Buying or selling a home in Westbury and wondering what you will owe at the closing table? Sorting out transfer taxes and fees early can save you stress, help you negotiate with confidence, and protect your bottom line. In this guide, you will learn what New York State and Nassau County will collect, who usually pays, how to estimate your totals, and which forms you will see at closing. Let’s dive in.
New York transfer tax
The New York State real estate transfer tax is typically the main tax on a Westbury sale. Outside New York City, it is $2 per $500 of consideration. That equals $4 per $1,000, or about 0.4% of the sale price. You file and pay it on Form TP‑584 with the county clerk at recording. State guidance explains the tax and filing.
- Custom in Nassau County: the seller usually pays the state transfer tax, although the contract can assign it differently. Local practice allows for negotiation. See a summary of who pays in New York closings from a local law firm.
Example: $700,000 sale
- Transfer tax: $700,000 divided by $500 equals 1,400 units. 1,400 times $2 equals $2,800.
Mansion tax at $1M
A separate “mansion tax” applies to residential sales of $1,000,000 or more outside NYC. In Westbury, the rate is 1% of the price. The buyer typically pays this tax at closing unless the contract says otherwise. See the state overview on the transfer tax page.
Example: $1,250,000 purchase
- Mansion tax at 1%: $12,500 paid at closing.
Mortgage recording tax
If you finance your purchase and record a mortgage, New York charges a mortgage recording tax that includes state and local portions. In many Nassau County one or two family residential loans, a common working figure is roughly about 1.05% less $30 of the mortgage amount. Always confirm the exact computation for your property type with your lender and the county clerk. Learn more on the NYS mortgage recording tax page and review the Nassau County Clerk fee information.
- The borrower usually pays the mortgage recording tax. Co‑op share purchases are handled differently and often do not incur this tax in the same way.
Example: $500,000 mortgage
- Approximate tax: 1.05% times $500,000 equals $5,250, then minus $30 equals $5,220.
Nassau recording and RP‑5217 fees
Beyond taxes, you will see county recording charges. Nassau County collects base deed recording fees, per‑page charges, and small surcharges. The Real Property Transfer Report (RP‑5217) filing fee is listed at $125 for residential deeds. These are added to the closing ledger and allocated per local practice and your contract. Check the Nassau County Clerk’s fee details.
Buyer closing costs
As a buyer in Westbury, plan for several categories of costs in addition to your down payment:
- Lender fees, loan origination, and possible points, often around 1% of the loan amount, but they vary by lender.
- Mortgage recording tax if a mortgage is recorded, as outlined above.
- Title insurance. Premiums commonly range in the low tenths of a percent to about 0.4% to 0.8% of price, depending on the issuer and endorsements. For a deeper look at title insurance, see this Washington Post overview.
- Appraisal, inspections, and possible survey. Appraisals often run a few hundred dollars. Inspection packages typically range a few hundred to around a thousand dollars based on scope.
- Attorney fees. In New York, buyers are commonly represented at closing. Typical fees range with complexity.
- Prepaid items and escrows for taxes and homeowners insurance. Your lender will itemize these on your Closing Disclosure.
Seller closing costs
Sellers in Westbury will typically see:
- Real estate broker commission, commonly 4% to 6% of the sale price, split between listing and buyer broker per the listing agreement.
- New York State transfer tax at $2 per $500 of price, usually paid by the seller unless negotiated otherwise. See the state transfer tax page.
- Attorney fees for seller representation.
- Mortgage payoff and any lender payoff fees or prepayment charges.
- Prorations for property taxes, utilities, and association fees through the closing date.
- County recording charges related to the deed and the RP‑5217 residential fee of $125 noted by the Nassau County Clerk. See county fee details.
Who usually pays
While contracts can reassign costs, typical Nassau County practice is:
- State transfer tax: Seller customarily pays. See a local legal summary of who pays what.
