Short answer: Staten Island buyers typically pay mortgage recording tax (1.8% of loans under $500,000, 1.925% at $500,000 and up, none for co-ops), title insurance, attorney and lender fees, plus a 1%+ mansion tax at $1 million and up. Sellers pay the NYC transfer tax (1% up to $500,000, 1.425% above), the NYS transfer tax (0.4%), commission and attorney fees.
Estimate your closing costs
Estimates for illustration. Tax rates: NYC transfer tax 1% up to $500K and 1.425% above; NYS transfer tax 0.4% (0.65% at $3M+); mortgage recording tax paid by the borrower 1.8% on loans under $500K and 1.925% at $500K+ (co-op loans exempt); mansion tax from 1% at $1M. Confirm with your attorney and lender.
Buyer closing costs, explained
- Mortgage recording tax. New York City and State tax the mortgage when it’s recorded. On a 1–3 family home or condo, the borrower pays 1.8% of loans under $500,000 and 1.925% of loans of $500,000 or more. Co-op loans are exempt.
- Mansion tax. Purchases of $1 million and up pay a tax starting at 1% of the price, rising in steps above $2 million.
- Title insurance and fees. Protects you and your lender against problems with the title. Co-ops don’t use title insurance but have lien search and other fees.
- Attorney, lender and appraisal fees. These vary; ask for estimates early.
Seller closing costs, explained
- NYC real property transfer tax. 1% of the price up to $500,000 and 1.425% above, for one- to three-family homes, condos and co-ops.
- NYS transfer tax. 0.4% of the price (0.65% for residential sales of $3 million or more in NYC).
- Commission. Negotiable. Agree on it in writing before you list.
- Attorney, mortgage payoff and any co-op flip tax.
Rates are as published by NYC Department of Finance and NYS Department of Taxation and Finance. Your attorney will confirm exact figures for your sale or purchase.
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Common questions
Who pays the transfer tax in New York?
Normally the seller pays both the NYC and NYS transfer taxes. The buyer pays the mansion tax on purchases of $1 million or more.
Do co-op buyers pay mortgage recording tax?
No. Co-op share loans aren’t mortgages on real property, so they aren’t subject to the mortgage recording tax.
What is the mansion tax?
A New York tax paid by buyers on residential purchases of $1 million or more, starting at 1% of the price.
Updated October 2026 by Daniel Gambino, Licensed Real Estate Salesperson, Coldwell Banker Advantage. General information, not legal or tax advice.