Property Details
Seller Closing Cost Calculator for NYC
In NYC, real estate commissions are negotiated between the seller and their listing agent.
If a buyer does not have an agent, the listing agent retains the full commission.
If the seller agrees to pay the buyer’s commission, such commission is paid directly to the buyer’s agent and broker.
The NYC Transfer Tax is a seller cost, calculated as:
| Sale Price | Property Type | NYC Transfer Tax Rate |
|---|---|---|
| $500K or less | Condos, Co-ops & 1-3 Family Houses | 1% |
| Greater than $500K | Condos, Co-ops & 1-3 Family Houses | 1.424% |
| $500K or less | All Other Property Types | 1.425% |
| Greater than $500K | All Other Property Types | 2.625% |
For commercial properties and multifamily buildings with four or more units, higher rates apply. Additionally, sellers must also pay New York State Transfer Taxes, making this the second-largest closing cost after broker commissions.
The NY State Transfer Tax is
| Sale Price | Property Type | NYS Transfer Tax Rate |
|---|---|---|
| Less than $3 million | Condos, Co-ops & 1-3 Family Houses | 0.40% |
| $3 million or above | Condos, Co-ops & 1-3 Family Houses | 0.65% |
| Less than $2 million | All Other Property Types | 0.40% |
| $2 million or above | All Other Property Types | 0.65% |
For commercial transactions and residential properties with four or more units, the 0.65% rate applies at $2 million. Before the 2019 tax law updates, this tax was a flat 0.4% across all sale prices.
The average Real estate attorney fee for a sale in NYC is $2,000 to $3,000, though it can be as high as $5,000 for more complex deals or new developments. These fees are generally paid at closing, though some attorneys require a portion upfront.
Most condos and co-ops require sellers to pay a refundable move-out deposit along with a non-refundable move-out fee. These amounts vary by building and are listed in the resale (or board) application. If your unit is vacant, you may be able to request an exemption by speaking with the building’s managing agent.
Buildings may charge sellers a closing fee to cover the administrative work involved in the sale process. While this fee is typically paid at closing, it may be required when submitting the buyer’s board application, along with other fees such as move-in/move-out charges and financing fees.
If you’re paying off an existing Mortgage, most banks charge a loan satisfaction fee when the outstanding balance is settled. This is usually a small, fixed amount, regardless of the loan size.
These are minor fees that cover the cost of officially recording the sale in public records.
FAQ
Can I reduce my seller closing costs in NYC?
Yes! Sellers can:What goes into New York City sellers closing costs?
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