Selling a Home in NYC: Records, Approvals, Seller Costs and the Path to Closing

Selling a home in NYC involves more paperwork, more approvals and more city-specific costs than most sellers expect. A house sale can stall on an open Department of Buildings permit from a renovation done years ago. A co-op sale depends on a board that reviews your buyer, not you. And the seller’s side of a New York City closing carries two transfer taxes, building fees and attorney-prepared filings that do not exist in many other places.

This guide is for owners of houses, co-ops and condos anywhere in the five boroughs who want to understand the process before choosing a listing agent. It covers how buyers judge each ownership type, how pricing works, which records to clear before listing, the disclosures New York requires, the full seller cost stack and how to compare offers.

As a Licensed Associate Real Estate Broker with Keller Williams Realty Liberty, I work with sellers in English and Polish. My own practice centers on Queens and Brooklyn, along with Nassau and Suffolk counties on Long Island, and the city-wide rules here are the ones my Queens and Brooklyn sellers work through. When you are ready to talk about your own property, the New York home seller services page explains how we would work together.

New York City seller at a glance

What does selling a home in NYC involve, from first call to closing?

Selling a home in NYC runs through seven stages: preparation and pricing, records cleanup, listing and marketing, offers, an attorney-negotiated contract, the buyer’s financing and approvals, and closing with tax filings. Co-op and condo sales add a building approval step that the seller cannot speed up, so preparation matters more than it does elsewhere.

The order matters because an accepted offer in New York is not a binding sale. The buyer usually inspects and the buyer’s attorney reviews records and building documents before signing, so any problem you could have found and fixed in stage two tends to surface in stage five, when it costs the most time and leverage.

How do NYC buyers judge a co-op, condo or house?

NYC buyers judge an apartment largely by its building and a house largely by its legal status and condition. A co-op buyer studies maintenance, financing rules and the building’s finances; a condo buyer compares common charges and taxes; a house buyer checks the Certificate of Occupancy, systems, flood zone and any rental unit.

Co-op buyers look past the apartment

A co-op buyer purchases shares and a proprietary lease, so the buyer and the buyer’s lender look closely at the building: the monthly maintenance, how much of the price the board lets buyers finance, required cash reserves after closing, sublet rules, the underlying mortgage and any pending assessment. A well-kept apartment in a building with restrictive financing rules attracts a narrower group of buyers than a similar apartment in a more flexible building, and pricing has to reflect that.

Condo buyers compare total monthly cost

Condo buyers add common charges to the unit’s separate Department of Finance tax bill. If the unit has a tax exemption or abatement that is phasing out, buyers and their attorneys will notice that the bill is scheduled to rise, so check the unit’s exemption or abatement status and remaining term on NYC Department of Finance records before you price. Condo buyers also tend to value flexibility on renting, which is usually broader than in co-ops but still governed by the bylaws.

House buyers focus on legal use and condition

For one-to-three-family houses, buyers in every borough ask the same questions: does the legal unit count match the advertised layout, are there open permits or violations, how old are the roof, boiler, electrical service and windows, is there parking, and is the property in a flood zone? A two-family house with a legal, documented second unit gives a buyer’s lender rental income to consider; an extra cellar or attic apartment that is not legal can reduce buyer interest and complicate financing.

Borough differences sellers should expect

Manhattan’s resale market is dominated by co-ops and condos, so building documents often decide a sale. Staten Island and much of eastern Queens are dominated by houses, where condition, parking and legal status carry more weight. Brooklyn, the Bronx and western and central Queens mix row houses, two-family homes and apartment buildings, so a seller there competes with very different property types at similar prices.

How do you price a home for sale in New York City?

Price an NYC home with a comparative market analysis built from recent sales of the same ownership type, in a similar building or on similar blocks, adjusted for condition, layout, legal use and monthly costs. A comparative market analysis, or CMA, is a broker’s professional opinion of value based on market evidence; it is not an appraisal and does not guarantee a sale price.

Why NYC comparables need careful adjustment

Comparables in New York City are rarely interchangeable. A co-op sale in the same building is usually the strongest evidence, but only after adjusting for floor, exposure, renovation and any difference in maintenance. Condo comparables need the tax bill and common charges side by side. Houses need adjustment for legal unit count, lot size, parking and attached versus detached construction, because two houses on one block can differ on all four.

Public data and its limits

Recorded sale prices for most of the city are public through ACRIS, and the NYC Department of Finance publishes rolling sales data. Those records show what closed, not the condition, concessions or timing behind each sale, which is why a CMA interprets them rather than averaging them. The market value on your Notice of Property Value is a tax-assessment figure, not a measure of what a buyer will pay.

