To sell your condo in NYC, price it off closed sales, list it, sign a contract, get the board's waiver of its right of first refusal and close, usually 30 to 60 days after contract. There is no board interview, and above $500,000 the seller pays 1.425% city plus 0.4% state transfer tax, or $18,250 on a $1,000,000 sale.
To sell a condo in NYC, you gather the building documents, price it off closed sales, list it with a broker, sign a contract, clear the board's right of first refusal and close: eight steps that finish 30 to 45 days after contract with a cash buyer, or 45 to 60 days with a financed one. There is no board interview. The board holds a right of first refusal instead, which it almost always waives. On a sale above $500,000 you pay New York City's transfer tax of 1.425% and New York State's of 0.4%, which comes to $18,250 on a $1,000,000 apartment before commission, attorney fees and your mortgage payoff.
Across 25 years in NYC real estate, the condo sales I have watched slip rarely slip because of the buyer. They slip on paperwork the seller could have gathered before listing: the managing agent's fee schedule, the waiver letter for the right of first refusal, and a current mortgage payoff statement. This guide puts those pieces in order.
If your apartment is a co-op, the process is different at almost every step, starting with the board. Read selling a co-op vs selling a condo first, then how the co-op board process works for sellers.
The 8 steps at a glance
| Step | What happens | Typical timing |
|---|---|---|
| 1. Gather documents | Deed, bylaws, payoff statement, managing agent contacts | 1 to 2 weeks |
| 2. Price it | Closed sales in your building and line, not asking prices | A few days |
| 3. Sign a listing agreement | Commission and terms in writing, listed on the REBNY RLS | 1 day |
| 4. Prepare and market | Photos, floor plan, showings | Until an offer is accepted |
| 5. Sign the contract | Your attorney drafts it, the buyer's attorney reviews, deposit goes into escrow | About 1 to 2 weeks after the accepted offer |
| 6. Clear the right of first refusal | The board waives its option to buy; the managing agent issues the waiver letter | The window your bylaws set |
| 7. Buyer's financing | Lender's condo questionnaire, appraisal, loan commitment | Runs alongside step 6 |
| 8. Close | Deed transfers, taxes paid, mortgage paid off | 30 to 45 days after contract with cash, 45 to 60 financed |
Step 1: Gather the documents before you list
Before you sell a condo, get these in hand. A buyer's attorney and lender will ask for them within days of an accepted offer. Having them ready is the cheapest way to protect your timeline.
- Your deed. Pull it from ACRIS and confirm exactly whose names are on it. Everyone on the deed signs at closing.
- The condo bylaws and declaration. They set the right of first refusal window, any transfer or working capital fee the building charges, and move-out rules.
- A current mortgage payoff statement. Ask your lender for one, not last year's balance.
- The managing agent's contact and fee schedule. Condo questionnaires, waiver letters and move-out deposits all run through the managing agent, and most charge a fee for each.
- Building financials. The latest budget and audited financial statement. Buyers and their lenders will ask.
Step 2: Price it off closed sales, not asking prices
The fastest way to sell a condo at the right number is to price it the way buyers will judge it. Asking prices tell you what other sellers hope for. Closed sales in your building and nearby buildings of the same age and type tell you what buyers paid. In a condo, the same line on a higher floor is the best comparable you will find. Price against those, then run your own numbers through the seller net proceeds calculator so you know what you walk away with at each price before you pick one.
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Step 3: Choose a listing broker and sign the agreement
The listing agreement sets the commission, the term and what the broker will do. Commission is negotiated and written into that agreement. A listing on the REBNY Residential Listing Service puts the apartment in front of the brokers who represent most NYC buyers. For what to ask a broker before you sign, see how to choose a listing agent in NYC.
Step 4: Prepare and market the apartment
Professional photos and an accurate floor plan do most of the work online. If any photo is virtually staged, it has to be labeled as such. Buyers in New York City must sign a buyer representation agreement with their own broker before a showing, so expect most showings to come through other brokers.
See what your condo nets at your asking price
Run the Net Proceeds CalculatorStep 5: Accept an offer and let the attorneys draft the contract
In New York City the seller's attorney drafts the contract of sale and the buyer's attorney reviews it. The buyer typically puts down a 10% deposit when they sign, held in escrow until closing. Once both sides sign, you are in contract. I keep a list of attorneys I can suggest, and you choose your own.
