Downstate New York · Purchases & Sales

NY Closing Adjuster

Pick the county and deal type, enter the bills, print the statement. Nothing you type leaves this page.

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Optional — fills in the printed statement. Add what you have.

What this changes
In NY practice the seller's attorney prepares the adjustments, the buyer's attorney verifies them, and the bank's attorney audits the figures that touch the loan and brings the net proceeds. Prepare mode builds the schedule to send out. Verify and bank modes add a "Their figure" column on the statement to check the proposed numbers line by line. Bank mode also unlocks a net loan proceeds card on the costs step — loan amount less the lender's deductions — and prints that figure on the statement's "Net Proceeds From Lender" line.
What this means
The usual New York convention adjusts as of 11:59 p.m. the day before closing — the seller pays for every day up to but not including the closing date, and the buyer pays for the closing day itself. Some contracts flip this. Check the adjustment clause in your contract of sale; if it says "adjustments as of the date of closing," the seller typically still pays through the day before.
What this means
30-day months treats every month as 30 days — the common convention on adjustment sheets, and the default here. Actual days divides each bill by the real number of days in its period (a 31-day month divides by 31). The differences are small; what matters is that both attorneys use the same convention.

Real estate taxes

Real estate taxes

auto-detects the period
How NYC taxes work at closing
NYC's tax year runs July 1 – June 30. Properties with an assessed value of $250,000 or less are billed quarterly (due July 1, Oct 1, Jan 1, Apr 1 — each bill covers the quarter that starts on the due date). Higher-assessed properties are billed semi-annually (July 1 and Jan 1). If the seller paid the bill covering the closing date, the seller gets back the buyer's share of that period. If the bill is open, it is usually paid off at closing out of the seller's proceeds and the buyer credits nothing — but if the buyer will pay it after closing, the buyer gets a credit for the seller's days. Watch for exemptions (STAR, veterans, clergy) on the bill: adjust on the net amount actually payable.

Maintenance

Maintenance

Per the managing agent's statement.

How this adjustment works
Maintenance and common charges are billed monthly, in advance, on the 1st. If the seller paid the month, the seller is out-of-pocket for days the buyer will own the unit, so the buyer credits the seller for the closing day (or the day after, per your convention) through month-end. If the month is unpaid, it flips: the buyer will pay the full month, so the seller credits the buyer for the seller's days. A special assessment billed monthly adjusts the same way — but first check the contract: many riders make assessments the seller's responsibility entirely, in which case leave it out of the proration and handle it as a payoff.

Water, sewer & fuel

Water & sewer

NYC: order a final DEP meter reading — prorate only unmetered accounts.
Why water is handled differently
Water is metered, so nobody knows the exact charge through the closing date until a final reading. The clean solutions are a final reading billed to the seller, or an escrow holdback from seller's proceeds sized to cover the last bill plus a cushion. Proration off the prior bill is a fallback. Unpaid water charges become a lien on the property, which is why title companies raise them — clear them at closing.

Fuel oil / propane in the tank

buyer reimburses seller
How this adjustment works
Simple multiplication, no proration: gallons × current price per gallon, credited to the seller. Use the supplier's current cash price, not what the seller paid months ago. Natural gas and electric are not adjusted — the seller closes their utility account and the buyer opens a new one.

Rents & security

Rents & security deposits

One row per tenant. Deposits transfer in full.

How rent and deposits work at closing
Rent is paid in advance on the 1st, and the buyer owns the property (and the right to that rent) from the closing day on. So for each unit where the seller collected the month, the seller credits the buyer the buyer's share of that month's rent. If a tenant hasn't paid, there is no adjustment — arrears stay the seller's problem unless the contract assigns them. Security deposits (plus accrued interest, for interest-bearing accounts) are turned over to the buyer as a credit at 100% — GOL §7-103 makes the buyer the trustee of those funds the moment they take title. On commercial deals, also check for prepaid rent, tax/CAM escalations billed in advance, and utility or license deposits — add those as custom lines.

Anything else

Anything else

One-offs — e.g. condo working capital, prepaid HOA dues, a Suffolk village tax.

Seller's mortgage payoffs

from proceeds

Per the payoff letters. Prints on the payoff lines and comes off the net to seller.

Adds a step and a second printed page. Leave off for adjustments only.

Transfer taxes & closing costs

Separate from the adjustments. Taxes compute from the sale price.

Statutory transfer taxes

computed from sale price

Enter a sale price on the setup step to compute these.

How these are computed
NYS transfer tax (seller): $2 per $500 of consideration (0.4%), rounded up to the next $500. In NYC only, the rate is 0.65% for residential deals of $3M+ and commercial deals of $2M+. NYC RPTT (seller, five boroughs only, co-ops included): residential 1% up to $500,000, 1.425% above; commercial 1.425% / 2.625%. Mansion tax (purchaser, residential $1M+): flat 1% outside NYC; in NYC it's a bracket by price — 1% from $1M, 1.25% at $2M, 1.5% at $3M, 2.25% at $5M, up to 3.9% at $25M+. Mortgage recording tax (purchaser, none on co-op loans): NYC residential 1.8% under $500k / 1.925% at $500k+ of the loan, Nassau & Suffolk 0.80% (the lender pays its own 0.25% on top); 1–2 family houses get a $30 credit. Westchester: mortgage tax 1.3% (Yonkers 1.8%) with the same lender share; Yonkers, Mount Vernon and Peekskill add city transfer taxes — enter those as fees. Sponsor/new-development contracts often shift the seller taxes to the purchaser — check the contract. A "1–4 family" house that's actually 4-family is taxed at commercial rates; confirm before relying on these.

Recording & closing fees

editable — estimates

Typical figures for this county and deal type — edit freely. Changing county or deal type resets the list.

Read the statement

Pick a closing date above and the statement will build itself here.

Statement header details optional — attorneys, lender, title co.

Closing costs — taxes & fees

estimates

Enter a sale price (and any fees on the costs step) and this section builds itself.

County tax calendars — quick reference

NYC (all five boroughs)

  • Tax year: July 1 – June 30
  • AV ≤ $250k: quarterly — due Jul 1, Oct 1, Jan 1, Apr 1 (each covers the quarter ahead; 15-day grace)
  • AV > $250k: semi-annual — due Jul 1 & Jan 1
  • Adjust on the net bill after exemptions/abatements

Nassau

  • School tax year: Jul 1 – Jun 30 · 1st half due Oct 1 (to Nov 10), 2nd half due Apr 1 (to May 10)
  • General tax year: Jan 1 – Dec 31 · 1st half due Jan 1 (to Feb 10), 2nd half due Jul 1 (to Aug 10)
  • Villages: separate levy, own calendar — check title report

Westchester

  • County/Town: calendar year, billed April (some towns in installments)
  • School: Jul 1 – Jun 30, billed Sept (+ Jan installment in most towns)
  • Village: Jun 1 – May 31, billed June
  • Varies by town — confirm on the bill

Suffolk

  • Tax year: Dec 1 – Nov 30, one combined bill
  • 1st half (Dec–May): due by Jan 10 without interest
  • 2nd half (Jun–Nov): payable through May 31
  • Villages bill separately where applicable

A worksheet, not legal advice — adjust from the actual bills and title report, and confirm conventions against the contract. Tax calendars verified September 2026.