Seller closing cost calculator in NYC

General Fees
Typical Broker Commission
NYC Real Property Transfer Tax
NYS Transfer Tax
Real Estate Attorney
Move-Out Deposit / Fee
Managing Agent / Processing Fee
Yoreevo Commission Savings
Real Estate Broker Commissions
By far, your largest seller closing cost will be real estate broker commissions. Most traditional real estate brokers charge a whopping 5-6% to sell your home. For the average Manhattan apartment, that comes out to over $100,000. To lower this cost significantly, just contact Yoreevo! Your all in broker commission selling with Yoreevo will be 2-4%, saving you tens of thousands of dollars!
Both New York City and New York State charge a transfer tax when you sell real estate. The NYC transfer tax goes from 1% for properties $500,000 and under to 1.425% when over that amount. New York State also charges 0.4% for all sales under $3,000,000 and 0.6% for those $3,000,000 and over. On resales, transfer taxes are paid by the seller while on new development, the buyer is expected to pay (although this is negotiable).
A flip tax is a transfer tax paid to the building when selling instead of NYC or New York State. You may not be subject to this seller closing cost. It depends on your building. If you do not pay the flip tax, the building will not authorize your sale. While significantly more common in co-ops, condos sometimes have flip taxes as well. The structure and amount vary building to building but Yoreevo has found a flat 2% of the sale price to be the most common.
Real Estate Attorney
Just like when you bought your apartment, you will need an attorney to help you sell. Most will charge a flat $2,000 to $3,000 to execute your transaction.
do you want to know more about rebates?
When and how do I get my rebate?

Your commission rebate is given to you in form of a check at the closing table. It’s that simple. Alternatively, we can issue your rebate as a credit on the transaction.

So I get full service AND a commission rebate?

Yup! Our platform helps Yoreevo acquire customers and streamlines the buying process. This allows our agents to spend their time directly servicing clients like you instead of looking for new business and pushing paper. We then pass on those savings in the form of a commission rebate.

Is the commission rebate taxable?

The IRS has stated that a rebate is an adjustment to the purchase price and not taxable income. With that said, it’s recommended you consult with a CPA to analyze your particular situation.

Why do I need Yoreevo? Can I go directly to the listing broker and get the entire commission?

Unfortunately that won’t work. The listing agent will want to be compensated for representing you in addition to the seller. Two of Yoreevo’s co-founders tried this unsuccessfully, inspiring the creation of this consumer first company.

In addition to a haggle-free rebate, working with Yoreevo also means an experienced agent looking out for your best interests. When going direct, you expose yourself to dual agency which is very much a grey area (and illegal in some states).

How do commission rebates work?

As a buyer, your agent is paid a commission by the listing agent. Most commonly, that’s 3%. Yoreevo gives you a commission rebate for two-thirds of the total commission (so 2% on most listings).

For more details, check out this post and our rebate terms.