Seller's checklist

From listing to closing

Every step of selling a home in New York City, in order. Tick things off as you go; this page remembers your progress on this device.

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Two to three months before you list

Get ready

Decide your timing and your next moveWill you buy first, sell first, or rent in between? Your timeline shapes your price strategy and your closing date.
Know your numbersAsk your lender for a payoff estimate, then subtract commission, transfer taxes, attorney fees and any co-op flip tax to see what you'll actually walk away with.
Talk to your accountantAsk about capital gains. A primary residence you've lived in two of the last five years may qualify for an exclusion, and investment property follows different rules.
Gather your building's paperworkCo-op: proprietary lease, stock certificate and house rules. Condo: deed and bylaws. Ask the managing agent about fees, flip taxes and any planned assessments.
Hire a real estate attorneyIn New York, the seller's attorney drafts the contract. Have one lined up before you take an offer so nothing stalls.

Before you set a price

Interview a listing agentAsk how they'd price it, market it and negotiate it. A good agent brings comps, a plan and honest feedback, not just the highest number. This is where I come in.
Sign the New York disclosure formsState law requires your agent to give you the agency disclosure and the housing and anti-discrimination disclosure forms at your first meeting.
Agree on the listing termsCommission is negotiable and goes in writing in the listing agreement, along with whether you'll offer compensation to the buyer's agent.

Two to six weeks before you list

Price it from real compsRecent closed sales in your building and neighborhood, not asking prices. Overpricing is the most expensive mistake a seller can make.
Declutter and deep cleanClear surfaces, closets and the fridge door. Buyers open everything.
Make small repairsFix the dripping faucet, sticky door and burnt-out bulbs. Fresh paint in a neutral color goes a long way.
Stage itArrange furniture to show scale and flow, and let in the light. I'll walk through the space with you and suggest what to move, store or add.
Book professional photos and a floor planMost buyers decide whether to visit from the photos. A floor plan answers the next question before they ask it.
Prepare required disclosuresSelling a one to four family house? Deliver the state's Property Condition Disclosure Statement, which includes flood questions, before you sign a contract. Built before 1978? Lead paint disclosure applies to any home, including co-ops and condos.

While you show

Make it easy to showKeep it tidy, be flexible with times, and step out during showings and open houses.
Secure valuables and medicationLock away jewelry, documents, prescriptions and anything with personal information.
Review feedback each weekIf people visit but don't bid, it's the price or the presentation. If they don't visit, it's the price.

When the bids come in

Look past the priceCompare down payment, financing contingency, closing date and, for a co-op, how strong the buyer's finances look to the board.
Check proof of funds and pre-approvalAsk for both before you accept. A slightly lower offer that will actually close can be the better deal.
Accept and send it to your attorneyNothing is binding until both sides sign the contract.

About 30 to 60 days

Sign the contractThe buyer's deposit, typically 10%, goes into escrow with your attorney.
Co-op: help with the board packageCoordinate with the managing agent and expect a board interview for the buyer. Approval can take a few weeks.
Condo: right of first refusal waiverThe board formally passes on buying the unit. Usually routine.
Keep paying everything on timeMortgage, maintenance or common charges, and utilities, right through closing.

The last week

Order your mortgage payoff letterYour attorney requests it so the lender is paid off at closing.
Plan for closing costsExpect New York City and State transfer taxes, attorney fees, commission, and any flip tax or move-out fees. Your attorney will give you the exact figures.
Schedule movers and book the elevatorCheck your building's move-out rules, deposits and certificate of insurance requirements.
Leave it broom-cleanLeave behind keys, fobs, manuals and anything the contract says stays.
Final walk-throughThe buyer checks that the home is in the condition promised. Make sure appliances and fixtures work.

The first month

Cancel or transfer utilities and insuranceCon Edison or National Grid, internet, and your homeowner's policy after the deed or shares transfer.
Keep your closing documentsYou'll need the closing statement for your tax return.
Tell me how it wentAnd when friends ask who sold your place, you know who to call.

Every sale is different. Your attorney sets the exact timeline and closing figures. Ask me what your place could sell for.

Emma Chao · Licensed Real Estate Salesperson · Brown Harris Stevens, Brooklyn Heights

129 Montague Street, Brooklyn, NY 11201 · Mobile 917-547-1318 · Office 718-875-0100 · echao@bhsusa.com · @EmmaKnowsBrooklyn · Flood check

Equal Housing Opportunity. Information on this site is general and is not legal, tax or lending advice.