Selling a home has a lot of moving parts. Knowing how much money you’ll have in your pocket at the end of the transaction so you can plan your next move is important. But with so many fees, it can be challenging to know for sure what to expect.
That’s where the seller’s net sheet comes in. The seller’s net sheet is an itemized list that estimates the net proceeds from the sale of a home. After looking over this document, you will know what fees are being charged, who is paying them, and where the money is going. You will also know how much money you should have in your pocket after all of these fees and charges are covered.
Where Do I Get a Seller’s Net Sheet?
Typically, the seller’s real estate agent will prepare the seller’s net sheet with the help of the title company. There are also apps available where you can input some basic information and get a seller’s net sheet on your own. If your real estate agent provides you with this document, they will typically do so when you are looking over offers on the house.
It’s important to know that a seller’s net sheet is not a requirement of the transaction. It is given to home sellers as a courtesy. Since it is not a requirement, you may need to ask your real estate agent to provide you with one. If your real estate agent does not immediately provide you with one, you can always ask them.
What Types of Numbers Can You Expect to See On The Seller’s Net Sheet?
You may be surprised to see how many different people get paid when you sell your house.
The first number you’ll see on the document is the sales price of the home. The document is organized into two columns, one for the buyer and the other for the seller. The list of fees and charges will be listed underneath the sales price, and the amount of money due is listed under the column of whichever party is responsible for payment. Here are some of the fees and charges you can expect to see:
- Mortgage payoff
- Prorated property taxes
- Real estate agent commission
- Recording fees
- Home warranties
- HOA fees
- Notary fees
- Settlement fees
- Title insurance
After all these fees are listed, you will see the total amount you can expect to see in your bank account. If the home was your primary residence and you meet the requirements to be excluded from capital gains taxes, you will get to keep all that money tax-free.
Why Should I Care?
When you’re selling a home, you do not get to keep 100% of the home’s sales price. Since most people only sell a few homes in their lifetime, having a breakdown of fees and charges is necessary. Again, it is essential to understand that the fees listed are an estimate. Still, they can give you a very good idea of how much money you will receive at closing.