NetSheet.org

What is a seller net sheet?

A seller net sheet shows what a home seller walks away with after the sale. Here is how it works, what goes on it and how to make one.

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What does a seller net sheet show?

It shows the cash a seller gets at closing. A net sheet is a one-page estimate. Some call it a seller's estimated net proceeds sheet. It lists the sale price, takes off every cost and payoff, and shows the net at the bottom.

Listing agents use it to answer the first thing every seller asks: what will I walk away with?

How do you calculate seller net proceeds?

Net proceeds = sale price − commission − loan payoffs − seller closing costs − prorations owed − credits and repairs

Each part depends on the sale. Commission is a percent of the price. Payoffs come from the lender's payoff letter. They include interest up to the closing date. Closing costs, and who pays them, depend on the state and often the county.

What goes on a seller net sheet?

  • Real estate commission: what the listing agent and buyer's agent are paid. It is usually a percent of the price.
  • Mortgage payoffs: the first mortgage, a second mortgage and any HELOC, plus interest through closing.
  • Transfer taxes: state, county and city taxes on the deed. They range from nothing (Texas, for example) to several percent of the price. See transfer taxes by state.
  • Title insurance: in some states and counties the seller pays for the owner's policy. In others the buyer does.
  • Settlement or escrow fee: the closing agent's fee. Buyer and seller often split it.
  • Recording fees: the seller usually pays to record the release of the old mortgage.
  • Property tax split (proration): where taxes are paid in arrears, the seller credits the buyer for the days the seller owned the home. Where taxes are paid in advance, the buyer pays the seller back.
  • HOA dues and transfer fees, if the home is in an association.
  • Seller credits and repairs in the contract, and a home warranty if the seller offers one.

What does a seller net sheet look like?

Here is a $400,000 home in Hillsborough County (Tampa), Florida. It has a 5% commission and a $250,000 mortgage. Seller costs come to about $25,994. That leaves a net of about $124,007 before the property tax split.

LineSeller
Sale price$400,000
First mortgage payoff−$250,000
Real estate commission (5%)−$20,000
Documentary stamp tax on deed−$2,800
Owner's title insurance policy−$2,075
Settlement / closing fee−$550
Release / satisfaction recording−$18.50
Title search and examination−$200
Municipal lien search−$150
Deed preparation−$150
Wire / courier / payoff processing−$50
Estimated net before the property tax split$124,006.50
 Title and settlement fees are typical estimates, not quotes.

How do agents use a net sheet?

At the listing appointment, run the net at two or three prices. The seller sees what each list price means for them.

With every offer, run a new sheet. A higher offer with big seller credits or a later closing can net less than a lower, cleaner one.

Before closing, update the payoff and the closing date. Then there are no surprises on the settlement statement.

How do you get a net sheet right?

Use the lender's payoff, the real tax bill and the right county. Most net sheet errors come from three places: an old payoff, the property tax split and local transfer taxes. The NetSheet.org calculator adds the transfer tax and closing customs for the home's state and county for you.

Net sheet questions

What is a seller net sheet?

A seller net sheet estimates the cash a home seller gets at closing. It starts with the sale price. Then it takes off the commission, loan payoffs, transfer taxes, title and escrow fees, and the property tax split. It also takes off any credits or repairs the seller agrees to.

How do you calculate seller net proceeds?

Start with the sale price. Take off the commission and every loan payoff, such as a first mortgage, second mortgage or HELOC. Take off the seller's share of transfer taxes and closing fees. Take off any property tax or HOA amounts the seller owes, and any seller credits or repairs. What is left is the estimated net proceeds.

How accurate is a seller net sheet?

A good net sheet is usually within a few hundred dollars of the final settlement statement. Most errors come from an old loan payoff, the property tax split and local fees. The title or escrow company gives the final numbers.

When should an agent give a seller a net sheet?

At the listing appointment, so the seller knows what a list price means for them. And again with every offer, so the seller can compare offers by what they net, not just by price.

What percentage of the sale price are seller closing costs?

With commission, sellers often pay about 6% to 10% of the price. Without commission, closing costs often run 1% to 3%. They run higher in states with high transfer taxes. See seller closing costs by state for the numbers in every state.

Is a net sheet the same as a closing disclosure?

No. The net sheet is an estimate made before or during the sale. The closing disclosure or settlement statement is the final record. The title or escrow company makes it at closing.

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