Selling a House in New York: The Complete Guide to Transfer Taxes, RPTT, Attorney Fees & Timeline (2026)

New York has one of the most complex closing-cost structures in the country — multiple layers of state, county, and (in New York City) city transfer taxes that stack on top of each other, a mansion tax on higher-priced properties, mandatory attorney involvement, and unique co-op closing requirements that don't exist anywhere else. This guide breaks down exactly what New York sellers can expect to pay, when they'll get paid, and how to estimate what actually lands in their bank account.

For a personalized number based on your sale price, location, and mortgage payoff, use the New York Net Proceeds Calculator — this guide explains the "why" behind those numbers.

Overview: What Selling a Home in New York Actually Looks Like

Outside New York City, sellers typically pay between 7% and 10% of the sale price in total closing costs. Inside NYC, that range stretches to 8%–12%, driven primarily by the additional NYC Real Property Transfer Tax (RPTT) and higher attorney and title costs. Real estate commission and transfer taxes are the two largest seller-side line items in nearly every NY transaction.

New York is an attorney state: both buyer and seller are expected to engage a real estate attorney to draft and negotiate the contract, manage diligence, and handle the closing. That's a structural difference from title-company states like Florida or Texas and adds both cost and timeline.

New York State Transfer Tax

New York State charges a real estate transfer tax on every deed transfer, customarily paid by the seller.

• Standard rate: $2 per $500 of sale price — effectively 0.4%.
• $2M-and-above rate: for residential conveyances of $2 million or more, the rate increases to 0.65%.

Example: on a $500,000 sale, the state transfer tax is $2,000. On a $2,500,000 sale, it's $16,250.

NYC Real Property Transfer Tax (RPTT)

If your property is located within New York City — meaning Manhattan, Brooklyn, Queens, the Bronx, or Staten Island — an additional city transfer tax applies on top of the state transfer tax. NYC RPTT is paid by the seller.

• Residential under $500,000: 1.0%
• Residential $500,000 and above: 1.425%

Example: selling a $1,500,000 Brooklyn condo, the seller owes $6,000 in state transfer tax (0.4%) PLUS $21,375 in NYC RPTT (1.425%) — a combined $27,375 in transfer taxes alone, before commission, attorney fees, or any other closing cost.

Important: NYC RPTT is in addition to the state transfer tax, not instead of it. NYC sellers pay both.

The Mansion Tax (Heads-Up for Sellers)

The New York "mansion tax" is technically paid by the buyer, but every seller of a property at or near $1M should understand it because it directly affects buyer negotiating dynamics and what offers come in.

• Applies to residential property selling for $1,000,000 or more.
• Statewide base: 1.0% for $1M–$1.999M.
• Within NYC, the mansion tax uses a tiered sliding scale that rises with sale price, reaching up to 3.9% on properties above $25 million.
• Calculated on the entire sale price, not just the amount above $1M.

Practical effect for sellers: properties listed just over $1M ($1,000,001) cost a buyer thousands more than properties listed at $999,000, because the buyer suddenly owes the mansion tax on the full amount. Pricing decisions in the $950K–$1.05M band deserve real thought.

County Transfer Taxes (Outside NYC)

Most New York counties do not add a county-level transfer tax — outside NYC, the state transfer tax is usually the only transfer tax you owe. A few counties are exceptions: Broome County, for example, imposes its own additional county transfer tax. Always confirm with your attorney or title company whether your county adds anything on top.

Attorney Fees — Mandatory in New York

New York is one of a small number of states where a real estate attorney is, in practice, required on both sides of every transaction. Your attorney drafts and negotiates the contract, manages diligence and contingencies, coordinates with the buyer's attorney and lender, and handles the closing.

Typical seller-side attorney fee: $1,500–$3,000, with NYC and complex co-op transactions commonly at the upper end of that range or above. This is a flat fee, not a percentage, so it's a larger share of net on lower-priced sales and a small line item on multi-million-dollar deals.

