Buying in Victor and trying to pin down your true cash to close? You are not alone. New York’s taxes and fees can feel confusing the first time you see a Closing Disclosure. The good news is you can map it out early and avoid surprises. In this guide, you will learn how the Mortgage Recording Tax, state transfer tax, and local recording fees typically show up in Ontario County closings, plus where credits and negotiations often help. Let’s dive in.
The big picture in Ontario County
Closing costs in Ontario County fall into three buckets:
- Taxes and government charges tied to the sale and the mortgage.
- Lender and title costs tied to your loan and insurance.
- Recording and clerk fees to put your deed and mortgage on record.
Understanding these pieces helps you plan your cash to close and decide what to negotiate before you sign a contract.
New York State transfer tax basics
New York State charges a real property transfer tax on most sales. It is commonly calculated at $2 per $500 of the sale price, which equals 0.4 percent of the price. By local custom in many parts of New York, the seller pays this tax, but the contract can change that.
For residential sales at or above 1,000,000 dollars, the state also charges a 1 percent “mansion tax.” If you are shopping the upper end of the Victor and Finger Lakes market, flag this early because it affects both your cash to close and the seller’s net.
Mortgage Recording Tax in Ontario County
The Mortgage Recording Tax applies when a mortgage is recorded on a property. It is separate from the transfer tax and is calculated on your mortgage amount, not the price of the home. Upstate counties often fall near about 1 percent of the mortgage amount, with a broader range around 0.5 to 1.5 percent depending on county and loan type. The borrower typically pays this at closing.
Ontario County is outside New York City, which has its own higher schedules. You should confirm the current rate for Ontario County as part of your early budgeting.
Local transfer taxes and surcharges
Some New York counties and municipalities add their own transfer tax on top of the state tax. Whether any additional local transfer tax applies in Ontario County or the Town of Victor should be confirmed with county or municipal offices before you finalize numbers. If a local tax applies, it is often paid by the seller unless the contract says otherwise.
Recording and clerk fees you will see
The Ontario County Clerk charges fees to record your deed, mortgage, and related forms. These are usually modest flat fees plus per‑page charges. You may also see small filing fees for required state or county forms. Buyers commonly pay for deed and mortgage recording at closing, though parties can negotiate.
While each filing adds a little, the total can reach several hundred dollars when you add deed recording, mortgage recording, per‑page charges, indexing, and certified copies. Plan for it and you will not be surprised on your Closing Disclosure.
Typical buyer cost line items
Beyond your down payment, here is what you should expect as a buyer in Victor:
- Taxes and government charges
- Mortgage Recording Tax based on your loan amount.
- County Clerk recording fees for deed and mortgage filings, plus per‑page and indexing.
- State transfer tax is usually a seller cost by custom, but confirm your contract.
- Lender and loan costs
- Loan origination, application, underwriting, credit report, and appraisal.
- Prepaid interest through month‑end, homeowners insurance premium, and property tax escrow deposits.
- Title insurance premiums, including the lender’s required policy. An owner’s policy is optional but recommended by many professionals.
- Title search, closing or settlement agent fees.
- Survey and municipal certificates if required.
- Attorney, escrow, and wire fees.
Typical seller costs at a glance
Sellers commonly plan for state and any local transfer taxes, brokerage commissions, mortgage payoff, deed preparation, any required municipal or county certificates, and property tax adjustments. Who pays what can be negotiated in the purchase contract.
Victor cash to close examples
Exact numbers vary by lender, title company, and the Ontario County Clerk’s fee schedule, but these illustrations show how the big taxes stack up.
Example A: $350,000 purchase, 80 percent loan
- Price: $350,000
- Mortgage: $280,000
- State transfer tax: 0.4 percent x $350,000 = $1,400 (commonly a seller cost)
- Mortgage Recording Tax: assume 1.0 percent x $280,000 = $2,800 (buyer pays)
- Recording and clerical fees: estimate $200 to $600 depending on document length and county schedule
- Title, lender fees, prepaids, and escrows: often several thousand dollars depending on loan type
What this means: as the buyer, you would plan for the Mortgage Recording Tax, recording fees, lender and title fees, and prepaids. The seller would plan for transfer tax, commissions, and payoff.
