Property Details
Property Type
Estimated Selling Closing Costs
New York State + New York City Transfer Taxes
$
%
Flip Tax
$
>
%
Seller's Attorney Fee
>
$
%
Building Move-out Fee
>
$
0.033%
NYC Broker Commission
$
>
%
Miscellaneous Fees
>
$
>
%
Total Selling Closing Costs (without Mortgage)
$0
0%
Net Sale Proceeds
$1,377,975
91.87%
**The closing cost calculator linked here is provided for general informational and educational purposes only and is not intended to be financial, legal, tax, or real estate advice. The results are estimates only, may not reflect actual closing costs, and should not be relied upon as the sole basis for financial decisions. You should verify all figures independently and consult with your own qualified real estate attorney, lender, accountant, or licensed real estate professional before making any decisions or taking any action. By using this tool, you agree that neither we nor our agents are liable for any errors, omissions, or outcomes resulting from reliance on the calculator or its results.
FAQ
How much are seller closing costs in NYC?
Seller closing costs in NYC typically range from 7% to 10% of the sale price and may include broker commissions, New York City and New York State transfer taxes, attorney fees, building-related fees, and other transaction costs. For Upper West Side co-ops, condos, and townhomes, total costs can vary based on the property’s value and building requirements. The Boyle Team provides sellers with a detailed net proceeds estimate before listing so they understand exactly what to expect.
Is it possible to reduce my seller closing costs in NYC?
Yes. Sellers can often reduce closing costs through strategic pricing, effective negotiation, and selecting the right marketing and brokerage approach. An experienced Upper West Side real estate team can help maximize your sale price while minimizing unnecessary expenses throughout the transaction. The Boyle Team works closely with sellers to create a customized strategy designed to protect their bottom line.
How much money can I save when selling with The Boyle Team?
The amount you save depends on your property’s value, market conditions, and overall sales strategy. The Boyle Team focuses on maximizing exposure, attracting qualified buyers, and negotiating favorable terms to help sellers achieve the strongest possible return on their investment. During your consultation, we can provide a personalized estimate of potential net proceeds based on your specific property and goals.
Can I save money when buying real estate in NYC?
Yes. Buyers can potentially save money through careful negotiation, selecting the right financing options, and taking advantage of available incentives. Understanding market conditions in the Upper West Side can also help buyers identify opportunities and avoid overpaying. The Boyle Team provides expert guidance throughout the buying process to help clients make smart, informed decisions and maximize value in one of Manhattan’s most competitive real estate markets.
Glossary
Typical NYC Broker Commission
The typical real estate commission in NYC is 5% to 6% of the sale price. One of the main reasons why commissions remain elevated in NYC is because the vast majority of buyers work with buyer agents. The typical 5% to 6% commission paid by the seller is intended to be split equally between the listing agent and the buyer’s agent. Sellers are averse to offering less than 2.5% to 3% to a buyer’s agent because it may have an impact on how much demand the listing sees from represented buyers (who account for over 75% of the buyer base).
Sellers in NYC typically sign an exclusive listing agreement which stipulates a fixed commission rate to be paid at closing. If a buyer is unrepresented, the total commission is simply pocketed by the listing agent instead of being split with a buyer’s agent. Buyers are therefore incentivized to work with buyer agents because it’s perceived to be a free service since sellers are paying a fixed total commission no matter what. This creates a chicken and egg situation whereby sellers feel compelled to offer high commissions to buyer agents while buyers feel compelled to work with buyer brokers since it doesn’t cost them anything.
NYC Transfer Tax
The NYC Transfer Tax is a seller closing cost of 1% for sales below $500k and 1.425% for sales of $500k or more. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. In addition to the NYC Transfer Tax, sellers in NYC must also pay New York State Transfer Taxes. The combined NYC and NYS Transfer Taxes are the second largest closing cost for sellers aside from broker commissions.
New York City Transfer Tax Rates
| Sale Price | Property Type | NYC Transfer Tax Rate | |
|---|---|---|---|
| $500k or less | Greater than $500k | $500k or less | Greater than $500k |
| Condos, Co-ops & 1-3 Family Houses | Condos, Co-ops & 1-3 Family Houses | All Other Property Types | All Other Property Types |
| 1% | 1.425% | 1.425% | 2.625% |
NY State Transfer Tax
The New York State Transfer Tax is 0.4% for sales below $3 million and 0.65% for sales of $3 million or more. The higher rate of 0.65% kicks-in at a lower threshold of $2 million for commercial transactions and residential properties with 4 or more units. Prior to the New York Tax Law amendments in 2019, the NYS Transfer Tax was previously a fixed 0.4% regardless of the sale price. The New York State Transfer Tax is authorized by New York Consolidated Laws, Tax Law – TAX § 1402.
New York State Transfer Tax Rates
| Sale Price | Property Type | NYS Transfer Tax Rate | |
|---|---|---|---|
| Less than $3 million | $3 million or above | Less than $2 million | $2 million or above |
| Condos, Co-ops & 1-3 Family Houses | Condos, Co-ops & 1-3 Family Houses | All Other Property Types | All Other Property Types |
| 0.40% | 0.65% | 0.40% | 0.65% |
Seller's Attorney Fee
The average real estate attorney fee for a sale transaction in NYC is $3,000 to $4,000. The flat fee rates you are quoted will vary based on the complexity of your real estate transaction. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. Real estate attorney fees are typically taken at closing and will be part of the closing costs mentioned in your lawyer’s closing statement. Some lawyers may negotiate for half or some other portion of the fee to be paid upfront, with the remainder to be paid at closing.
Move-Out Deposit & Fees
Most condos and co-ops in NYC charge sellers a refundable move-out deposit in addition to a non-refundable move-out fee. Exact fees vary by building, and they are usually listed in the resale application (also know as board application). If you've already moved out and a unit is vacant, it may be possible for you to request an exception and bypass the fees. The easiest way to do this is by contacting the transfer agent of your building's managing agent.
Managing Agent Fee
Your building's managing agent may charge sellers a closing fee to compensate them for the time and effort associated with a real estate closing. While this fee is customarily paid at closing, it may be requested upon submission of the buyer's board application package along with other fees such as the buyer's financing fee, move-in/move-out fees and/or move-in/move-out deposits.
Bank Loan Satisfaction Fees
Most banks charge sellers a bank loan satisfaction fee which is payable at the time you pay off your outstanding principal balance. This is a relatively small closing cost, and it's usually a fixed amount regardless of the size of the outstanding principal balance you're paying off.
Residential Deed Transfer Fee & ACRIS Filing Fees
The Residential Deed Transfer Fee and ACRIS Filing Fees are relatively small seller closing costs which cover the nominal costs associated with physically recording the sale in public records.
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