Estimate your total costs as a seller in New York City — including NYC transfer tax, NYS transfer tax, broker commissions, and your estimated net proceeds.
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Estimates for general guidance only. Actual costs vary. Contact Agarunov Law for a personalized estimate.
Common questions about NYC seller closing costs
NYC seller closing costs typically range from 8% to 10% of the sale price. The largest costs are broker commissions (4-6%), NYC transfer tax (1%-1.425%), and NYS transfer tax (0.4%). Co-op sellers may also pay a flip tax of 1-3%.
NYC charges a Real Property Transfer Tax (RPTT) of 1% on residential sales under $500,000 and 1.425% on sales $500,000 and above. In addition, New York State charges a transfer tax of 0.4% on all sales. Both are typically paid by the seller at closing.
On sales of $1 million or more, sellers pay an additional 0.25% NYC mansion tax surcharge on top of the standard transfer tax. The buyer also pays a separate mansion tax ranging from 1% to 3.9%. Both taxes apply to the same transaction but are paid by different parties.
A flip tax is a transfer fee charged by co-op buildings when a unit is sold. It typically ranges from 1% to 3% of the sale price and is paid by the seller. The amount varies by building — always check your proprietary lease before listing your co-op apartment.