NYS Real Estate Transfer Tax (RETT)
NYS Tax Law Article 31 imposes a real estate transfer tax on conveyances where consideration exceeds $500, calculated at $2 for each $500 (or fraction thereof) of consideration. NYS Tax Department materials describe the grantor as responsible for payment, with the grantee responsible if the grantor fails to pay or is exempt.
- Where it applies
- New York State
- When it comes up
- Closing → post-closing filing deadline compliance
- Property types
- Deeded real property statewide; also co-op shares in covered transfers (as defined)
Read more in the Knowledge Base
- Transfer Tax Variations by County and Municipality in New YorkSellers
- Residential Property Exit StrategyBuyers
- Statewide Closing Mechanics - Attorney Practice, Title, and Recording Outside NYCSellers
- Entity Selection - LLC vs. Personal Ownership for NYC PropertyBuyers
- Buying Through Trusts, LLCs, and Estate Structures in NYC - Ownership Control, Board Consent, Financing Friction, and Transparency RequirementsBuyers
Closing Process
- Closing (Settlement)
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Loan Estimate (LE)
- Mansion Tax (Additional NYS Transfer Tax)
- Mortgage Recording Tax (NYC)
General information, not legal, tax or financial advice.