Selling your property, which is often one of your biggest investments, is a big step in your real estate journey. One important aspect of selling is knowing how much money you will walk away with at closing. Whether you’re selling your home, land, or a commercial property, a seller net sheet outlines the major debits and credits associated with the sale. A net sheet prepared by your RealtorⓇ is only estimate; it is based on current available information to provide an overview of the anticipated real estate closing costs.
Seller Net Sheet
A seller net sheet provides an estimate of the total net proceeds a seller can expect from the sale of a property. Your RealtorⓇ will account for customary closing costs such as title insurance, closing fees, transfer fees, property tax, and broker compensation. These costs can fluctuate depending on the closing company, sales price, and negotiations, including whether the buyer or seller is responsible for certain expenses.
Buyer Net Sheet
Net sheets are more commonly used for sellers, however, they can also be helpful for buyers when planning for closing costs. A buyer net sheet includes similar line items as the seller's net sheet, including property management and utility transfer fees, prorated property taxes, and the closing company’s fee. However, if the buyer is obtaining a loan, RealtorsⓇ cannot provide the lender's closing fees, which are typically the largest portion of the buyer’s fees. Those figures come directly from the lender - they are generally discussed through the transaction, and final numbers are typically provided 3-5 days before closing.
For both buyers and sellers, the title company typically provides the settlement statement for final review approximately 2-5 days before closing.
Part of our job is to prepare our buyers and sellers as much as possible, and net sheets help plan for and organize funds. They can also help prevent wire fraud because there is no scramble at the finish line to get the funds transferred, we can take our time and double check everything. For more information on buying and selling, please reach out to The Durango Team at The Wells Group - we’d love to talk with you!
