Your net from a Santa Fe home sale is the sale price minus your mortgage payoff, the commission you negotiated (plus New Mexico gross receipts tax on it), the owner's title insurance policy, prorated property taxes, a required septic evaluation if you have one, and any agreed repairs or credits. New Mexico has no transfer tax.

By Leland Titus, owner and broker, Santa Fe Realty Unlimited · Updated October 21, 2026

I've been selling Santa Fe real estate since 2006, and "what will I walk away with?" is the first real question most sellers ask me. Below are the costs that come out of a Santa Fe sale, who usually pays each one, and what's different here from the rest of the country. When you're ready for real numbers on your home, start with a free home valuation. Every net number starts with the right price.

What comes out of my sale price at closing?

Six things, in roughly this order of size:

  1. Your mortgage payoff (and any home equity line). Your lender's payoff statement includes interest through the payoff date, so it will be a bit higher than your last statement balance.
  2. Real estate commission. This is set in your listing agreement and is negotiable. Since August 2024, any compensation you offer a buyer's agent is also a separate, negotiable decision.
  3. New Mexico gross receipts tax (GRT) on the commission, not on your sale price (more below).
  4. Title and closing costs. By New Mexico custom, the seller usually pays the owner's title insurance policy and the residential closing fee.
  5. Prorated property taxes for the part of the year you owned the home. Your title company calculates the credit.
  6. Whatever you agree to after inspections: repairs, a repair credit or a price adjustment.

If your home is on a septic system, add the required septic evaluation (see below).

Is there a transfer tax when I sell in New Mexico?

No. New Mexico has no state or county deed transfer tax, according to Fidelity National Title's state-by-state Laws & Customs guide. That's a real saving compared with many states.

The one local wrinkle is the City of Santa Fe's High-End Excise Tax: 3% on the portion of a residential price above $1,029,000 (the threshold since May 1, 2026). The city's ordinance puts it on the purchaser, not the seller. It can still come up in negotiations on homes near or above that price. For example, on a $1,500,000 sale inside city limits, the tax is 3% of $471,000, or $14,130.

Sources: Fidelity National Title, Real Estate Laws & Customs by State, New Mexico; City of Santa Fe Finance Department, High-End Excise Tax.

Who pays for title insurance in Santa Fe?

The seller usually pays for the buyer's owner's policy, and a financing buyer pays for the lender's policy. Both are negotiable in the purchase contract. New Mexico title insurance premiums are promulgated, meaning the state's Office of the Superintendent of Insurance sets the rates. The premium for the same coverage doesn't change from one title company to the next, but service and closing fees can.

Source: Fidelity National Title, Real Estate Laws & Customs by State, New Mexico (customary fee splits).

Do I pay gross receipts tax when I sell my house?

Not on the house. New Mexico's gross receipts tax applies to your broker's commission, at the rate for the property's location. Inside Santa Fe city limits, the rate is 8.1875% for July 1, 2026 through June 30, 2027. Ask whether a quoted commission includes GRT or adds it on top, so you can compare offers fairly.

Sources: NM Taxation & Revenue Dept., FYI-200 (reporting location for GRT) and the July 1, 2026 GRT rate schedule (Santa Fe city, location code 01-123).

Do I need a septic inspection to sell in New Mexico?

Yes, if the home has an on-site septic system. Under 20.7.3.902 NMAC, the seller must have the system evaluated by a qualified evaluator before the property transfers. The evaluator files the report with the New Mexico Environment Department within 15 days, and NMED charges a $50 filing fee. If the system has no permit on file, it has to be registered or permitted, and that can take time. Start a permit search early (NMED says it can take up to 10 days). Advanced treatment systems have extra sampling and permit-transfer steps.

This comes up often around Santa Fe, because many county homes outside city sewer service use septic systems.

Source: New Mexico Environment Department, Property Transfer Evaluations; 20.7.3.902 NMAC.

What's different about selling in Santa Fe?

  • Prices aren't public. New Mexico is a non-disclosure state, so online estimates can be off. Your price, and therefore your net, should come from actual MLS sold comparables.
  • Where your home sits changes the math. City vs. county affects the GRT rate on commission and whether the city's excise tax applies to your buyer. Well and septic homes add the septic evaluation, and buyers will usually want well documents too.
  • The market context. According to the Santa Fe Association of REALTORS®, the median single-family sale price was $683,500 inside Santa Fe city limits in Q3 2026 (199 sales) and $839,900 in Santa Fe County outside the city (185 sales). Condos and townhomes in the city had a $483,000 median.

Source: Santa Fe Association of REALTORS® MLS, Santa Fe Area Quarterly Property Statistics, Q3 2026 (current as of October 1, 2026).

How do I estimate my net? (Seller net sheet)

Line item Who usually pays in Santa Fe Your number
Sale price n/a $
Mortgage / HELOC payoff Seller – $
Listing commission (negotiated) Seller – $
Buyer-agent compensation, if you offer it Seller (negotiable) – $
NM gross receipts tax on commission Seller (ask how it's quoted) – $
Owner's title insurance policy Seller (customary) – $
Closing / settlement fee (residential) Seller (customary) – $
Survey, if needed Seller usually, residential – $
Prorated property taxes Seller, through closing – $
Septic transfer evaluation + $50 NMED fee Seller (required if septic) – $
Inspection repairs or credits Negotiated – $
Estimated net   $

Illustration only: on a $683,500 sale (the Q3 2026 city median), each 1% of commission is $6,835. Gross receipts tax at 8.1875% on that 1% is about $560.

Your title company will give you the official figures on the settlement statement before closing. I prepare a net sheet with every listing presentation so there are no surprises.

Frequently asked questions

Is there a transfer tax when selling a house in New Mexico? No. New Mexico has no state or county transfer tax. Inside Santa Fe city limits, a 3% High-End Excise Tax applies to the part of a residential price above $1,029,000, and the city ordinance places it on the buyer.

Who pays for title insurance in Santa Fe, NM? By custom, the seller pays for the buyer's owner's title policy and a financing buyer pays for the lender's policy. It's negotiable. Premiums are set by the state, so they don't vary by title company.

Do I need a septic inspection to sell my house in New Mexico? Yes. If the home has a septic system, state rules require an evaluation by a qualified evaluator before transfer, filed with the New Mexico Environment Department for a $50 fee.

Do I pay gross receipts tax on the sale of my home? No, not on the sale price. Gross receipts tax applies to the broker's commission. The Santa Fe city rate is 8.1875% from July 1, 2026 through June 30, 2027.

How do I get an accurate net number for my Santa Fe home? Start with a price based on actual MLS sold comparables, because New Mexico doesn't publish sale prices. Then use a net sheet with your payoff, negotiated commission, title costs and prorations.

Talk it through with Leland

Every sale is a little different. A county home on a well and septic nets differently from a condo near the Plaza. I'll pull real sold comps, give you a price range and walk you through a line-by-line net sheet. There's no cost or obligation.

Call or text me at (505) 388-0310, or get your free home valuation. You can also read more about selling your Santa Fe home.

This article is general information, not legal or tax advice. Confirm the details of your sale with your title company, attorney or tax professional.

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