Seller's Guide
Selling in Brooklyn
A good sale starts well before the listing goes live. Here is how we run one, from the first walk-through to the closing table, and what it costs along the way.
Walk the Home
We start in person. We look at the house as a buyer would, floor by floor, and ask what you want the sale to do for you and when.
Check the Record
We review what a buyer's attorney will check later, including legal unit count, open permits, violations, zoning, landmark status and, for co-ops and condos, building rules.
Set the Price
We compare your home with recent sales of the same building type and explain each comparison. You'll see a range and our reasoning for where to start.
Prepare the Home
You'll get a short list of what is worth doing before you list, and what isn't. The goal is to spend only where it should come back to you in the sale.
Bring It to Market
Photography, marketing and showings are planned around the kind of buyer your home is likely to attract, through the Compass platform and network.
Negotiate and Close
We weigh each offer on its price, contingencies, financing and timing. We then work with your attorney through contract and, where it applies, the board package.
Papers to Gather Early
You don't need all of these before you call. Having them ready early can prevent surprises once you're in contract.
Houses
Certificate of occupancy or other proof of legal use, your survey, permits and sign-offs for past renovations, and current leases for any rental units.
Co-ops
Your proprietary lease and stock certificate, the building's house rules and sublet policy, and recent financial statements.
Condos
Your deed, offering plan and amendments, bylaws and house rules, and recent common charge and tax statements.
This list is general information. Your attorney will confirm what your sale requires.
Estimate What You'd Take Home
Enter a price to see your estimated costs and take-home at closing. Nothing you enter here is saved or sent to us.
Estimated Take-Home
- Sale Price
- Broker Commission
- NYC Transfer Tax
- NYS Transfer Tax
- Your Attorney
- Flip Tax
- Building Fees
- Mortgage Payoff
This is a rough estimate for one- to three-family houses, condos and co-ops in New York City, based on the transfer tax rates in this guide. Buildings with four or more units and mixed-use properties are taxed differently. It leaves out income taxes, repairs and other closing adjustments, and it isn't legal, tax or accounting advice. Your attorney can give you actual numbers.
What It Costs to Sell a Home in Brooklyn
Your main costs are usually the broker commission, New York City and New York State transfer taxes, and your attorney. Co-op and condo sellers may also pay a flip tax and building fees.
| Cost | Typical Amount | Applies To |
|---|---|---|
| Broker Commission | Negotiable. You agree on it in your listing agreement. | All sales |
| NYC Transfer Tax | 1% of the price at $500,000 or less. 1.425% of the price above $500,000. | All sales |
| NYS Transfer Tax | 0.4% of the price. 0.65% at $3 million or more. | All sales |
| Your Attorney | Often $2,000 to $5,000, and more for complex sales | All sales |
| Flip Tax | Set by the building, commonly 1% to 3% of the price | Many co-ops and some condos |
| Building and Move-Out Fees | Vary by building, often about $2,000 in total | Co-ops and condos |
These are general estimates, not legal, tax or accounting advice. Your attorney can give you actual numbers for your sale. Rates can change.
Transfer Taxes at Common Prices
The seller normally pays these taxes at closing. Above $500,000, the higher city rate applies to the whole price.
| Sale Price | NYC Tax | NYS Tax | Total |
|---|---|---|---|
| $500,000 | $5,000 | $2,000 | $7,000 |
| $750,000 | $10,688 | $3,000 | $13,688 |
| $1,000,000 | $14,250 | $4,000 | $18,250 |
| $2,000,000 | $28,500 | $8,000 | $36,500 |
| $3,000,000 | $42,750 | $19,500 | $62,250 |
Examples are for a residential sale of a one- to three-family house, condo or co-op. Your exact amounts may differ.
Before You Set a Price
- Flip Tax: Check your proprietary lease, bylaws or house rules, or ask your managing agent.
- Mortgage: Ask your lender for a payoff amount, since it can differ from your monthly statement.
- Income Tax: Talk to your accountant about capital gains well before you sign a contract.
- Mansion Tax: The buyer normally pays it on homes that sell for $1 million or more.
Find Out What You Could Take Home
Start with a realistic price. Answer a few quick questions and we'll review your home personally, then send you:
- A suggested price range
- The recent sales we compared it with, and why
- What could move the number before you list
Prefer to talk? Call 347.217.0204.
A home valuation is a real estate salesperson's opinion of market value. It is not an appraisal. If your home is currently listed with another broker, this is not a solicitation of that listing.