How to Sell a Home in NYC: Step by Step

To sell a home in New York City you hire a real estate attorney and usually a listing agent, gather your building documents, price from recent recorded sales, list, negotiate an offer, sign a contract your attorney prepares, wait for the buyer's co-op board or lender approval, then close and pay transfer taxes. The biggest NYC-specific differences are the attorney-led contract, the co-op board's review of your buyer, the flip tax some co-ops charge, and the city and state transfer taxes the seller normally pays.

Use the checklist below to track your progress. Each step links to a deeper guide.

1. Hire an attorney and choose an agent

In NYC, buyers and sellers each typically have their own real estate attorney, who negotiates and prepares the contract of sale and represents you at closing. Hire yours before you accept an offer so the contract can go out quickly. See what a real estate attorney does.

Most sellers also hire a listing agent. Commissions are fully negotiable and not set by law, and since the 2024 NAR settlement changes, what you offer a buyer's agent is a separate decision from what you pay your own. Read how to choose a listing agent, listing agreement types and commissions after the NAR settlement. Selling without an agent is possible too: see FSBO in NYC.

2. Gather documents early

Buyers, their attorneys, lenders and co-op boards will ask for these. Having them ready shortens the contract stage.

If your home was built before 1978, federal rules require you to disclose known lead-based paint, hand over any lead reports, give the EPA pamphlet, allow the buyer a 10-day inspection window (unless they waive or agree otherwise), and keep the signed disclosure for three years. See lead paint disclosure and New York property condition disclosure.

3. Price from recorded sales

Asking prices tell you what other sellers hope for. Recorded sales tell you what buyers paid. Pull comparable sales from the NYC Department of Finance data on Roofy's NYC sales page or a building page on the building lookup, then adjust for floor, condition and outdoor space. The full method is in how to price your home using comparable sales.

4. Prepare and list

Fix what a buyer's inspector or the board would flag, clear clutter, and get good photos and a floor plan. Room-by-room tasks are in preparing your home for sale. If tenants live there, read selling with tenants in place first.

5. Review offers and sign the contract

Compare offers on more than price: how much the buyer is putting down, whether there is a mortgage contingency, whether they have a pre-approval, and whether their finances are likely to satisfy your co-op board. Once you accept, your attorney sends the contract; the buyer's attorney reviews the building and negotiates; then both sign and the buyer pays the contract deposit, usually held in escrow by your attorney.

6. Board, waiver or loan approval

• Co-op: the buyer submits a board package and usually has an interview. The board can reject a buyer, so a stronger buyer can be worth more than a slightly higher offer. See selling a co-op.
• Condo: many condos have a right of first refusal; the managing agent issues a waiver before closing.
• House: the buyer's lender orders an appraisal and title search. Open DOB violations or work without permits can delay closing, so check your record on Roofy early.

The selling timeline

1. Before listing

   Attorney, agent and documents

   Hire an attorney, interview agents, gather the building and ownership documents above.

2. Before listing

   Price and prepare

   Build a comp set from recorded sales, make repairs, stage and photograph.

3. On the market

   Showings and offers

   Collect offers with proof of funds or pre-approval; negotiate terms through your agent.

4. Accepted offer

   Contract negotiation

   Your attorney drafts; the buyer’s attorney does due diligence. Both sign; deposit goes into escrow.

5. After contract

   Board package or loan commitment

   Co-op board review and interview, condo first-refusal waiver, or lender appraisal and commitment.

6. Closing day

   Close and pay off

   Your mortgage is paid off from the proceeds; transfer taxes, flip tax and commission are paid; keys change hands.

7. After closing

   Taxes and records

   Keep your closing statement; report the sale if required; nonresidents pay NY estimated tax at closing.

How long each stage takes depends on the market, the buyer's financing and, for co-ops, how often the board meets. Ask your managing agent how long board review typically takes in your building. If you also need to buy, read how to buy and sell at the same time.

7. Closing costs and what you take home

The seller normally pays the NYC Real Property Transfer Tax (1% of the price at $500,000 or less, 1.425% above, for a 1-3 family house, condo unit or co-op apartment) and the New York State transfer tax ($2 per $500 of price, with an extra $1.25 per $500 on NYC residential sales at $3 million or more). The RPTT return is due within 30 days of the transfer. Add the commission, your attorney, any co-op flip tax, payoff and building fees. Every line is in NYC seller closing costs; estimate yours with the seller net proceeds calculator and the flip tax calculator. See also paying off your mortgage when you sell.

8. Taxes after the sale

If the home was your main residence and you owned and lived in it for at least two of the last five years, you can usually exclude up to $250,000 of gain ($500,000 for most married couples filing jointly) under IRS rules. Read capital gains tax when you sell your home.

Selling an inherited home or a home from a divorce? See selling inherited property and divorce and the family home. Foreign owners should read FIRPTA.