You accepted an offer. Congratulations. Now someone hands you a document called a net sheet and suddenly the number you thought you were getting looks significantly different. What happened?

Selling a home in New York City comes with a layered set of costs that most sellers underestimate until they see the net sheet. This article explains every line so you know exactly what to expect before you accept that offer.

What Is a Net Sheet?

A net sheet is a simple document that starts with your agreed sale price and subtracts every cost associated with the transaction. What remains is what you actually receive at closing. Your agent should provide one at the time of listing and update it when an offer is negotiated.

The Major Line Items

Broker commission: In NYC, the total commission is typically 5 to 6 percent of the sale price, historically paid by the seller. On a $1,000,000 sale, that is $50,000 to $60,000.

NYC Transfer Tax: The city imposes a transfer tax of 1 percent on sales below $500,000 and 1.425 percent on sales of $500,000 or more. For a $1,000,000 sale, this is $14,250.

NYS Transfer Tax: New York State adds 0.4 percent on most residential sales. On $1,000,000, that is $4,000. For sales over $3,000,000, the mansion tax applies to the buyer, not the seller.

Attorney fees: NYC sellers are required to have legal representation. Attorney fees typically run $2,500 to $4,000 depending on transaction complexity.

Co-op flip tax: If you are selling a co-op, many buildings charge a flip tax — a fee that goes to the building’s reserve fund. This varies widely: it can be 1 to 3 percent of the sale price or a fixed fee per share. Check your proprietary lease.

Move-out fees: Many co-ops and condos charge a move-out fee, typically $500 to $1,500.

Mortgage payoff: If you have an outstanding mortgage, your lender will be paid in full from the proceeds before you receive anything. Make sure the payoff figure on your net sheet is current.

Miscellaneous: Title updates, bank wire fees, and miscellaneous charges typically add $500 to $1,000.

A Sample Net Sheet for a $1,000,000 NYC Sale

Sale Price: $1,000,000

Less broker commission (6%): -$60,000

Less NYC Transfer Tax (1.425%): -$14,250

Less NYS Transfer Tax (0.4%): -$4,000

Less attorney fees: -$3,000

Less co-op flip tax (2%): -$20,000

Less mortgage payoff: -$400,000

Estimated Net Proceeds: $498,750

Why You Should Run the Net Sheet Before You List

Too many sellers get to closing surprised. The net sheet is not a post-offer document — it is a pre-listing tool. Know your number before you negotiate, before you list, and before you make any commitments about what you are doing with the proceeds.