Example B: $1,200,000 purchase with mansion tax
- Price: $1,200,000
- Mortgage: $960,000
- State transfer tax: 0.4 percent x $1,200,000 = $4,800
- Mansion tax: 1 percent x $1,200,000 = $12,000
- Mortgage Recording Tax: assume 1.0 percent x $960,000 = $9,600
What this means: large taxes materially increase cash to close and affect the seller’s net. Flag these early in negotiations and in your budgeting.
Negotiation playbook that works
You can reduce out‑of‑pocket costs with smart contract terms. Here are levers that often help in Victor and across Ontario County:
- Who pays which taxes
- By custom, sellers typically cover state transfer tax. In some deals, parties share or shift obligations. Put it in writing.
- Seller credits and concessions
- A seller can offer a credit toward your closing costs. This can help cover items like the Mortgage Recording Tax and prepaids.
- Loan programs set limits on how much the seller can contribute. Common caps many lenders cite are: FHA up to 6 percent of the sale price; conventional often 3 percent if your down payment is under 10 percent, 6 percent if 10 to 25 percent, and 9 percent if 25 percent or more; VA allows concessions within program rules. Confirm your specific loan’s limits directly with your lender.
- Rate buy‑downs and alternatives
- Instead of a price cut, consider a seller‑paid rate buy‑down or a general credit. The right choice depends on your time horizon and loan program.
Tip: A dollar of seller credit reduces cash you bring to closing. A price reduction lowers your payment but does not directly reduce cash needed for fees and taxes. Ask your lender to model both.
How to pin down your cash to close
Use this simple checklist to get accurate numbers early:
- Request your Loan Estimate. It lists lender fees, prepaid interest, required escrows, and an estimate of closing costs.
- Ask your title or closing attorney for an itemized quote. Include title insurance premiums, closing fees, and municipal certificate or survey costs.
- Confirm Ontario County’s current Mortgage Recording Tax and recording fees. Check the County Clerk’s schedule and the exact MRT rate for your transaction.
- Clarify who pays transfer taxes. By custom, sellers often pay, but your contract controls.
- Flag the mansion tax on any home at or above 1,000,000 dollars and add it to your worksheet.
- Align seller credits with lender limits. Have your loan officer confirm how much the seller can contribute for your loan type.
- Prepare for wire or certified funds and any last‑minute items at walk‑through and closing.
Who pays what in most Ontario County deals
Every contract is unique, but here is the common pattern:
- Buyer: Mortgage Recording Tax, recording fees for deed and mortgage, lender and title costs, prepaids, and escrows.
- Seller: New York State transfer tax, any local transfer tax if applicable, commissions, mortgage payoff, and deed preparation.
- Title insurance: Buyers usually pay for the lender’s policy. The owner’s policy is optional and negotiable.
Always confirm with your attorney and title company so your Closing Disclosure reflects the agreed split.
Local verification matters
Rates and fee schedules can change. Before you finalize your budget, verify the current Mortgage Recording Tax rate for Ontario County, review the County Clerk’s recording fee schedule, and confirm whether any local transfer tax or surcharge exists within Victor or elsewhere in the county. Your lender and your title or closing attorney are the fastest way to get updated, line‑by‑line estimates tailored to your transaction.
Ready to buy in Victor with confidence? Let’s line up your numbers early, negotiate smart credits, and keep your closing smooth from contract to keys.
If you would like help mapping your cash to close or timing your move, connect with RocStar Real Estate. Text Stephanie for a free home valuation.
FAQs
Who pays New York’s transfer tax on Victor home sales?
- By custom in many New York markets, the seller pays the state transfer tax, but the purchase contract can assign it differently.
Is the Mortgage Recording Tax the same as the transfer tax?
- No. The Mortgage Recording Tax is charged on the recording of your mortgage. The transfer tax is charged on the sale of the property itself.
Can a seller credit cover my Mortgage Recording Tax in Ontario County?
- Yes. Seller concessions can be used for buyer closing costs, which can include the MRT, but your loan program limits how much the seller can contribute.
How much should a first‑time buyer in Victor budget for closing?
- Plan for lender and title fees, prepaids and escrows, County Clerk recording fees, and the Mortgage Recording Tax, which is often near about 1 percent of the mortgage amount in many upstate counties. Exact totals vary.
Does Ontario County charge a local transfer tax in addition to the state tax?
- Some counties and municipalities in New York add local transfer taxes. You should confirm with the Ontario County Clerk or relevant municipal office whether any local charge applies to your transaction.
