Closing Costs in New York City
When selling your home, you should expect to incur the below closing costs. When hiring Digs to sell your home, your closing costs will be far less because of our reduced commission structure.
| NYC Transfer Tax | 1% of the purchase price if $500,000 or below 1.425% of the purchase price if above $500,000 |
| NYS Transfer Tax | $4 per $1,000 of purchase price (.4% of purchase price). For sales over $3,000,000, the NYS transfer tax will increase by 0.25%. |
| Attorney’s Fees | $2,500-$4,500 |
| Federal Withholding Tax | 10% of purchase price for non-exempt foreign seller |
| Broker Fees | 5-6% to the typical NYC broker, to be split between the seller’s and buyer’s broker. Digs is not the typical broker and charges significantly lower commissions. |
| Building Fees | $500 – $1,000 refundable move-out deposit $250 – $500 non-refundable move-out fee |
| Flip Tax | 1% – 3% (typically only for co-ops) |
