Estimating Seller Closing Costs
When selling a property, various closing costs impact your net proceeds. Our Seller Closing Costs Calculator helps you estimate attorney fees, broker commissions, and transfer taxes so you can better plan your sale.
Property Details: Key Inputs
- Sale Price: The agreed-upon sales price of the home.
- Outstanding Debt (Check Box): Indicates if there is an existing mortgage to be paid off at closing.
- Power of Attorney (Check Box): If selected, legal fees may increase for processing.
- New York City CEMA (Check Box): If applicable, can reduce transfer taxes.
- Property Type: Condo, Co-op, or Single-Family Home, determining applicable fees.
Seller Closing Costs: Defined
Attorney & Administrative Fees
- Seller's Attorney Cost: Legal fees for handling the sale and contract review.
- Move-Out Fee: Charged by some buildings for administrative costs.
- Management Fees: Fees for processing sale paperwork in condo and co-op buildings.
- Property Condition Disclosure Statement Fee: A fee applied when waiving disclosure requirements.
Broker Commission
- Broker Commission: Typically 6% of the sale price, paid by the seller.
Transfer Taxes
- State Transfer Tax: 0.4% for sales under $3M, 0.65% for sales over $3M.
- City Transfer Tax: 1% for sales under $500K, 1.425% for sales $500K+.
- Total Transfer Taxes: Sum of all applicable state and city taxes.
Total Seller Closing Costs
- Closing Cost Percentage: Total closing costs as a percentage of the sale price.
- Total Closing Costs: The sum of all applicable fees and taxes.
How Closing Costs Vary by Property Type
Condos
- Subject to transfer taxes, attorney fees, and management fees.
- Broker commission and move-out fees may apply.
Co-ops
- Transfer taxes apply, but additional co-op board fees may be required.
- Board approval and move-out fees are common.
Single-Family Homes
- No co-op or condo management fees.
- Broker commission and transfer taxes still apply.
