The Seller’s Net Sheet
When you consider what price you should accept for your home, there are
two important factors that will influence your decision. The first factor is the
basic sales price. The second, and more important, is the amount you will
actually receive from the proceeds at the closing. It can be a little confusing, but your
Realtor will prepare a seller’s “net sheet” showing what your expenses will be.
This will aid you in determining who pays what and when and can help you to focus
on the details of the sale.
A seller’s expenses will include brokerage fees, real estate settlement
fees, title insurance fees, special assessments, and in some cases the
buyer may ask you to pay some of the loan fees. Local real estate taxes will be pro-rated
for you and the buyer, and you may be asked to place funds in escrow for payment
of your final water bill. Subtract your mortgage balance and any home improvement
loans and other liens against the property that will be paid at the closing to
come up with your final figures. Your Realtor will help make sense of the confusion by going over
all of these factors with you when you list your home for sale and again as offers come in.