Typically here in Brooklyn the seller pays the transfer taxes unless the buyer agrees to pay them on behalf of the seller during the deal negotiation process. Here in Brooklyn the transfer taxes are as follows:
1) New York State Transfer Tax = $4.00 per thousand of sales price (a $500,000 sale would result in a $2,000 NYS transfer tax).
2) New York City Transfer Tax = 1% of sales price if sales price is $500,000 or less (a $500,000 sale would result in a $5,000 NYC transfer tax). If the sales price is over $500,000, then NYC transfer tax is raised to 1.425% (a sale of $550,000 would result in a NYC transfer tax of $7837.50).
There are other expenses that a homeowner incurs when they sell aside from transfer taxes, for a breakdown of those expenses, click on this link:
Buyers also have closing costs that they typically incur when purchasing, those are described in this link:
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783