Step 6: Clear the board's right of first refusal
A condo board generally cannot reject a qualified buyer the way a co-op board can. What most condo bylaws give it instead is a right of first refusal: the option to buy your unit itself at the same price and terms your buyer agreed to. Boards almost always waive it. Your managing agent sends the signed contract to the board, and the board issues a waiver letter, which the buyer's title company needs before closing. Read your bylaws for how many days the board has to decide, and send the contract over the day it is signed.
Step 7: The buyer's financing and the condo questionnaire
A financed buyer's lender sends the managing agent a condo questionnaire about the building's finances, insurance, owner-occupancy and any litigation, and orders an appraisal. The loan commitment letter, not the board, is usually what sets the pace on a financed condo sale. Answer every request for building documents the same day and the questionnaire is rarely the reason a closing moves.
Step 8: Closing
At closing the deed transfers, the title company collects and files the transfer tax returns, your mortgage is paid off from the proceeds, and the building's move-out deposit is settled. For the day-by-day version of this stretch, see the NYC closing process timeline.
What a condo seller pays at closing
In a resale, the seller pays both transfer taxes. The buyer pays New York State's mansion tax, which starts at 1% of the price at $1,000,000, so it is not your cost. See the mansion tax guide for the buyer's side.
| Cost | Rate or amount |
|---|---|
| NYC Real Property Transfer Tax | 1% up to $500,000; 1.425% above $500,000 |
| NY State Real Estate Transfer Tax | 0.4%; 0.65% on NYC residential sales of $3,000,000 or more |
| Broker commission | Negotiated, set in the listing agreement |
| Your attorney | Usually a flat fee; get it in writing |
| Managing agent and building fees | Questionnaire, waiver letter, move-out; any transfer fee in your bylaws |
| Mortgage payoff | Per your lender's payoff statement |
Transfer taxes at three prices
$450,000: city 1% = $4,500; state 0.4% = $1,800; total $6,300.
$1,000,000: city 1.425% = $14,250; state 0.4% = $4,000; total $18,250.
$3,500,000: city 1.425% = $49,875; state 0.65% = $22,750; total $72,625.
The full line-by-line version, including a worked example, is in NYC seller net proceeds, and the tax mechanics are in the transfer tax guide.
Condo vs co-op: what is different for you as a seller
Selling a condo
- • No board interview; a right of first refusal, usually waived
- • 30 to 60 days from contract to closing
- • No flip tax in most buildings; check your bylaws for a transfer fee
- • You sell real property with a deed
Selling a co-op
- • The board must approve your buyer and can decline without a reason
- • 60 to 90 days or more from contract to closing
- • A flip tax in many buildings
- • You sell shares and assign a proprietary lease
Taxes on the sale itself
If the condo was your main home for at least two of the last five years, federal law lets you exclude up to $250,000 of gain, or $500,000 for a married couple filing jointly, under section 121 of the Internal Revenue Code. A rented-out or investment condo does not get that exclusion. If the seller is a foreign person, the buyer generally must withhold 15% of the price at closing under FIRPTA unless an exception or a reduced withholding certificate applies. Talk to your accountant before you set the price. More in the capital gains guide for NYC home sales.
Common questions
How long does it take to sell a condo in NYC?
From a signed contract, 30 to 45 days with a cash buyer and 45 to 60 with a financed buyer. The time before that depends on price, condition and the market, and it is the part good pricing shortens most.
Can a condo board stop my sale?
Generally no. Most condo bylaws give the board only a right of first refusal, meaning it can buy the unit itself on your buyer's exact terms. It cannot simply reject a qualified buyer the way a co-op board can, and in practice boards almost always waive the right.
Do I have to fill out a property condition disclosure statement?
No. New York's property condition disclosure statement under Real Property Law section 462 covers one to four family houses, and the law's definition excludes condominium units and cooperative apartments.
Who pays the transfer taxes when I sell my condo?
In a resale, you do: New York City's 1% or 1.425% and New York State's 0.4%, or 0.65% on NYC residential sales of $3,000,000 or more. The buyer pays the mansion tax, which starts at $1,000,000.
Selling a condo in NYC?
Milton Coste, Licensed Real Estate Associate Broker, 25+ years in NYC real estate with more than 1,100 transactions across the five boroughs. Send me the address and I will come back with the closed sales I would price it against and what it nets you.
Get Your Condo's Price and NetThis is general information, not legal or tax advice. Transfer tax rates are from NYC Administrative Code section 11-2102 and NY Tax Law section 1402. Closing timelines are typical ranges, not guarantees.
