Estimate Your Closing Costs
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Disclaimer: These are estimates only. Actual closing costs vary by lender, title company, state/county, and closing date. Your Loan Estimate (TRID) is the source of truth.
New York Closing Costs Breakdown
Closing costs in New York are among the highest in the nation, typically ranging from 3% to 6% of the purchase price. For a median-priced home near $488,000, buyers should plan for $14,640 to $29,280 at closing, driven by layered state and city transfer taxes, mandatory mortgage recording taxes, and attorney fees.
Transfer Taxes & Fees
New York State charges a transfer tax of $2 per $500 (0.4%) on all residential sales, paid by the seller. The buyer pays the Mansion Tax at 1% for purchases at or above $1 million, rising in tiers up to 3.9% for properties over $25 million. New York City adds its own transfer tax of 1% on sales under $500,000 and 1.425% on sales of $500,000 or more, typically paid by the seller.
Attorney Requirements
Yes, New York is an attorney-closing state. Both buyers and sellers must retain separate licensed New York real estate attorneys. Attorney fees in New York City typically range from $2,000 to $3,500. Outside NYC, fees are generally $800 to $1,500. Attorney involvement is mandatory and deeply embedded in the transaction process.
Local Quirks & Need-to-Know
New York has a mandatory mortgage recording tax paid by the buyer: 1.05% in most of the state and 2.05% in New York City on loans over $500,000. This tax alone adds several thousand dollars to buyer costs. New York City co-op purchases involve a proprietary lease and shares rather than a deed, creating entirely different closing conventions than fee simple properties. Flip taxes charged by co-op boards are common in NYC.