Pricing for the buyer’s appraisal

Many NYC buyers finance, and their lender’s appraiser has to support the contract price. In segments with few true comparables, such as renovated row houses or large detached homes, a price that outruns the evidence can produce a low appraisal and a renegotiation. Pricing within what the comparables support usually protects the timeline. Our guide what is my Queens home worth explains how a CMA is assembled in more detail.

Which NYC records should you clear before listing?

Before listing, review how title is held, whether there are open permits or violations, whether the Certificate of Occupancy matches the property’s actual use, and whether property tax, water or building charges are current. These issues usually surface during the buyer’s attorney review, and fixing them before listing avoids delays after an offer is accepted.

Title and who must sign

Look up your deed on ACRIS, or with the Richmond County Clerk for Staten Island, and confirm that every owner on title can sign. If a co-owner has died, the property is held by an estate or a trust, or an owner is going through a divorce, the attorney will need court or trust documents before closing. Inherited properties often need the longest lead time; our probate real estate page explains how estate sales are coordinated.

Permits, violations and the Certificate of Occupancy

The NYC Department of Buildings lists permits, complaints and violations for each property, and related penalties are adjudicated by the Office of Administrative Trials and Hearings (OATH). An old permit that was never signed off, or a violation for work done without a permit, can delay closing or require a price adjustment. Compare the Certificate of Occupancy, if one exists, with the way the building is used today; buildings constructed before 1938 often have none, and in that situation the Department of Buildings may issue a Letter of No Objection. Ask your attorney or an expediter early whether one is available for your property and how long the current process takes.

Taxes, water charges and liens

Unpaid property taxes and water and sewer charges billed by the NYC Department of Environmental Protection can become liens that must be paid at closing. Buildings with three or more units should also be registered with the NYC Department of Housing Preservation and Development (HPD); an unregistered building or open HPD violations will show up in the buyer’s searches.

What is different about selling an NYC co-op or condo?

Selling an NYC co-op means your sale depends on the board approving your buyer, and the building may charge a flip tax and transfer fees. Selling a condo usually requires only the board’s waiver of its right of first refusal, but buyers and their lenders will still review the building’s finances and documents.

The co-op sale process

A co-op sale transfers shares and the proprietary lease rather than a deed. After the contract is signed, the buyer assembles a board package, usually through the managing agent, and the board reviews it and typically interviews the buyer. The contract customarily makes the sale contingent on board approval, so if the board declines the buyer, the deal ends and the seller relists. The practical way to protect your timeline is to screen offers against the building’s financial requirements before you accept one.

A flip tax is a transfer fee that some co-ops charge on a sale. It is set by each co-op’s own documents, so there is no city-wide rate, and it may be calculated in different ways depending on the building, so read the flip tax terms in your proprietary lease, bylaws or house rules and confirm them with the managing agent. Managing agents commonly charge additional processing or transfer fees, and the seller’s attorney will order a lien search and arrange the release of any lender’s lien on the shares.

The condo sale process

Condo sales convey a deed and are recorded like house sales. The condo board typically holds a right of first refusal under the bylaws and issues a waiver before closing. The managing agent usually confirms that common charges are paid and completes questionnaires for the buyer’s lender. Sellers should have the declaration, bylaws, recent financial statements and any notice of assessments ready, because buyers’ attorneys request them early.

What you can prepare in advance

• Ask the managing agent for the current purchase application, fee schedule and any flip tax terms.
• Locate the original stock certificate and proprietary lease for a co-op, or the deed for a condo.
• Collect recent financial statements, board minutes the building releases, and house rules.
• Confirm any pending or planned assessments, facade work or major capital projects.
• Check whether the building restricts open houses, showing hours or elevator use.

How should you prepare and market an NYC home for sale?

Prepare an NYC home by fixing what buyers and inspectors will notice first, presenting light and layout clearly, and having documents ready before the first showing. Then market it through the listing systems used in your borough, public portals and professional photography and floor plans.

Preparation by housing type

In an apartment, focus on light, storage and condition: clean windows, repaired fixtures, neutral finishes and clear closets. Any repair work inside a co-op or condo may require building approval or an alteration agreement, so start early. In a house, buyers and inspectors look at the roof, facade, boiler or furnace, electrical service, plumbing and signs of water in the cellar. Service records for a boiler or a recent roof repair answer questions before they are asked. Major renovations right before listing rarely pay for themselves; targeted repairs and presentation usually do more.

