The New York Home-Selling Process: Your Step-by-Step Checklist

Don't just look at the top-line price. Look at the buyer's financing type, down payment, contingencies (inspection, mortgage, sale of current home), and proposed closing date. A slightly lower all-cash offer can be stronger than a higher offer with shaky financing.

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Before you accept an offer, ask for a current pre-approval letter (for financed buyers) or a recent bank statement (for cash buyers). Your agent should call the lender to confirm the letter is real and the buyer is properly underwritten, not just pre-qualified.

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Since the NAR settlement took effect August 17, 2024, offers of buyer-broker compensation can no longer be posted in the MLS. You can still choose to pay the buyer's agent — it just has to be negotiated directly in the offer or contract, not advertised in the listing. Talk through the strategy with your agent and decide what makes your home most competitive.

Cost: varies

Most offers go through one or two rounds of counters on price, closing date, included fixtures, and contingencies. Decide your bottom line ahead of time so you negotiate from a plan, not from emotion.

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In New York, accepting an offer is a handshake, not a binding contract. Until both attorneys finalize the written contract and both parties sign, either side can still walk away with no penalty. That gap is typically one to three weeks. Don't stop showing the home until the signed contract comes back.

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Under New York rules at 19 NYCRR 175.7, your agent must tell you in writing about every source of compensation they expect on the deal — including referral fees and any payment from a buyer's broker. Make sure you have that written disclosure in your file before you sign the contract.

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Your agent prepares a deal sheet summarizing the agreed price, deposit, closing date, contingencies, and both attorneys' contact info. Forward it to your attorney so they can start drafting the contract.

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In New York, the seller's attorney prepares the first draft of the purchase and sale contract. Real estate agents are not permitted to draft contracts under Judiciary Law section 478 (unauthorized practice of law). Review the draft carefully with your attorney before it goes to the buyer's side.

Cost: Included in attorney flat fee

Under RPL section 462, the Property Condition Disclosure Statement must reach the buyer before they sign a binding contract. If you are taking the $500 credit under RPL section 465 instead, the credit line goes into the contract itself so it shows up on the closing statement.

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If your home was built before 1978, federal law requires you to give the buyer the EPA lead hazard pamphlet, disclose any known lead-based paint, and offer a 10-day window for the buyer to test for lead before they are contractually bound. Your attorney handles the paperwork, but you have to honestly fill out what you know.

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The buyer's attorney will mark up the contract with riders covering things like the mortgage contingency (typically 30-45 days), inspection contingency, included personal property, and any seller credits. Your attorney negotiates these on your behalf.

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The buyer signs the contract first and wires the earnest money (often 10% of the price for residential NY deals) to your attorney's escrow account. Under 19 NYCRR 175.1, that account must be a separate trust account at a federally insured New York bank, not commingled with anyone's operating funds.

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Once you counter-sign, the contract is binding on both sides. From this point, the deal can only fall apart through one of the agreed contingencies. Pull the listing off-market on the MLS and notify any other interested buyers that you are under contract.

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Coordinate with the buyer's agent on a 2-4 hour window for a licensed inspector to walk the home. Be present (or have your agent present) to unlock attics, basements, and utility rooms. Don't try to spin findings — inspectors will write up what they see regardless.

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If the inspector flags something you already knew about, hiding it can expose you to a fraud claim under RPL section 465 even if you took the $500 PCDS credit. Tell your attorney about anything material you know — failing systems, leaks, prior pest damage — so they can handle it cleanly.

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If your home has, or used to have, a heating oil tank (common in Westchester, Long Island, and older statewide stock), you must disclose it. Decommissioned tanks still count. Hidden tanks are a major environmental-liability issue under NYS Department of Environmental Conservation rules and a frequent reason deals blow up.

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New York expanded flood disclosure starting in 2024. The PCDS now asks specifically about prior flood damage, insurance claims, whether the property is in a FEMA Special Flood Hazard Area, and whether flood insurance is currently in force. Look up your address on the FEMA Flood Map Service Center if you are unsure — answering 'I don't know' when you actually know is risky.

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After the inspection, the buyer may come back asking for repairs, a price reduction, or a credit at closing. Credits are usually cleaner than doing repairs yourself — you don't take on liability for the work and the deal stays on schedule. Decide ahead of time what you will concede and what is a deal-breaker.

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The buyer's lender orders an independent appraiser to confirm the home is worth at least the purchase price. Coordinate a single short visit and make sure the home is clean and tidy — appraisers do note overall condition.

