Home Selling Costs in Queens NY — What You'll Actually Pay

Q: Who pays transfer tax in New York — buyer or seller?

The seller pays New York State transfer tax ($2 per $500 = 0.4%) and NYC transfer tax (1% under $500,000 or 1.425% over $500,000 for 1–3 family homes). The buyer pays the NYC Mansion Tax (1% or more on purchases over $1,000,000). These are separate from the commission and are deducted from the seller's proceeds at closing.

Q: Are there any costs I can negotiate?

Commission is always negotiable — though very low commissions can affect how buyer agents respond to your listing. Closing credits to the buyer (for inspection findings or other concessions) are negotiated during the transaction. Pre-sale repairs and staging costs are discretionary — your agent should advise you on which expenditures will generate a return and which won't.

The Big Items

Three costs that surprise first-time Queens sellers

NYC transfer tax — sellers pay it

Because Queens is within New York City, sellers pay NYC transfer tax on top of the NYS transfer tax. On a $700k home, that's roughly $9,975 in NYC transfer tax alone — plus $2,800 in state transfer tax. Many sellers don't budget for this and are surprised at closing.

Post-NAR settlement: commission is now transparent

As of August 2024, buyer-agent compensation is separately negotiated and disclosed in writing rather than bundled into the seller's side of a flat commission rate. You'll see both your listing agent's fee and the buyer-agent offer as separate line items. Commission is always negotiable.

Inspection credits are real costs

After the home inspection, buyers typically request repairs or a price credit. In Queens, inspection credits average 1–2% of the purchase price on older homes. Budget for this as a likely cost — not a surprise. Knowing your home's condition before listing reduces this risk.

Worked Example

$700,000 Queens home sale — full cost breakdown

This illustrates typical costs. Your actual figures will vary. No specific net proceeds guaranteed. Request a personalized net sheet from your agent before listing.

Cost Item	Estimated Amount	Notes
Listing agent commission	~$17,500–$21,000	2.5–3% of sale price, negotiable
Buyer-agent compensation	~$17,500–$21,000	2.5–3%, separately negotiated post-NAR settlement
NYS transfer tax	$2,800	0.4% of sale price, seller pays
NYC transfer tax	$9,975	1.425% for 1–3 family homes over $500k
Seller's attorney	$1,500–$2,500	Flat fee typical; varies by attorney
Inspection credit / repairs	$3,500–$7,000	Estimated 0.5–1% of sale price; varies widely
Staging / pre-sale prep	$500–$5,000	Discretionary; your agent advises what's worth doing
Moving costs	$1,000–$5,000	Varies by distance and volume
Pro-rated property taxes	Varies	Calculated at closing based on your tax payment cycle
HOA transfer fee (if applicable)	$0–$500	Only if your property has an HOA
Mortgage payoff	Your balance	Request current payoff statement from your lender
Total estimated seller costs (excl. mortgage)	~$54,775–$72,275	~7.8–10.3% of sale price
Estimated net proceeds (before mortgage)	~$627,725–$645,225	Before paying off your existing mortgage

Cost by Cost

Every selling cost explained

Real estate commission — what changed in 2024

Before August 2024, commissions were typically quoted as a single total (often 5–6%) split between the listing agent and buyer's agent. The 2024 NAR settlement changed how buyer-agent compensation is disclosed and negotiated — buyers now sign agreements with their agents specifying compensation, and sellers separately decide what (if anything) to offer buyer's agents. In practice, most Queens sellers still offer buyer-agent compensation to remain competitive in the market. Commission rates are always negotiable.

Transfer taxes — Queens sellers pay both layers

New York State transfer tax is $2 per $500 of sale price (0.4%) — the seller pays this. Because Queens is a borough of New York City, NYC transfer tax also applies: 1% for residential properties priced under $500,000, and 1.425% for 1–3 family homes priced over $500,000. On a $700,000 sale, these two taxes alone total approximately $12,775. They are deducted from your proceeds at closing.

Seller's attorney — not optional in New York

In New York State, using a real estate attorney as a seller is strongly advisable — it's the standard and expected practice. Your attorney reviews the contract of sale, handles title and closing document coordination, attends the closing, and ensures you're protected throughout the transaction. Fees typically run $1,500–$2,500 for a standard residential transaction.

Inspection credits — plan for them

After the buyer's home inspection, it's common for buyers to request a credit or repair for items found. In older Queens housing stock (many homes in Ozone Park, Richmond Hill, Jamaica, and Howard Beach were built in the 1940s–1960s), inspection findings around electrical, plumbing, roof, or foundation are common. Budget 0.5–1% of your sale price as a likely inspection negotiation cost. Knowing your home's condition before listing — via a pre-listing inspection — can help you price it correctly and reduce surprises.

What you can control — and what you can't

Transfer taxes are fixed by law and non-negotiable. Attorney fees vary but are set before you engage the attorney. Commission is negotiable. Inspection credits are negotiable during the transaction. Staging and prep costs are entirely discretionary — your agent should advise you on what will actually move the needle on price versus what won't. Moving costs are yours to manage.

The mortgage payoff — your biggest variable

If you have an outstanding mortgage, your payoff balance is the single biggest variable in your net proceeds calculation. Request a current payoff statement (not just your outstanding balance, which doesn't include prepayment penalties if any apply) from your lender. Your attorney will coordinate the payoff at closing. Your net proceeds after all costs minus your mortgage payoff is what you actually walk away with.

Common Questions

Cost questions Queens sellers ask us

Who pays transfer tax in New York — buyer or seller?

The seller pays New York State transfer tax (0.4%) and NYC transfer tax (1% under $500,000 or 1.425% over $500,000 for 1–3 family homes). The buyer pays the NYC Mansion Tax (1%+ on purchases over $1,000,000). These are deducted from the seller's proceeds at closing.

Do I have to pay the buyer's agent commission?

Following the 2024 NAR settlement, buyer-agent compensation is separately negotiated rather than automatically bundled into the seller's commission. However, offering buyer-agent compensation is still common in Queens — most sellers offer 2–3% to attract represented buyers who make up the majority of the market. Your listing agent will advise you on what's appropriate.

What is the attorney fee to sell a home in Queens?

A real estate attorney's fee for a residential sale in Queens typically ranges from $1,500 to $2,500. Some attorneys charge flat fees; others bill hourly. Using an attorney for real estate transactions is strongly advisable and standard practice in New York State.

Are there any costs I can negotiate?

Commission is always negotiable. Closing credits to the buyer (for inspection findings or other concessions) are negotiated during the transaction. Pre-sale repairs and staging costs are discretionary — your agent should advise you on which expenditures will generate a return and which won't. Transfer taxes and government fees are fixed by law.

How do I calculate my net proceeds?

Start with your sale price. Subtract: real estate commission, NYS transfer tax (0.4%), NYC transfer tax (1% or 1.425%), seller's attorney fee ($1,500–$2,500), your mortgage payoff balance, inspection credits negotiated, pro-rated property taxes, and any HOA transfer fees. The result is your approximate net proceeds. Request a written net sheet from your agent before listing. No specific net proceeds amount is guaranteed.

What Does It Cost to Sell a Home in Queens?