What you net is the price
minus nine other things
Commission, transfer taxes, a flip tax, legal fees, withholding on the gross price if you are non-resident. Model the net figure before you set the asking price.
Before you read on
- Indicative for New York City in 2026. Rates differ by state, by city and by building.
- Tax outcomes depend on your residency, holding period and structure. Take advice from a US CPA before listing, not after accepting an offer.
Step 1The timetable
Four to six months from decision to funds in most conditions, and longer for a co-op.
| Stage | Time | What happens |
|---|---|---|
| Preparation | 2–4 weeks | Pricing, repairs, cleaning, photography, gathering building documents |
| On market to accepted offer | 4–12 weeks | Median time varies sharply by price band and season |
| Accepted offer to signed contract | 2–3 weeks | Attorney drafts, buyer's diligence, 10% deposit |
| Contract to closing (cash) | 4–6 weeks | Title, payoff letters, condominium waiver of right of first refusal |
| Contract to closing (financed) | 6–10 weeks | Add appraisal and underwriting |
| Co-op board approval | +4–8 weeks | Package, review and interview after contract |
January and August are the slowest listing months in New York. February to May and September to early November carry the most buyer traffic.
Step 2What comes out of the price
| Cost | Rate | On a $2,000,000 sale | Note |
|---|---|---|---|
| Brokerage commission | 4–6% | $80,000–$120,000 | Negotiable, and since 2024 the buyer-side portion is negotiated separately |
| NYC real property transfer tax | 1.425% above $500,000 | $28,500 | 1% at or below $500,000 |
| NYS transfer tax | 0.4%, or 0.65% residential $3m+ | $8,000 | Paid by the seller in a resale |
| Seller's attorney | Flat fee | $3,000–$6,000 | New York closings are attorney-led |
| Flip tax (co-ops, some condos) | 1–3% or per share | $0–$60,000 | Set by the building's documents |
| Managing agent and payoff fees | Various | $800–$2,500 | Closing letters, transfer fees, lien search |
| Mortgage payoff | Balance | As applicable | Plus per diem interest to the closing date |
| Total deductions before tax | Roughly 6–9% | $120,000–$180,000 | Before any capital gains tax |
On a $2m sale a seller commonly nets $1.82m to $1.88m before tax. Set the asking price against that number, not against what you paid.
Step 3If you are not a US person
Fifteen per cent of the gross sale price — not the gain — is withheld at closing and remitted to the IRS. On a $2m sale that is $300,000 held back, recovered by filing a return, which can take months. A withholding certificate applied for in advance can reduce it where the actual tax will be lower.
Non-resident sellers of New York property pay estimated tax at closing on the gain, filed on the state's non-resident forms. It is separate from FIRPTA and is calculated on gain rather than price.
Long-term capital gains rates apply above a one-year holding period, plus state tax where applicable, plus recapture of depreciation taken while it was let.
Up to $250,000 of gain, or $500,000 for a married couple filing jointly, is excluded where the property was your main home for two of the last five years. Most non-resident owners do not qualify.
Step 4Preparation that pays and preparation that does not
| Action | Cost | Effect | Verdict |
|---|---|---|---|
| Professional photography and floor plan | $500–$1,500 | The listing is seen or it is not | Always |
| Paint and deep clean | $2,000–$6,000 | Reads as maintained | Always |
| Staging or part-staging | $3,000–$12,000 | Helps most in empty units and unusual layouts | Usually |
| Fixing obvious defects | Varies | Removes negotiating ammunition | Yes, if visible |
| Full kitchen or bathroom renovation | $40,000+ | Rarely returns its cost immediately before sale | No |
| Pre-listing inspection | $500–$1,000 | Surprises found on your timetable, not the buyer's | Worth it on houses |
| Pricing above the comparables to leave room | Nothing | Days on market accumulate and the price is then cut anyway | No |
The first two weeks generate the most traffic a listing will ever have. A price that is wrong on day one spends that attention and then has to be reduced in public, which is why sellers who price to the market rather than to their hopes usually finish higher.
Yes, and it always has been. Since the 2024 changes to how commission is handled, what the seller offers the buyer's side is negotiated separately and is no longer published on the MLS.
Legally yes. In practice the exposure, the pricing evidence and the management of the contract period are what the fee buys, and a mispriced sale costs more than the commission.
Apply for a withholding certificate before closing, showing the expected tax on the actual gain. It requires lead time — start when you list, not when you accept an offer.
FIRPTA still withholds on the price unless a certificate is obtained, and the money is recovered by filing. This is the single strongest argument for applying in advance.
An owner-occupier buyer wants vacant possession; an investor may prefer a tenancy with a good rent. Decide which buyer you are selling to before the lease renewal comes round.
Let’s talk first
Tell us the property and we will send back a pricing view, a full net-proceeds calculation, and what the withholding will be in your situation.
RELATED GUIDES
Recent transactions
A sample of the sales, purchases and rentals we acted on in 2025 and 2026.
Real estate brokerage services are provided through R New York.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.