Other Seller Closing Costs

Real Estate Commission

Commission remains the largest single seller cost in most NY transactions. Rates are negotiable, and following recent industry-wide changes to how commissions are disclosed, more sellers are negotiating directly with their listing agents. Combined listing and buyer's agent commission commonly ranges from 5% to 6% of the sale price, with NYC often running slightly higher.

Title Insurance

In New York, the buyer typically pays for title insurance (both the owner's policy and the lender's policy). Sellers usually do not see a title insurance premium on their side — though sellers may pay for a title search update, departmental searches, and any required clearance of liens or judgments.

Recording Fees, Pickup/Payoff, and Miscellaneous

Sellers typically cover the cost of recording the satisfaction of mortgage, courier/wire/pickup fees from the mortgage payoff lender, and small administrative charges. These are usually a few hundred dollars combined.

NYC-Specific Move-Out Fees (Condos and Co-ops)

NYC condo and co-op sellers often face additional building-imposed fees: move-out fees, processing fees, managing-agent fees, and sometimes a capital contribution or working-capital adjustment. These vary by building and should be obtained from the managing agent early.

Co-op Considerations

Selling a co-op (overwhelmingly an NYC phenomenon) carries requirements that don't exist in condo, townhouse, or single-family sales:

• Board approval: the buyer must be approved by the co-op board, including a financial review and (in most buildings) an in-person interview. Boards can reject buyers without cause.
• Flip tax: many co-ops charge a flip tax on the sale, ranging from a small flat fee to 1%–3% of the sale price, paid by the seller (sometimes by the buyer — check the bylaws). On a $1.2M sale at a 2% flip tax, that's $24,000.
• Stock and lease, not deed: co-op sellers transfer shares of stock and a proprietary lease rather than a deed. This means a different (often shorter) recording process and different transfer-tax mechanics.
• Move-out fees and document fees from the managing agent are common and often non-trivial.
• Timeline impact: board package preparation and board review commonly add 6–10 weeks on top of a normal closing timeline.

If you're selling a co-op, ask your attorney and managing agent for an itemized list of building-specific seller costs before you price the unit — it's easy to underestimate by tens of thousands of dollars.

New York Capital Gains Tax When Selling Your Home

The Federal Exclusion (Section 121)

If the home has been your primary residence for at least 2 of the last 5 years, you can exclude:

• Up to $250,000 of capital gain if you're a single filer
• Up to $500,000 of capital gain if you're married filing jointly

New York State honors this same exclusion for state tax purposes. For most owner-occupants, the exclusion eliminates some or all of the taxable gain.

Above the Exclusion: Federal + New York State (+ NYC) Income Tax

Any gain above the exclusion is taxed at multiple levels in New York:

• Federal long-term capital gains tax: 0%, 15%, or 20% depending on total income.
• New York State income tax: capital gains are taxed as ordinary income at NY rates that reach 10.9% at the highest bracket — there is no preferential long-term capital gains rate at the state level.
• NYC residents: an additional NYC income tax (top bracket roughly 3.876%) applies on top of state and federal.

For high-income NYC sellers, the combined marginal rate on gain above the federal exclusion can exceed 35%. Out-of-state sellers also face nonresident estimated tax withholding at closing.

Investment Properties & 1031 Exchanges

For investment property, the Section 121 exclusion doesn't apply and depreciation recapture is owed. A 1031 exchange can defer federal and state tax by reinvesting proceeds into a like-kind property.

This is general information, not tax advice. Capital gains calculations depend on your specific cost basis, improvements, filing status, residency, and income. Consult a CPA before listing — especially in NYC, where the stacked tax exposure is meaningful.

New York Timeline: Contract to Close

New York closings typically run longer than most other states because of attorney involvement on both sides and (in NYC) board approval processes.

• Single-family / condo with financing: 60–90 days is typical from accepted offer to close.
• Co-op: 90–120+ days is common, driven by board package preparation and board review.
• All-cash, no co-op: can close in 30–45 days.

