percentage of the seller's profit
A flat dollar fee

Add the managing agent's package: move-out deposit, closing/ processing fee, stock transfer fee, and the New York State stock transfer stamps on co-op shares. Budget $1,000 – $3,000 in building fees on top of the flip tax, and confirm the exact formula with the managing agent before quoting a net figure.

6. Agent commissions after the NAR settlement

Since August 2024, listing-side and buyer-side compensation are negotiated separately and are no longer published on the MLS or RLS. Typical 2026 New York ranges:

Manhattan and Brooklyn: 4–6% total, often split 2.5% / 2.5%
Long Island and Westchester: 4–5% total
Upstate: 5–6% total

On a $1.2M Brooklyn sale, trimming the buyer-side offer by 0.5% keeps $6,000 — usually the biggest single lever on the net sheet.

7. Property and school tax prorations

New York tax calendars vary by municipality: New York City bills on a July 1 – June 30 fiscal year, most upstate towns bill county/ town taxes on a January calendar year, and school taxes run September through August. At closing the seller is charged through the closing date and credited for anything prepaid.

Long Island sellers should watch the school-tax proration closely — on high-tax Nassau and Suffolk properties it is frequently a five-figure line.

8. Mortgage payoff, liens, and the CEMA option

Order an official 10-day payoff quote; the statement balance is not the payoff. New York also allows a CEMA (Consolidation, Extension and Modification Agreement): your existing mortgage is assigned to the buyer's lender instead of being satisfied and re-recorded, which saves the buyer mortgage recording tax and often earns the seller a partial credit. Expect $750 – $2,000 in bank and attorney fees to process one, and start it early — CEMAs add two to four weeks.

Worked example: $1,000,000 Brooklyn condo

Contract price $1,000,000, mortgage payoff $420,000, 2.5% + 2.5% commissions, NYC RPTT at 1.425%, NYS transfer tax at 0.40%, $2,750 attorney, $600 recording and payoff fees, $2,400 prorated taxes.

$1,000,000 − $420,000 − $50,000 − $14,250 − $4,000 − $2,750 − $600 − $2,400 = $506,000 net

Transfer taxes alone consume $18,250 — more than 1.8% of the sale price, and the line most New York sellers forget until closing.

Skip the spreadsheet

The free Sumline New York net sheet applies the 0.40% / 0.65% state transfer tax bands, the NYC RPTT thresholds, flip tax, attorney fees, and 2026 commission defaults automatically. Enter your numbers and hand your seller a branded PDF in under 60 seconds.

Open the New York net sheet