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Prepare a one-page list of renovations and major upgrades from the past 5-10 years — new roof, HVAC, kitchen remodel, etc. — with rough dates and costs. Appraisers don't have time to dig for these themselves, and a list can support a higher comparable value.

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If the home appraises below contract price, you have three options: cut the price to the appraised value, hold firm and let the buyer cover the gap in cash, or split the difference. Your attorney will walk you through what the contract allows and how much leverage each side really has.

Cost: varies

If you are selling a co-op, the buyer must submit a board package — financials, reference letters, tax returns — and be interviewed by the co-op board, which is filed under the Martin Act with the NY Attorney General's office. Boards can reject buyers without giving reasons. Provide any seller-side documents the managing agent requires and stay flexible on the closing date until board approval comes through.

Cost: Move-out fees vary

Don't let anything lapse while under contract. A missed property tax payment or utility shutoff can create lien or title issues that delay closing. Keep paying everything on time right up through the closing date — you will be credited for prepaid items at closing.

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The buyer's title company will run a title search and flag any clouds — old liens, judgments, mechanics liens, missing satisfactions of past mortgages. Your attorney works to clear each item, sometimes with payoff letters or documentary fixes, so you can deliver clean title at closing.

Cost: varies

Anything that surfaces on title or in a municipal search has to be cleared, paid off, or escrowed at closing. In NYC this includes open HPD and DOB violations, which run with the property. Your attorney coordinates payoffs and negotiates with the buyer over anything that won't clear in time.

Cost: varies

If you are a foreign national for US tax purposes, federal FIRPTA rules require the buyer to withhold 15% of the gross sale price (or 10% for buyer-occupied homes at $300,000 or less) and remit it to the IRS. If you are a US person, you will sign a simple non-foreign affidavit at closing. Get this sorted with your attorney early — surprises here can blow up the closing.

Cost: $0 if US person

Sellers who live outside New York State (but inside the US) must file Form IT-2663 and pay an estimated state income tax on the gain at closing. Your attorney usually handles the form and the payment is wired from the closing proceeds. Full-time New York residents do not need this.

Cost: Tax owed on gain

Form TP-584 is the state filing for the New York Real Estate Transfer Tax. The tax is 0.4% of the sale price ($4 per $500 of consideration), and it is the seller's obligation by default. Your attorney prepares the form for filing alongside the deed.

Cost: 0.4% of sale price

If your property is in any of the five boroughs, an extra city transfer tax applies on top of the state tax. For residential properties under $500,000 it is 1%; for $500,000 and above it is 1.425%. Your attorney prepares the RPTT return for filing with the city.

Cost: 1% or 1.425% of sale price

The buyer does a final walkthrough 24-48 hours before closing to confirm the home is in the agreed condition, that any negotiated repairs are done, and that all included fixtures are still there. Leave the home broom-clean and make sure all keys and remotes are gathered up.

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Set utility transfers (gas, electric, water, internet) to take effect the day after closing, not earlier — the buyer's walkthrough needs lights and water. Keep your homeowners insurance in force until the deed records, then cancel for a pro-rated refund.

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Most New York closings happen in person — at the buyer's lender's attorney's office, your attorney's office, or the title company. Bring a government-issued photo ID and any documents your attorney has flagged. Closings usually take 1-3 hours.

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You will sign a stack of documents including the deed (which transfers ownership), affidavits, the transfer-tax forms, and the closing statement. Your attorney walks you through each one. Don't sign blanks — every page should be filled in before you sign.

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The 0.4% New York State Real Estate Transfer Tax comes out of your sale proceeds at closing and is filed with Form TP-584. You don't write a separate check — it is deducted on the closing statement and remitted by the closing agent.

Cost: 0.4% of sale price

If your property is in NYC, the city Real Property Transfer Tax also comes out of proceeds: 1% for residential sales under $500,000, 1.425% for $500,000 and up. The RPTT return is filed at the same time as the deed.

Cost: 1% or 1.425% of sale price

After taxes, your mortgage payoff, commissions, attorney fees, and any credits are deducted from the sale price, you receive the remainder — your net — by certified check or wire. Wires are safer and clear same-day, so ask your attorney to wire to a bank account you have confirmed in person.

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Bring every key, garage opener, building fob, mailbox key, alarm code, and appliance manual to closing. The buyer typically gets possession the moment the deed records and funds are released.

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Hold onto your closing statement (the ALTA settlement statement), your deed copy, and your tax filings — you will need them next April for your capital-gains calculation and to support any home-sale exclusion you claim on your federal and state returns.

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