NYC Seller Net Sheet Calculator

The flip tax is a fee charged by co-op boards when you sell your unit, typically 2% of the sale price. It goes to the building’s operating fund. Only co-ops have flip taxes; condos do not. It’s paid by the seller at closing. Many buildings allow buyers to assume it instead—ask your lawyer about negotiation options.

The NYC Mansion Tax applies to residential properties in NYC with sale prices over $1,000,000. Rates are progressive: 1% for $1M-$2M, 1.5% for $2M-$3M, etc. It’s due at closing. You can sometimes negotiate who pays it (buyer vs. seller), but it’s legally a seller responsibility unless otherwise agreed.

NYC and New York State are separate tax jurisdictions. You pay transfer tax to both. NYC has its own rate (1% under $500K, 1.425% over), and NYS charges 0.4% on transactions under $3M. Both are mandatory for NYC properties and are calculated on the sale price.

Absolutely. While 5-6% is typical, all rates are negotiable. The Bridge & Boro Team works with you to find a competitive, fair rate. Everything is negotiable at the start of the listing agreement—don’t wait until after you list to discuss commission.

NYC closing attorneys typically charge $1,500-$3,500 depending on property complexity. Co-ops are more complex than condos. Always get an estimate upfront. The Bridge & Boro Team recommends trusted attorneys and can help negotiate fees.

Your mortgage is paid off at closing from the sale proceeds. Your lender will send a “payoff statement” showing the exact amount due (principal, accrued interest, prepayment penalty if any). This is deducted from your proceeds before you receive your net check.

This calculator uses averages and estimates. Actual closing costs depend on: exact mortgage payoff (daily interest accruals), title insurance, HOA/condo fees, property taxes (prorated), and other lender-specific fees. Your attorney will provide a detailed closing statement 1-2 days before closing with exact figures.

Typically 1-3 business days after closing. Your attorney or title company will wire the net proceeds to your bank account. Always verify the wire instructions before closing to avoid fraud. Never provide wire instructions via email—confirm directly with your attorney’s office.