Buyer and seller guide
New York closing costs, explained
Closing costs in New York are a mix of state and local taxes, lender charges, title costs and attorney fees. This page explains the main pieces for Rockland and Westchester, with tax rates taken from official sources on Nov 2, 2026.
This is general information, not legal, tax or lending advice. Who pays what can be changed by contract, and every deal is different, so consult your attorney and your lender about your own costs.
Taxes at a glance
| Tax | Rate | Usually paid by |
|---|---|---|
| NYS real estate transfer tax | $2 per $500 of consideration (0.4%) | Seller |
| NYS mansion tax (residences of $1,000,000 or more) | 1% of the price | Buyer |
| City of Yonkers transfer tax (sales over $25,000; co-op units excluded) | 1.5% of the price | Seller |
| Mortgage recording tax, Rockland County | $1.30 per $100 of mortgage | Borrower (buyer) |
| Mortgage recording tax, Westchester outside Yonkers | $1.30 per $100 of mortgage | Borrower (buyer) |
| Mortgage recording tax, Yonkers | $1.80 per $100 of mortgage | Borrower (buyer) |
Sources: NYS Department of Taxation and Finance, Westchester County Clerk, City of Yonkers and Form MT-15, all checked Nov 2, 2026. For one- and two-family homes, the first $10,000 of the mortgage is excluded from one part of the mortgage tax, which the Westchester County Clerk describes as $30 less. Exemptions and special cases apply; your attorney or title company calculates the actual amounts.
Seller costs
- NYS transfer tax: $2 for each $500 of the price, or part of $500, paid by the seller unless the contract says otherwise (NYS Department of Taxation and Finance). The Westchester County Clerk's example: a $404,501 sale carries $1,620 in transfer tax.
- Yonkers transfer tax: 1.5% of the price on sales over $25,000, paid by the seller. Co-op unit sales don't pay the Yonkers tax (City of Yonkers).
- Paying off the existing mortgage, plus any lender payoff and recording charges.
- The seller's attorney fee, and the real estate commission set in the listing agreement.
- Adjustments at closing for property taxes, fuel oil, water and sewer, and similar items.
Buyer costs
- Mansion tax: 1% of the full price for residences of $1,000,000 or more, paid by the buyer (NYS Department of Taxation and Finance).
- Mortgage recording tax: charged when the mortgage is recorded with the county clerk. In Rockland County and in Westchester outside Yonkers, the combined rate is $1.30 per $100 of the mortgage; in Yonkers it is $1.80 per $100 (Form MT-15 and the Westchester County Clerk).
- Title insurance: a lender's policy is generally required with a mortgage, and an owner's policy protects the buyer. Premiums in New York are regulated; your title company or attorney can provide a quote.
- Lender charges such as the appraisal, application and origination fees, and any points. Your lender's Loan Estimate lists these.
- Recording fees, the buyer's attorney fee, home inspection, and adjustments for taxes and other prepaid items.
- Escrow deposits for property taxes and homeowners insurance, if the lender requires an escrow account.
Attorney fees
In Rockland and Westchester, it is typical for both the buyer and the seller to hire their own real estate attorney, who reviews and negotiates the contract and handles the closing. Fees vary by attorney and by transaction, so ask each attorney for their fee in writing before you hire them.
Co-ops vs condos
- A condo is real property, like a house, with a deed. Transfer tax, title insurance and, with a mortgage, the mortgage recording tax generally apply.
- A co-op purchase is a purchase of shares in a corporation plus a lease. The building's board usually must approve the buyer, and the building may charge a transfer fee (often called a flip tax). Financing is usually a share loan rather than a recorded mortgage, so ask your attorney and lender how the mortgage recording tax and title coverage work for a co-op.
- The NYS transfer tax applies to co-op unit sales, and the mansion tax applies to residential co-op units of $1,000,000 or more. The Yonkers city transfer tax does not apply to co-op unit sales.
- Monthly costs differ: co-op maintenance usually includes the building's property taxes and underlying mortgage, while condo owners pay common charges and their own property tax bill.
Brendan's take
- I suggest asking your attorney and lender for a written estimate of closing costs early, so there are no surprises at the closing table.
- In co-op and condo purchases, the building's fees and approval process can affect your timeline, so I review them with buyers before an offer.
Common questions
Who pays the transfer tax in New York?
The NYS transfer tax of $2 per $500 is paid by the seller unless the contract says otherwise. Consult your attorney about your contract.
What is the mansion tax in New York?
A 1% tax on the price of a residence that sells for $1,000,000 or more, paid by the buyer.
How much is the mortgage recording tax in Rockland and Westchester?
As of Nov 2, 2026, $1.30 per $100 of the mortgage in Rockland County and in Westchester outside Yonkers, and $1.80 per $100 in Yonkers. Your lender or attorney calculates the exact amount.
Does Yonkers have its own transfer tax?
Yes. The City of Yonkers charges a 1.5% transfer tax, paid by the seller, on sales over $25,000. Co-op unit sales are not subject to it.
Do I need an attorney to buy a house in New York?
It is typical practice in Rockland and Westchester for both buyer and seller to use their own real estate attorney. Speak with an attorney about your situation.
Sources
- NYS Department of Taxation and Finance, Real estate transfer tax (checked Nov 2, 2026)
- Westchester County Clerk, Land Records fees and taxes (NYS transfer, mansion and mortgage tax) (checked Nov 2, 2026)
- City of Yonkers, Real Estate Transfer Tax (checked Nov 2, 2026)
- NYS Department of Taxation and Finance, Mortgage recording tax (checked Nov 2, 2026)
- NYS Department of Taxation and Finance, Form MT-15 Mortgage Recording Tax Return (county rate tables) (checked Nov 2, 2026)
Schedules, tax rates and programs change. Confirm details with the source before relying on them.
Want help planning for closing costs?
Call or text me and I'll walk you through the process and who to ask for exact numbers.