Here, the seller pays the "realty transer tax".......and it's on a graduated scale, depending on the price....senior citizens get a discounted rate.
Buyers do pay a mansion tax,however.............as I said, that's 1%, starting at 1 million.
Buyers pay for the title insurance.
New York City and Yonkers also have local transfer taxes payable by the seller. The New York City tax is 1% of residential sales of $500,000 or less and 1.425% over $500,000. There is also commercial rates of 1.425% on sales of $500,000 or less and 2.625% over $500,000. In Yonkers, the tax is 2.75% payable by the seller.
In the Hamptons, there is the Peconic Bay tax of 2% for developed properties with a $250,000 exclusion and 1% for vacant land with a $125,000 exclusion paid by the buyer.
All of the seller's taxes can be passed along to a buyer as part of the contract, but it is highly unusual except when purchasing from a developer. When buying new construction, it is the norm for the buyer to pay all the developer's closing expenses in addition to the contract price. Both New York State and New York City consider this as part of the purchase price and include it in the calculation of the transfer tax.
NY State transfer tax is $4 per thousand of purchase price. NY City transfer tax is additional, 1% up to a $500,000 purchase price, 1.425% over that. In NYC the mortgage tax is also higher. 1.8% total on mortgage amount.
I am sure some NY agent will come along and let you know about any discounts that are available. In NJ, we have a senior citizen disocount............almost makes one want to get old.....fast!!