Seller Closing Costs

Closing Costs in New York City

When selling your home, you should expect to incur the below closing costs.  When hiring Digs to sell your home, your closing costs will be far less because of our reduced commission structure.

NYC Transfer Tax1% of the purchase price if $500,000 or below
1.425% of the purchase price if above $500,000
NYS Transfer Tax$4 per $1,000 of purchase price (.4% of purchase price).
For sales over $3,000,000, the NYS transfer tax will increase by 0.25%.
Attorney’s Fees$2,500-$4,500
Federal Withholding Tax10% of purchase price for non-exempt foreign seller
Broker Fees5-6% to the typical NYC broker, to be split between the seller’s and buyer’s broker. Digs is not the typical broker and charges significantly lower commissions.
Building Fees$500 – $1,000 refundable move-out deposit
$250 – $500 non-refundable move-out fee
Flip Tax1% – 3% (typically only for co-ops)