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An additional transfer tax informally called mansion tax applies to deeds that transfer residential real estate for consideration of $1,000,000.00 or more. Mansion tax applies to transfers of residential property throughout the State of New York. The tax rate for the mansion tax is 1.00% of the consideration.

Schedule F To determine the consideration for the conveyance, multiply the fair market value of the real property at the time of conveyance by the percentage of interest not subject to the mere change exemption. Generally, the fair market value of the real property is to be determined by appraisal.

Form TP-584 must be filed for each conveyance of real property from a grantor/transferor to a grantee/transferee. It may not be necessary to complete all the schedules on Form TP-584. The nature and condition of the conveyance will determine which of the schedules you must complete.

TP-584-I (Instructions) Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax; See notice about address change.

Continuing lien deduction -The value of any lien or encumbrance remaining on real property, or interest therein after the conveyance is excluded from consideration, where the conveyance is either: a one, two or three-family house, or individual residential condominium unit, or.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.