New York real estate: buy or sell with a local AXEN agent
New York makes house sellers hand over a disclosure before you sign, charges a transfer tax plus a 1% mansion tax on homes of $1 million or more, and by custom has lawyers run most deals. Here is what is the same everywhere in New York, and where to search homes.
New York: search homes by city
Tap a city to see the newest homes for sale there.
What every New York buyer and seller should know
House sellers give you a disclosure before you sign
The seller of a 1 to 4 family house must complete and sign the Property Condition Disclosure Statement and get it to you or your agent before you sign a binding contract (Real Property Law 462). Since March 20, 2024 a seller can no longer skip the form by giving you a $500 credit at closing.
Condos and co-ops are not covered
The disclosure law does not apply to condo units, co-op apartments, or homes in an association that the seller does not own outright (Real Property Law 461). For those, your protection comes from your lawyer's review of the building's documents, finances and minutes.
The form now asks about flooding
The 2024 form added flood questions: whether the home is in a FEMA 100-year or 500-year floodplain, whether flood insurance is required or carried, past flood claims and any federal flood aid. Read those answers closely, especially near the coast and rivers.
The state transfer tax is $2 per $500
New York State charges a real estate transfer tax of $2 for each $500 of the price, or 0.4% (Tax Law 1402). By custom the seller pays it. Larger sales in New York City carry a higher state rate, and the city adds its own real property transfer tax on top.
Buyers pay a 1% mansion tax at $1 million
When a home sells for $1 million or more, the buyer pays an extra 1% of the whole price, known as the mansion tax (Tax Law 1402-a). In New York City it climbs higher on homes of $2 million and up. Build it into your budget before you offer.
Buyers with a loan pay a mortgage recording tax
New York charges a mortgage recording tax when you record a new mortgage, and the buyer pays it. The rate depends on the county and the loan amount, and it is higher in New York City. Your lender and lawyer will show it on your closing estimate.
Lawyers run most deals
No law makes you hire one, but by custom New York buyers and sellers each have their own lawyer. Downstate, the lawyers usually negotiate and sign the contract after the offer is accepted. Upstate, agents often write the offer subject to your lawyer's approval. Either way, nothing is final until the contract is signed.
A co-op is shares, not a deed
When you buy a co-op, you buy shares in the corporation that owns the building and get a lease on your unit. The co-op board must approve you, often after reviewing your finances and an interview, and it can say no. Plan for that time in your schedule.
Closing costs in New York: who pays what
Who pays what in New York. The transfer and mansion taxes are set by law. Who pays them is mostly custom and can be negotiated.
| Buyer pays | How it works |
|---|---|
| Mansion tax | 1% of the price at $1 million or more, higher in New York City. |
| Mortgage recording tax | Only with a loan. Rate depends on the county and loan size. |
| Owner's and lender's title policies | By custom the buyer pays both. |
| Your lawyer | By custom almost every buyer has one. |
| Recording fees | County clerk fees for the deed and mortgage. |
| Home inspection | A flat fee, usually before the contract is signed. |
| Co-op or condo fees | Application and move-in fees, set by the building. |
| Tax and charge adjustments | Your share of taxes, and common charges or maintenance. |
| Seller pays | How it works |
|---|---|
| State transfer tax | $2 per $500 of the price. By custom the seller pays it. |
| New York City transfer tax | Only in the city. By custom the seller pays it. |
| Your lawyer | By custom almost every seller has one. |
| Mortgage payoff and satisfaction | Your lender's payoff plus the fee to record the satisfaction. |
| Co-op flip tax | Only if the building charges one. |
| Listing agent's commission | Set in your listing agreement. Always negotiable. |
| Tax adjustments | Your share of taxes for the time you owned the home. |
| Repairs or credits you agree to | Only what you agree to in the contract. |
Fees change. The state transfer tax and mansion tax are set in Tax Law 1402 and 1402-a. New York City has its own transfer tax and higher rates on bigger sales. Mortgage recording tax varies by county. Confirm current numbers with your lawyer.
How a New York home purchase runs
The order most New York purchases follow. Your contract sets the exact deadlines, so keep a calendar.
Get pre-approved →-
Get pre-approved. Know your budget and payment before you tour.
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Make an accepted offer. In most of the state, nothing is binding until the contract is signed.
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Hire your lawyer. They review the title, disclosures and building documents.
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Read the disclosure and inspect. Houses come with the state disclosure. Inspect before you sign the contract.
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Sign the contract. You pay a down payment deposit, usually held by the seller's lawyer.
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Co-op? Board approval. Submit the board package and prepare for an interview.
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Loan approval and title. The lender finishes underwriting and your lawyer clears the title.
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Final walk-through. Check the home is in the condition you agreed to.
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Close, then register for STAR. Sign at closing, then register for the STAR credit with the state.
New York by region
New York markets run from Manhattan co-ops to upstate houses on big lots. Tap a city to see the newest homes for sale there.
New York City
Co-ops and condos in the city, with its own transfer tax.
Long Island and the Hudson Valley
Suburbs east and north of the city.
AXEN Realty in New York
Every AXEN agent in New York works under a licensed managing broker: Tiffanie Bailey-Romey (AXEN Realty, LLC, firm license 10991242272). See every state on the state brokers page.
Buying? Start with the home buying guide and get pre-approved.
Selling? Read the home selling guide and get your home value.
Moving here? Read buying in a new state.
New York real estate questions
Does the seller have to give me a disclosure in New York?
For a 1 to 4 family house, yes, before you sign the contract. The old $500 credit to skip the form ended on March 20, 2024. Condos and co-ops are not covered by the disclosure law.
What is the mansion tax?
A 1% tax the buyer pays on the whole price when a home sells for $1 million or more. In New York City it goes up further on homes of $2 million and above.
Who pays the transfer tax in New York?
By custom the seller pays the state transfer tax of $2 per $500. In New York City the seller also usually pays the city's real property transfer tax. The buyer pays the mansion tax and the mortgage recording tax.
Do I need a lawyer to buy a home in New York?
No law requires one, but by custom almost everyone has one. Lawyers negotiate the contract, review the title and building documents, and handle the closing.
How is buying a co-op different?
You buy shares in the building's corporation and get a lease on your apartment. The co-op board has to approve you and can turn you down. Expect a detailed financial package and often an interview.
What is the STAR credit?
A New York school tax break for the home you live in. New homeowners register for it with the New York State Department of Taxation and Finance, not with the local assessor.
Who pays for title insurance?
By custom in New York the buyer pays for both the owner's and the lender's title policies. Your lawyer orders the title report.
Is a home inspection required in New York?
No law requires one. Buyers usually inspect before the contract is signed, since the contract is where the deal becomes binding. For co-ops and condos, your lawyer reviews the building's finances and minutes too.