Selling houses New York
- Find a listing agent
A licensed real estate agent can make an accurate assessment of home values in your neighborhood and help you price your home based on comps, or comparable properties. They can market your home to qualified buyers and handle other tasks like negotiating and reviewing documents.
- Sign a listing agreement
This contract covers the listing agent’s commission, which is usually 5% to 6% of the sale price. The amount is split between the listing agent and the buyer’s agent.
It also covers the type of listing, duration of the listing, listing price, an inventory of items that are included and not included in the sale, and the duties and obligations of the agent and the seller.
- Work with a lawyer
New York requires sellers to work with lawyers, whose tasks involve reviewing title reports, resolving issues like liens on the property, preparing closing documents, calculating how much is owed to each party at the end of the deal, and so on.
- Know your disclosure obligations
Local laws oblige sellers to disclose the following:
- Material defects present in plumbing, electrical, and other systems
- Conditions like the presence of asbestos or rodent damage
- Homeowners’ association (HOA) rules
- Shared water source, driveways, etc.