Michigan seller net sheet and closing costs

In Michigan, the seller usually pays the agent commission, their own loan payoff, the state real estate transfer tax and the owner's title policy. The buyer usually pays the lender fees and the lender's title policy. Each side pays its own settlement or escrow fee.

The seller usually pays for the owner's title policy in Michigan. In Michigan, each title insurer files its own rates. So prices differ between title companies. The net sheet uses typical rates. The title company that runs the closing gives the final quote. A title company usually handles the closing.

Seller pays both transfer taxes and the owner's policy; buyer pays lender's policy and mortgage recording.

NetSheet.org is not tied to any title company. The net sheet works with any title or escrow company. See how it compares with title company net sheet tools.

Each side pays the taxes for the days it owns the home. Property taxes in Michigan are paid in advance. So the buyer usually pays the seller back for days after closing that the seller already paid. The tax year starts in July. Taxes run about 1.4% of the home's value per year. Summer (Jul 1) and winter (Dec 1) bills. Most of Michigan prorates as if taxes are paid in advance for the 12 months following the bill (due-date method); seller is credited for prepaid months. Some areas use the calendar-year method.

• legislature.mi.gov

Checked 2026-09-29. A net sheet is an estimate. It is not a closing statement or tax advice. The title or escrow company gives the final figures. See a rate that looks wrong? Email [email protected].