Photography, floor plans and listing distribution

Professional photography and an accurate floor plan matter in New York City, where buyers compare layouts across many listings before touring. Listings are shared through broker listing systems that vary by borough and brokerage, including OneKey MLS and the REBNY Residential Listing Service, and they flow from there to major public portals. Ask your agent which systems will carry your listing. Describe square footage carefully; co-op apartments often have no official measured figure, so state sources and avoid overstatement.

Showings and occupied properties

Many co-op and condo buildings set rules on open-house hours and broker access. For a two- or three-family house with tenants, tenants have rights to notice and privacy, and their leases transfer with the building unless the contract provides for vacant delivery. Plan showing schedules with that in mind.

What disclosures does an NYC seller have to make?

Most NYC sellers of one-to-four-family houses must deliver the New York Property Condition Disclosure Statement before the buyer signs a contract, and sellers of housing built before 1978 must provide the federal lead-based paint disclosure. Every seller receives the NYS Disclosure Form for Buyer and Seller from their agent, and one- and two-family sales include a smoke and carbon monoxide detector affidavit at closing.

Property Condition Disclosure Statement

The Property Condition Disclosure Statement (PCDS) is a New York State form in which the seller answers questions about the property’s condition. Since March 20, 2024, sellers can no longer give a $500 credit instead of delivering the form, and the form now asks about flood zones, flood-insurance requirements and past flood-damage claims or FEMA assistance. Condo units and co-op apartments are excluded from the law’s definition of residential real property, so the PCDS requirement does not apply to them. Answer from actual knowledge and review your answers with your attorney.

Lead-based paint disclosure

For housing built before 1978, federal rules from the U.S. Environmental Protection Agency and HUD require the seller to disclose known lead-based paint and hazards, provide available reports and the EPA pamphlet, and give the buyer an opportunity to conduct a lead inspection unless the buyer waives it. Much of New York City’s housing predates 1978, so this disclosure applies to many sales.

Agency disclosure and closing affidavits

The NYS Disclosure Form for Buyer and Seller, issued by the New York State Department of State, explains whom an agent represents and is provided at the first substantive contact. At closing, sales of one- and two-family homes include a smoke detector affidavit of compliance, which is part of the NYC transfer tax filing packet; your attorney prepares it.

What does it cost to sell a home in NYC?

An NYC seller typically pays the New York State real estate transfer tax, the NYC Real Property Transfer Tax, the agreed brokerage compensation, the seller’s attorney fee, the payoff of any mortgage, and, for co-ops and condos, building fees such as a flip tax where one applies. Which taxes and rates apply depends on the price and the property category.

Transfer taxes

The New York State real estate transfer tax is $2 for each $500 of consideration (0.4%), customarily paid by the seller, according to the NYS Department of Taxation and Finance. In New York City, residential conveyances of $3 million or more carry a higher combined state rate of 0.65%.

The NYC Real Property Transfer Tax, administered by the NYC Department of Finance, is 1% of the price when it is $500,000 or less and 1.425% when it is above $500,000 for one-to-three-family houses, individual co-op apartments and individual condo units. It is customarily paid by the seller. Properties outside those categories, such as a four-family building, are taxed under a different, higher schedule: 1.425% when the price is $500,000 or less and 2.625% above $500,000.

Compensation, attorney and payoff costs

Brokerage compensation is negotiable and is set in the listing agreement; it is not fixed by law. Under the rules in effect in 2026, a seller also decides whether to offer anything toward a buyer’s agent’s compensation, and buyers may request a concession in their offer. The seller’s attorney charges a fee for the contract and closing. If you have a mortgage, the lender’s payoff, any recording of the satisfaction and, for co-op share loans, the release of the lender’s lien are handled at closing.

Confirm current rates with the NYS Department of Taxation and Finance and NYC Department of Finance before closing. The New York State mansion tax and the NYC mortgage recording tax are buyer-side costs and are not normally deducted from a resale seller’s proceeds.

Estimating your net proceeds

A simple net-proceeds worksheet starts with the contract price and subtracts, in order: the mortgage or share-loan payoff; the NYS transfer tax and NYC Real Property Transfer Tax; the agreed brokerage compensation and any concession to the buyer; attorney fees; building fees, including any flip tax; and any arrears or violations to be cleared. Closing adjustments, called apportionments, then credit or charge each side for prepaid or unpaid property taxes, maintenance or common charges and water charges. Income-tax consequences of the sale belong with a CPA. Sellers who are not New York residents, and sellers who are foreign persons under federal tax law, may face withholding or estimated-tax filings at closing; ask a CPA or attorney about the current rules well before the closing date.