- Mansion tax: Buyer usually pays on residential sales at or above $1,000,000. See state guidance.
- Mortgage recording tax and lender charges: Buyer/borrower pays if a mortgage is recorded. See the NYS mortgage tax page.
- County recording and RP‑5217 fees: Allocated per contract and local practice, with many deed‑related charges appearing on the seller’s side.
Required forms
Expect these forms at or near closing in Westbury:
- TP‑584 Combined Real Estate Transfer Tax Return. Filed with the Nassau County Clerk at recording, used to compute and pay the state transfer tax. See the NYS TP‑584 guidance.
- RP‑5217 Real Property Transfer Report. Filed with the deed, residential fee listed at $125 in Nassau. See the county fee page.
- IT‑2663 / IT‑2664. Nonresident sellers may owe New York estimated income tax withholding on sale proceeds. Learn about these requirements and exemptions in this overview of New York seller withholding.
- County cover sheets and recording endorsements prepared by your attorney or title company. See the Nassau County land recording page.
Note: Taxes are usually collected at or before recording, and the clerk will not record without the required affidavits and receipts. See the state recording guidance.
Co‑ops vs. condos vs. houses
Property type affects your costs and process. Co‑op share transfers are not deeded the same way as houses or condos. Many co‑op deals do not involve a recorded mortgage in the same way, so mortgage recording tax often does not apply. Co‑ops can have their own board fees and possible flip taxes. For a practical overview of these differences, see this co‑op and transfer tax guidance from a local legal source.
Quick estimate checklist
Use this simple approach to sketch your numbers before you sign a contract. Your attorney and title company will finalize exact amounts.
Sellers
- Transfer tax: price divided by $500 times $2.
- Commission: apply the agreed percentage in your listing agreement.
- Attorney and county fees: add a line item for counsel and the RP‑5217 fee, plus small recording charges.
- Prorations: estimate taxes and utilities through the closing date.
Buyers
- Mortgage recording tax: apply about 1.05% of the mortgage amount, then subtract $30 as a rough Nassau estimate.
- Title insurance and lender fees: add title premiums and lender charges from your Loan Estimate.
- Prepaids and escrows: include homeowners insurance and tax escrows from your lender.
- Mansion tax: add 1% if the purchase price is $1,000,000 or more.
Final tips
- Get early estimates. Ask your lender for a Loan Estimate and your attorney or title company for a closing cost worksheet. Your Closing Disclosure will provide final figures.
- Nail down who pays what in your contract. Local custom is helpful, but your contract controls the allocation.
- Prepare the forms ahead. Missing transfer tax affidavits or fees can delay recording and possession. Review the state transfer tax guidance and the Nassau County Clerk’s pages.
Ready to plan your Westbury sale or purchase with confidence? Reach out to Panache Real Estate for a clear net sheet, strategy, and concierge guidance from contract to closing.
FAQs
Who pays New York transfer tax in Westbury?
- In Nassau County, the seller customarily pays the state transfer tax, although the contract can assign payment differently.
What is the mansion tax in Westbury and who pays?
- The mansion tax is 1% on residential sales of $1,000,000 or more outside NYC, and it is usually paid by the buyer at closing.
Is there a separate Nassau County transfer tax?
- Nassau County does not impose a separate progressive transfer tax like NYC, but it does collect recording charges and the RP‑5217 fee with the deed.
How does mortgage recording tax work for Westbury buyers?
- If your mortgage is recorded, expect a combined state and local tax that often runs about 1.05% less $30 of the mortgage amount in Nassau, paid by the borrower.
Do co‑op purchases in Westbury pay mortgage recording tax?
- Many co‑op share transfers do not involve a recorded mortgage in the same way as houses or condos, so mortgage recording tax often does not apply.
What forms will I see at closing in Nassau County?
- Expect the TP‑584 transfer tax return, the RP‑5217 Real Property Transfer Report, and any required nonresident withholding form if you live outside New York.