The contract isn't binding until both attorneys have negotiated and both parties have signed — there's often a 1–2 week "attorney review" phase after an accepted offer before the contract is fully executed.

Tips for Sellers in Major New York Markets

New York City (Manhattan, Brooklyn, Queens, Bronx, Staten Island)

Plan for the full stack: state transfer tax + NYC RPTT + (if co-op) flip tax + managing-agent and move-out fees + attorney + commission. The mansion tax doesn't hit your bottom line directly, but pricing into or out of mansion-tax thresholds shapes buyer demand. For co-ops, get the building's seller-side fee schedule before pricing.

Long Island (Nassau & Suffolk)

Outside NYC, you skip RPTT but still owe state transfer tax. Long Island sellers should pay attention to peconic bay community preservation fund (CPF) transfer tax in the East End townships — it's buyer-paid but materially affects buyer budgets on East End properties. Property tax prorations on Long Island are often significant because of high effective tax rates.

Buffalo

Erie County is a single transfer-tax jurisdiction at the state rate. Buffalo's market is comparatively affordable, which means attorney fees and the flat state transfer-tax structure are a larger share of total seller cost relative to sale price than in NYC.

Rochester

Monroe County mirrors Buffalo: state transfer tax only, attorney-led closings, modest title costs. Property tax prorations can be a meaningful seller credit because Western New York effective property tax rates are among the highest in the country.

Albany / Capital Region

Albany, Schenectady, Rensselaer, and Saratoga counties all use the state transfer tax with no additional county tax. Standard attorney-state mechanics apply.

Tips for Maximizing Your Net Proceeds

• Get a payoff quote early. Mortgage payoff amounts include accrued interest, and an outdated estimate can throw off your entire net sheet.
• Confirm NYC RPTT applies (or doesn't). If your property is anywhere in the five boroughs, RPTT is in addition to state transfer tax — budget for both.
• If selling a co-op, request the flip tax schedule in writing from the managing agent before you price the unit.
• Watch the mansion-tax cliff at $1M. A $999,000 list price reaches a meaningfully larger pool of buyers than $1,001,000 in markets where buyers are price-sensitive.
• Engage your attorney early — before listing, ideally — to flag any title, lien, or co-op issues that could delay closing.
• Track your cost basis. Capital improvements, original closing costs, and selling expenses all increase your basis and reduce taxable gain at both federal and state levels.

Frequently Asked Questions

Do New York sellers pay transfer tax?

Yes. The seller customarily pays the New York State transfer tax (0.4%, or 0.65% on $2M+ residential sales). Within NYC, sellers also pay the NYC RPTT (1.0% under $500K, 1.425% at $500K and above) on top of the state tax.

How much are total closing costs for sellers in New York?

Most sellers pay 7%–10% of the sale price outside NYC, and 8%–12% within NYC. Real estate commission and transfer taxes are the two largest line items; attorney fees, building/move-out charges (for condos and co-ops), and any flip tax round out the seller side.

Who pays the mansion tax in New York?

The mansion tax is paid by the buyer, not the seller. But because it applies to residential properties at $1M and above on the full sale price, it directly affects how buyers approach offers around the $1M threshold — so sellers should price with it in mind.

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

In practice, yes. New York is an attorney state — both buyer and seller engage real estate attorneys to draft and negotiate the contract and handle closing. Seller-side attorney fees typically run $1,500–$3,000.

Do I owe New York State capital gains tax on the sale of my home?

Only on gain above the federal exclusion ($250,000 single / $500,000 married filing jointly). Any taxable gain is also subject to New York State income tax (no preferential long-term rate) and, for NYC residents, NYC income tax on top.

Can I estimate my exact net proceeds before listing?

Yes — use the New York Net Proceeds Calculator to get a personalized estimate based on your sale price, location (NYC vs. rest of state), mortgage payoff, commission rate, and applicable transfer taxes.