NYC Seller Closing Costs: How Much Will You Pay When Selling Your Home?

Photo by Steve Strang on Unsplash

By Colin O'Leary

Selling a home in New York City comes with a unique set of fees and taxes that many sellers don’t expect. Whether you're listing a co-op, condo, or townhouse, understanding your NYC seller closing costs is essential for pricing your home correctly and knowing your true net proceeds.

To make things easier, use our free tool to calculate your estimated net earnings instantly:
👉 NYC Seller Closing Cost Calculator

What Are Seller Closing Costs in NYC? Seller closing costs are the fees paid at the end of a real estate transaction. These costs are separate from any mortgage payoff and typically range between 6%–10% of the sale price, with transfer taxes and broker commission making up the bulk of the expenses.

Breakdown of NYC Seller Closing Costs

1. Broker Commission (5–6%)
This is typically the largest expense for NYC sellers. The commission is split between the listing agent and the buyer’s agent and is paid only if the property successfully closes.

2. NYC Transfer Tax (RPTT)
NYC charges a Real Property Transfer Tax on all sales:

• 1% for homes sold under $500,000
• 1.425% for homes sold above $500,000

3. New York State Transfer Tax

• 0.4% for sales under $3 million
• 0.65% for sales $3 million and above

4. Attorney Fee
NYC attorneys handle contract preparation, due diligence, and closing coordination. Typical seller attorney fees range from $2,000–$5,000, depending on the complexity of the transaction.

5. Co-op Flip Tax
Many co-ops charge a flip tax, which may be structured as:

• A percentage of the sale price (1%–3% typical)
• A percentage of the profit
• A fee per share

6. Building Fees & Move-Out Fees
Condo and co-op buildings may charge:

• Move-out fee: $500–$1,000
• Move-out deposit: $500–$2,000 (refundable)
• Managing agent fees: $500–$1,500+
• Board or processing fees

7. Miscellaneous Costs
Other smaller fees may include:

• UCC-3 filing (co-ops)
• Payoff statement fees
• Courier or wire fees
• Document recording fees

These usually total $200–$800.

How Much Will You Actually Net From Your Sale? Your bottom line depends on your final sale price, closing costs, and remaining mortgage balance. You can calculate your exact proceeds here:
👉 NYC Seller Closing Cost Calculator

Frequently Asked Questions

Who pays closing costs in NYC?
Sellers pay broker commission, NYC and NYS transfer taxes, attorney fees, and certain building fees.

How much are seller closing costs on a $1 million sale?
Typically between $70,000–$100,000, depending on the building and commission.

Do condo and co-op closing costs differ?
Co-ops may include flip taxes and additional board fees, which can make them more expensive.

Are seller closing costs tax-deductible?
Some may be deductible. Always confirm with a CPA.

Thinking About Selling Your NYC Home? Selling in NYC is complex, but understanding your closing costs doesn’t have to be. Use our calculator for a fast, accurate estimate and reach out to Colin O'Leary with The Big City Team at 646-300-2012 if you’re considering listing your home.

👉 Estimate Your Closing Costs Now