Queens Seller Closing Costs: A Clear Breakdown

Selling in Queens and wondering what you will actually take home after closing? You are not alone. Between transfer taxes, co-op or condo fees, and payoffs, the numbers can feel confusing. This guide gives you a clear, Queens-specific breakdown of seller closing costs, a simple worksheet to estimate your net, and a practical timeline to keep everything on track. Let’s dive in.

Queens seller closing costs at a glance

Here are the most common items that reduce your net proceeds in Queens, including ZIP 11366 and nearby neighborhoods:

• Government transfer taxes: New York State transfer tax and NYC Real Property Transfer Tax
• Professional fees: brokerage commission, seller’s attorney, settlement administration
• Co-op or condo charges: flip tax, board or application fees, move fees, estoppel and transfer fees
• Payoffs and prorations: mortgages and liens, property taxes, water and sewer, common charges or maintenance
• Negotiated items: credits to the buyer and any agreed repairs or concessions

Required transfer taxes in Queens

New York State transfer tax (NYS RETT)

• Rate: 0.4% of the sale price. This is assessed at $2 per $500 of consideration.
• Applies to most residential transfers, including co-op shares.
• Typically a seller expense in NYC practice, unless negotiated otherwise.

NYC Real Property Transfer Tax (RPTT)

• Rate for residential sales up to $500,000: 1.00% of the sale price.
• Rate for residential sales above $500,000: 1.425% of the sale price.
• Typically paid by the seller in NYC, subject to contract negotiation.

NYS mansion tax awareness

• Applies at 1.0% of the purchase price when the price is $1,000,000 or more.
• This tax is generally imposed on the buyer, but sellers should be aware since it can influence negotiations.

Common professional fees

Brokerage commission

• Total commission in NYC commonly ranges from 5% to 6% of the sale price.
• It is usually the single largest seller expense and is negotiated in your listing agreement.

Seller’s attorney fees

• Typical range: approximately $1,500 to $4,000, depending on complexity.
• Co-op sales that require more board package work may be on the higher end.

Settlement, recording, and title-related items

• Settlement administration and disbursement handling vary by attorney or settlement agent.
• Sellers typically do not purchase title insurance for the buyer, but you may see small charges tied to mortgage releases or payoff processing.

Co-op and condo charges

Flip tax (co-ops)

• What it is: a building-imposed fee on transfers.
• How it is calculated: varies by building. Common methods include a percentage of sale price, a per-share fee, or a percentage of profit.
• Typical range: many buildings fall around 1% to 3% of the sale price, though it varies widely.
• Who pays: often the seller, but bylaws control. Confirm with your managing agent.

Board application and package fees (co-ops)

• Covers administrative review and processing. Typical range: about $100 to $500, but varies.
• There may be additional charges for letters of consent or financial certifications.

Move fees and elevator deposits

• Many buildings require a refundable move deposit and a nonrefundable move fee, plus elevator reservations.
• Typical range: about $250 to $1,500. Check timelines to ensure refunds are processed after the move.

Condo estoppel and transfer fees

• Condos often charge for an estoppel or certificate that confirms common charge status. Typical range: about $150 to $500.
• Some condos impose a transfer fee. Amounts vary and may be flat or a percentage as specified in governing documents.

Managing agent administrative fees

• Management may charge for transfer processing, expedited documents, or damage-related move fines. Confirm the building’s fee schedule early.

Payoffs and prorations that reduce proceeds

Mortgage payoff and other liens

• Expect to pay off your principal balance plus accrued interest to the payoff date, and any release or recording costs.
• Second mortgages, HELOCs, judgments, and tax liens must be satisfied or subordinated.

Property taxes and municipal charges

• Property taxes are prorated as of closing. Any unpaid taxes are settled from your proceeds.
• NYC water and sewer charges should be checked and updated.

Common charges, maintenance, and assessments

• Unpaid condo common charges or co-op maintenance are settled at closing and prorated.
• Any levied special assessments may need to be paid or escrowed.

Credits to buyer and other costs

• Negotiated credits, agreed repairs, or seller concessions reduce your net.

