In New York, when a property is sold, the deed must be recorded and transfer taxes must be paid. The custom is that the Seller pays the transfer taxes and the Purchaser pays the recording fees for the deed. One caveat is that if the consideration, or purchase price, exceeds one million dollars then the Purchaser pays the one percent “mansion tax” which is an additional transfer tax. It is also important to note that in some cases, such as new construction or a deed for no consideration, the Purchaser will pay all of the transfer taxes regardless of local custom.
*Thank you for taking the time to read this article. This article is part of our “From Contract to Closing; Demystifying NY Residential Real Estate” Series. Other aspects of residential real estate transactions in New York are discussed in other Parts of this series.
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