New York sells homes differently from almost every other state. Attorneys draw the contract, the inspection usually happens before you sign, and the paperwork has its own rules. This is the plain-English version Team Modern X walks every seller through, so you know what happens next before it happens.
Step 1: Price it from real sales, not a website estimate
Your price should come from homes like yours that closed in your school district in the last three to six months, adjusted for condition, lot, permits and updates. Online estimates miss the district and permit details that move Long Island and NYC prices by tens of thousands. Request a free estimate; Richard replies within 24 hours.
Step 2: Prep and paperwork
- Property Condition Disclosure Statement. Required for one-to-four family homes since March 2024. The old option of giving the buyer a $500 credit instead is gone. We complete it with you line by line.
- Permits and certificate of occupancy. Finished basements, extensions, decks, pools and converted garages need to be legal or disclosed. The buyer’s attorney and title company will check. Solving it before listing is far cheaper than solving it in contract.
- Presentation. Clean, declutter, fix the small things, let the light in. Kitchens and baths rarely need renovating to sell well; buyers here expect to update.
Step 3: Launch
Professional photos, a floor plan and a listing that goes out to the MLS, Zillow, Realtor.com, Homes.com and hundreds of portals the same day. The first weekend matters most: that is when the largest pool of buyers sees your home and when multiple offers happen.
Step 4: Offers and the accepted offer
We review every offer as a package: price, down payment, financing type and lender, contingencies, closing date and any concessions. In New York an accepted offer is not yet binding; it is the green light for the buyer to inspect and for the attorneys to prepare the contract.
Step 5: Inspection, then contract
Unlike most states, the buyer’s inspection typically happens before the contract is signed. Once the inspection is done and any issues are negotiated, the seller’s attorney sends the contract, the buyer’s attorney reviews it, and the buyer signs and delivers the down payment (commonly 10 percent of the price, held in the seller’s attorney’s escrow account). Now the deal is binding.
Step 6: Appraisal, title and mortgage commitment
The buyer’s lender orders an appraisal and issues a mortgage commitment, the title company searches the title and clears any liens or old judgments, and the attorneys coordinate payoff figures for your existing mortgage.
Step 7: Walkthrough and closing
The buyer does a final walkthrough, everyone meets (or signs remotely) at closing, your mortgage is paid off from the proceeds, transfer taxes are paid, and you receive the balance. From accepted offer to closing typically takes about 60 to 90 days; cash buyers can close faster.
What it costs to sell in New York
- Brokerage commission, agreed in your listing agreement.
- Your attorney’s fee.
- New York State transfer tax: $2 for every $500 of the sale price (0.4 percent).
- New York City transfer tax (Queens, Brooklyn, Bronx, Manhattan, Staten Island only): 1 percent under $500,000, 1.425 percent at $500,000 and above for residential sales.
- Payoff of any mortgage, home-equity line or liens.
- Possible extras: co-op flip tax, open-permit fixes, seller concessions you agree to.
Ask for a seller net sheet for your price range; we prepare one free.
Taxes on your profit
Federal law lets most homeowners exclude up to $250,000 of gain ($500,000 for a married couple) on a primary residence you have owned and lived in for at least two of the last five years. Sellers who live outside New York State pay estimated state income tax at closing (form IT-2663). Confirm your situation with your accountant; we are not tax advisors.
Frequently asked questions
Do I need a lawyer to sell a house in New York?
In practice, yes. New York closings are attorney-driven and the contract is drafted by the seller’s attorney. We work with experienced local closing attorneys and can introduce you.
Can the buyer back out after the accepted offer?
Yes, until the contract is signed by both sides. That is why we screen offers for financial strength and keep the inspection-to-contract period short.
Should I sell before I buy?
Most sellers list first and negotiate a closing date that leaves time to buy. Sale contingencies and bridge options exist too. We plan it with you before listing.
How is selling a co-op or condo different?
Co-ops add board approval of the buyer and sometimes a flip tax; condos add a waiver of the right of first refusal. Both take longer than a house. See our Queens and Bronx and Manhattan pages.
Get your free New York home value
Richard will send you a free, no-obligation estimate within 24 hours, based on recent sales near your home rather than an online algorithm.
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Thinking about it but not ready to talk? Download the free Home Seller Guide or the Home Buyer Guide.
Team Modern X, Jason Mitchell Real Estate NY. 45 Cherry Valley Ave, West Hempstead, NY 11552. Open Mon–Fri 9am–7pm, Sat 10am–5pm.