- 35 - REAL ESTATE LAWS & CUSTOMS BY STATE ©2026 Fidelity National Title Insurance Company (08/26) NEW YORK Title Insurance Rates Filed Form of Conveyance Warranty Deed (upstate); Bargain and Sale Deed (downstate) State Encumbrance Forms Mortgage Customary Closing Entity Attorney Commitment Issued? Duration? Yes, Commitment (6 months) or Title Certificate ( 9 months). When is Invoice Issued? With Title Report; final invoice presented/paid at closing Deed Transfer Tax? Yes, state, NYC and several local municipalities Mortgage Tax? Yes, NYC; outside of NYC it varies by county Leasehold Tax? Yes, if term exceeds 49 years or contains option to purchase CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer Loan Policy Premium Buyer Title Search & Examination Buyer Survey Charges Buyer Deed Transfer Tax State and NYC: Responsibility of the Seller but Buyer is liable if Seller does not pay. Mansion Tax: Payable by Buyer and relates to conveyances of residential real property over $1,000,000. There is a second mansion tax in NYC payable by the Buyer. This supplemental tax is due on the conveyance of certain types of property when the consideration for the entire property is $2 million or more. Other local transfer taxes may apply (Yonkers, Broome County, Peconic Bay, Warwick, Tompkins County, Red Hook, Essex County, Peekskill, Columbia County, Gardiner, Marbletown, New Paltz, Madison County, Rochester). Mortgage Tax Borrower; however, on residential transactions, the portion of the tax that is a “special tax” is payable by the Lender unless the mortgage is exempt from the “special tax.” Closing Fees Closing fees are mostly paid by Buyer. Seller pays broker commission, transfer taxes, loan payoffs, own attorney fees, recording fee for instruments that clear title (Satisfaction, for example). Recording Fees Mostly Buyer (governmental) but Seller would pay for items that clear title (mortgage satisfaction as an example). * New York style closing requires simultaneous transfer of documents and consideration at meeting of parties. Recording takes place later. Buyer pays most closing costs, including title insurance. Seller usually pays New York City transfer tax and pays state transfer tax unless contractually negotiated to Buyer. Search & Exam charges are included in premium in Zone 2 but not in Zone 1.
RkJQdWJsaXNoZXIy ODI0NDE4