Average Closing Costs in New York (2026)
New York Closing Cost Laws & Requirements
New York has a unique CEMA (Consolidation Extension and Modification Agreement) that allows buyers to assume the sellers existing mortgage and only pay mortgage recording tax on the new money. New York City imposes a Mansion Tax on purchases over $1 million starting at 1%.
Transfer Tax
New York State charges $4 per $1,000 of sale price. NYC adds 1% on sales under $500,000 and 1.425% above. Buyers pay Mortgage Recording Tax of 1.8% in NYC on loans under $500,000 and 1.925% above.
Attorney Requirement
New York requires a real estate attorney for all closings. Fees range from $1,500 to $3,000 in NYC and $800 to $1,500 upstate.
First-Time Buyer Programs in New York
SONYMA offers below-market fixed rates and down payment assistance for first-time buyers statewide.
Closing Costs by City in New York
| City | Typical Range | Avg % of Price |
|---|---|---|
| New York City | $15,000 – $37,500 | 3.1% |
| Buffalo | $3,900 – $9,750 | 3.1% |
| Albany | $5,100 – $12,750 | 3.1% |
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