How should you compare offers on an NYC home?

Compare NYC offers on the likelihood and timing of reaching closing, not price alone. Look at financing type and amount, the buyer’s readiness for a board review, contingencies, the proposed closing date and any concessions requested, then decide which offer is most likely to close on acceptable terms.

When several offers arrive, your agent may ask buyers for their highest and best terms. Remember that an accepted offer is not binding in New York; until both sides sign the contract and the buyer’s deposit, customarily around 10% of the price, is in escrow, either party can still walk away. Many sellers keep a backup offer in mind until the contract is signed.

What is the timeline from listing to closing in NYC?

The timeline from listing to closing in NYC depends on preparation, buyer demand, the buyer’s financing and, for co-ops, the board’s review schedule. Houses and condos with clean records move fastest; co-ops add the board package and interview; and estates, tenants or record problems add time at any stage.

1. Before listing: agency disclosure, CMA, attorney retained, records reviewed, repairs and photography.
2. Listing period: showings and open houses within any building rules; offers reviewed as they arrive.
3. Accepted offer to contract: buyer’s inspection and attorney review; PCDS and lead disclosure delivered where required; contract signed and deposit placed in escrow.
4. Contract to approvals: buyer’s appraisal and loan commitment; co-op board package and interview; condo waiver.
5. Closing: payoffs, transfer taxes and filings; deed or stock and lease delivered; keys handed over.

The step a seller controls least is the co-op board’s schedule, which varies by building. The step a seller controls most is record cleanup, which can be done before the listing goes live.

What mistakes cost NYC sellers time or money?

The most expensive mistakes when selling a home in NYC are discovered late: unresolved records, a price that the appraisal cannot support, an offer that cannot pass the board, and missing documents at closing.

1. Listing before checking DOB records. An old open permit can delay closing for weeks.
2. Advertising more units than are legal. Buyers’ attorneys compare listings with the Certificate of Occupancy.
3. Accepting a co-op offer without screening it. A buyer who does not meet the board’s financial rules may be rejected.
4. Overlooking the flip tax and building fees. They reduce net proceeds and should be known before pricing.
5. Losing the co-op stock certificate. Replacing it takes time; locate it early.
6. Treating an accepted offer as a sale. Nothing is binding until the contract is signed.

NYC seller checklist

1. Review the NYS Disclosure Form and agree on brokerage compensation in writing.
2. Get a CMA based on the same ownership type and similar buildings or blocks.
3. Retain a New York real estate attorney before listing.
4. Check ACRIS or the Richmond County Clerk, DOB, OATH, HPD, DOF and DEP records.
5. For co-ops and condos, request the building’s application, fees and flip tax terms.
6. Prepare the PCDS and lead-based paint disclosure where they apply.
7. Complete targeted repairs, then schedule photography and a floor plan.
8. Estimate net proceeds with transfer taxes, compensation, fees and payoffs.

For borough and area detail, see our pages on selling a home in Brooklyn, selling in Long Island City and selling in Forest Hills; owners comparing with Long Island, where the NYC Real Property Transfer Tax does not apply, can read about selling in Nassau County. Our guide on how to sell your home in Queens walks through the Queens process, and the guide to real estate in New York for Queens and Brooklyn gives a wider overview. If you will buy your next home in the city, the New York City home buyer page covers that side.

This article is for general informational purposes only and reflects conditions that may change. It is not legal, tax, or financial advice, an appraisal, or a guarantee of price or outcome; consult a licensed New York attorney, a CPA, and an NMLS-registered mortgage loan originator as appropriate. A CMA is an opinion of value, not an appraisal. Real estate brokerage services are offered by Agatha Lubas, Licensed Associate Real Estate Broker, NY License #10301213345, Keller Williams Realty Liberty, 96-10 101st Avenue, Ozone Park, NY 11416. The NYS Disclosure Form for Buyer and Seller, the NYS Housing and Anti-Discrimination Disclosure / Fair Housing Notice, and the brokerage’s Standard Operating Procedures are available on request. Equal Housing Opportunity.

Agatha Lubas

Licensed Associate Real Estate Broker · NY License #10301213345 · Keller Williams Realty Liberty

Agatha Lubas helps sellers, buyers and investors across Queens, Brooklyn, Nassau County and Suffolk County prepare, price and close New York real estate transactions. She works in English and Polish, so clients can discuss every step in the language they prefer.

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