Seller’s Guide

For Sellers: 10 Things to Know When Selling Your Home

  1. Plan for total selling costs beyond just your mortgage payoff. Sellers typically net
    less than the sale price once taxes and closing fees are accounted for — worth
    budgeting for early.
  2. You’ll owe transfer taxes. State and local transfer taxes generally add up to a couple
    percent of the sale price at closing.
  3. Price it right from day one. Overpricing and then cutting the price later often nets less
    than pricing accurately at listing — buyers notice stale listings.
  4. Get your home inspection-ready. Fix known issues in advance where reasonable; it
    prevents renegotiation after a buyer’s inspection.
  5. Have your attorney and paperwork lined up early. A seller’s attorney handles the
    contract, coordinates with the buyer’s side, and helps closing move smoothly.
  6. Co-op sellers: check for a flip tax. Some co-op buildings charge sellers a flip tax on
    sale, which can be a flat fee or percentage — check your building’s bylaws.
  7. Staging and first impressions matter. Well-presented, well-lit, decluttered homes
    consistently show better and photograph better for listings.
  8. Be transparent about known defects. Disclosure requirements protect you legally and
    build trust with buyers.
  9. Time your sale with your next move in mind. Coordinate your closing timeline with
    wherever you’re moving to next, especially if you’re buying and selling simultaneously.
  10. Have a signed representation agreement in place before you list. Since the 2024
    NAR settlement, written buyer/seller representation agreements are standard practice —
    your agent should walk you through this upfront.

A Few More Things Worth Knowing

Joosoo Kim VSCC

The Property Condition Disclosure Statement (PCDS) is now mandatory. As of
2024, the old option to pay buyers a $500 credit instead of completing it is gone —
skipping or falsifying it can expose you to lawsuits after closing.
Disclose known material defects. Structural issues, water or mold damage, pesthistory, flood zone status, and septic/well condition all need to be addressed on the
PCDS.

If you learn of a new defect before closing, you must issue a revised disclosure
statement. Your duty to update ends once title or possession transfers, whichever
comes first.

Some sales are exempt from the PCDS requirement — new construction sold by a
sponsor, co-op share sales, and certain family transfers. Confirm with your attorney
which applies to your sale.

Note: costs and thresholds above reflect 2026 NY figures and are for general guidance —
always confirm exact numbers with your attorney for a specific transaction.