Your seller net worksheet

Use these inputs to estimate your net proceeds:

• Gross sale price = S
• Broker commission rate = C (decimal, for example 0.055 for 5.5%)
• NYS transfer tax = S × 0.004
• NYC RPTT = S × 0.010 if S ≤ 500,000, otherwise S × 0.01425
• Mansion tax (buyer tax shown for awareness) = S × 0.010 if S ≥ 1,000,000
• Attorney and closing fees = A
• Flip tax (if applicable) = F
• Estoppel and building fees = E
• Mortgage payoff total = M
• Prorations and other credits = P
• Other seller costs (repairs, concessions) = O

Estimated net seller proceeds = S

• minus S × C
• minus S × 0.004 (NYS)
• minus S × NYC RPTT rate
• minus A
• minus F
• minus E
• minus M
• minus P
• minus O

Example A: Queens condo or house at $900,000

• Sale price S = $900,000
• Commission C = 5.5% → $49,500
• NYS transfer tax = 0.4% → $3,600
• NYC RPTT (above $500k) = 1.425% → $12,825
• Attorney and closing A ≈ $3,000
• Flip tax F = $0 (assume none)
• Estoppel and management E = $350
• Mortgage payoff M = $400,000
• Prorations and other P ≈ $2,000
• Other O = $1,000

Estimated net ≈ $427,725

Example B: Queens co-op at $1,200,000

• Sale price S = $1,200,000
• Commission C = 5.5% → $66,000
• NYS transfer tax = 0.4% → $4,800
• NYC RPTT (above $500k) = 1.425% → $17,100
• Mansion tax (buyer tax, shown for awareness) = 1.00% → $12,000
• Attorney and closing A ≈ $3,500
• Flip tax F = 2.0% → $24,000 (assume seller pays per bylaws)
• Estoppel and management E = $300
• Mortgage payoff M = $600,000
• Prorations and other P = $5,000
• Other O = $2,000

Estimated net ≈ $477,300

Timeline and pre-listing checklist

4 to 8 weeks before listing

• Gather mortgage payoff details and lender contacts. Ask about payoff letter timing.
• Request building documents. For co-ops: bylaws, proprietary lease, flip tax rules, move policies, board package checklist. For condos: declaration, bylaws, fee schedule, financials, assessments.
• Engage a listing broker and request an itemized net sheet.
• Consult a local real estate attorney to scope fees and identify any liens, judgments, or open permits.
• If selling a co-op, start your board package early.

Listing to contract

• Request condo estoppel or co-op documentation promptly after contract. Some items take weeks and may have fees.
• Confirm in writing who pays transfer taxes and specific adjustments as negotiated.
• Coordinate with your lender for a target payoff date.

1 to 2 weeks before closing

• Confirm exact mortgage payoffs and any required checks.
• Review secure wire instructions for your net proceeds with your attorney.
• Reserve elevators and schedule movers per building rules, including deposits.

At closing

• Sign transfer documents, pay agreed costs, and receive net proceeds once disbursements are complete.
• Obtain copies of final statements and confirm release recordings will be handled.

Post-closing

• Verify that your mortgage lien is released in public records. Recording can take several weeks.

Smart tips for 11366 sellers

• Confirm flip tax and building fees early. Bylaws and fee schedules drive these numbers.
• Request estoppel and payoff letters as soon as you are in contract. Some expire, so time them with closing.
• Ask for a written net sheet from your broker and attorney. Update it when contract terms change.
• Plan your move logistics with your building’s calendar. Refundable deposits depend on a clean, damage-free move.

Ready to run your numbers and plan your sale? For a tailored net sheet, marketing plan, and a calm, organized process backed by Compass tools and Concierge options, connect with Maria Nica.

FAQs

Who typically pays transfer taxes in a Queens home sale?

• In NYC practice, sellers commonly pay the New York State transfer tax and the NYC Real Property Transfer Tax, while the mansion tax is generally a buyer obligation, subject to contract negotiation.

How do co-op flip taxes work in Queens buildings?

• Flip taxes are set by each co-op’s governing documents and may be a percentage of sale price, a per-share fee, or a percentage of profit, with many buildings requiring the seller to pay.

What attorney fee range should I expect as a seller?

• Many NYC sellers pay approximately $1,500 to $4,000, with co-op transactions that involve more board package work often trending higher within that range.

When should I order condo estoppel letters or co-op documents?

• Request them immediately after you have a signed contract, since they can take weeks to prepare and sometimes have validity windows or rush fees.

What items besides the mortgage payoff can reduce my net?

• Property tax and utility prorations, unpaid common charges or assessments, building fees, negotiated buyer credits, broker commission, attorney costs, transfer taxes, and any liens or judgments can reduce proceeds.