Transaction Guidance FAQ: Questions New York Homeowners Ask
Hudson River Realtors | Referral Network Serving New York State
How long does it take to sell a home in New York?
From listing to closing, typically 3 to 5 months. This includes 2-8 weeks on the market to find a buyer and 8-12 weeks from contract to closing. Cash sales close faster.
Do I need a real estate attorney in New York?
While not legally required, it is strongly recommended and customary. New York is an attorney state — both sides typically have attorneys who negotiate the contract, handle legal issues, and attend closing.
What are typical seller closing costs in New York?
Approximately 8-10% of the sale price, including commission (5-6%), NYS transfer tax (0.4%), attorney fees ($1,500-$3,000), and miscellaneous charges.
When is the deal officially binding in New York?
Not until both parties sign the contract of sale AND the buyer delivers the contract deposit. An accepted offer alone is not binding — either party can walk away until the contract is fully executed.
What happens if the appraisal comes in low?
You can negotiate: the buyer pays the difference in cash, you reduce the price, you split the difference, or in some cases a second appraisal is ordered. Your agent will advise based on market conditions.
Can I sell my home without an agent?
Yes — it is called For Sale By Owner (FSBO). However, FSBO homes typically sell for less and take longer. An experienced agent's marketing, negotiation skills, and market knowledge usually more than offset the commission cost.
What is the Property Condition Disclosure Act?
New York law requiring sellers to provide a property condition disclosure form or credit the buyer $500 at closing. Most New York sellers choose the $500 credit rather than completing the form.
How do multiple offers work?
Your agent presents all offers for your review. You can accept the best one, counter one or more, or ask all buyers to submit their highest and best offers by a deadline. Your agent manages this process strategically.
How can Hudson River Realtors help with my sale?
We match you with an experienced agent who knows your local market, guides you through every step of the transaction, and negotiates effectively on your behalf. The referral is free.