state · 7 min read
Selling a house in New York: laws, timelines, and quirks
NY-specific rules on attorney-required closings, RPL disclosure, and judicial foreclosure timelines that affect cash sales.
Attorney closings are required
New York requires a licensed attorney on both sides of every real-estate closing. Build in time for attorney scheduling — typically 21-30 days even on fast cash deals.
Judicial foreclosure is slow
New York is a judicial-foreclosure state with one of the slowest timelines in the country (often 18-24 months). Pre-foreclosure cash sellers usually have time, but back interest and fees mount.
Property Condition Disclosure
PCDS is technically optional in NY — but if you don't provide it, you owe a $500 credit at closing. Cash buyers typically accept the $500 credit and skip the form.
Transfer tax
New York charges a 0.4% transfer tax plus a mansion tax (1%) on sales above $1M. Typically the seller pays the regular transfer tax; the buyer pays the mansion tax.
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