What is a seller net sheet, and how to read one (2026)

A seller net sheet estimates what a seller walks away with after a sale. It starts with the price, then subtracts commissions, the mortgage payoff, title and closing fees, transfer taxes, the seller’s share of property taxes and any credits to the buyer. In our worked example, a $450,000 home in Orange County, Florida with a $210,000 payoff nets about $202,182. Transfer taxes vary most by place: on a $400,000 sale the seller’s share is $0 in Texas and $9,156 in Philadelphia.

Every seller asks the same question at the listing appointment: what will I actually get? A net sheet is how you answer it before there’s an offer, and how you compare offers once they arrive. Two offers at the same price can net very different amounts once you count a repair credit or a later closing date.

This guide explains every line on a net sheet and where its number comes from. We built a free seller net sheet calculator on rules we researched state by state from statutes and revenue departments in September 2026, and every figure below was worked out with it.

What is a seller net sheet?

It’s a one-page estimate of a seller’s proceeds. The formula is simple:

Sale price − commissions − loan payoffs − closing costs − taxes − credits = estimated net

The hard part is knowing which costs apply, how much each one is, and who pays by local custom. That changes by state and sometimes by county. A Florida seller usually pays the owner’s title policy, while a New York seller usually doesn’t. A Pennsylvania seller splits a transfer tax with the buyer, and a Texas seller has no transfer tax at all.

A net sheet is an estimate. The final figures are on the settlement statement or Closing Disclosure from the title or escrow company, built from the lender’s payoff statement and the signed contract.

Who uses a net sheet, and when?

Listing agents use them most, at three points:

• At the listing appointment. Before the seller signs, they want to know what a likely price means in their pocket. This is also when the seller decides how much, if anything, to offer toward a buyer’s agent’s pay.
• When offers arrive. A net sheet for each offer shows the real difference between a higher price with a big credit and a lower clean offer.
• Before closing. Checking the title company’s settlement statement against your own net sheet catches mistakes, like a missing payoff or a proration on the wrong side.

Sellers use them on their own too, especially when they’re deciding whether to sell now or wait, or how much they’ll have for their next down payment.

What goes on a seller net sheet, line by line?

Here’s every line our calculator includes, grouped the way a settlement statement groups them.

Line	What it is	Where the number comes from
Listing agent commission	What the seller pays their own agent	The listing agreement
Buyer’s agent compensation	Any pay the seller offers the buyer’s agent	The seller’s decision and the contract
Mortgage payoff	The first loan, closed out	The lender’s payoff statement
Second loan or HELOC	Any other lien	That lender’s payoff statement
Owner’s title insurance	The buyer’s policy, where the seller pays by custom	A state-set rate in some states, otherwise a quote
Settlement or escrow fee	The title or escrow company’s fee for running the closing	A quote
Closing attorney	In states where attorneys usually close	A quote
Recording and release fees	Recording the deed and releasing the old mortgage	The county’s fee schedule
Transfer tax	The state’s tax on the deed, plus any local one	Statute, by price
Prorated property taxes	The seller’s share of this year’s taxes	The tax bill and the closing date
Credits and repairs	Money the seller agreed to give the buyer	The contract and any amendments
HOA and other costs	Estoppel letters, transfer fees, a home warranty	The association and the contract

Commissions

Commissions are negotiable, and they always have been. Since August 17, 2024, NAR members working with a buyer have had to sign a written agreement before touring a home, with compensation clearly stated as an amount, flat fee, percentage or hourly rate. NAR’s guide calls that pay “negotiable and not set by law,” and notes that buyers can still ask the seller to cover it.

So a net sheet now has two separate commission lines. The listing commission comes from the listing agreement. The buyer’s agent line is a choice the seller makes: offer a percentage, offer a flat amount, offer nothing, or agree to a credit once an offer arrives. Turn the line off if the seller isn’t offering anything.

Our calculator opens with placeholder rates so the sheet isn’t empty. Replace them with the figures in the actual agreements.

Mortgage payoff and other liens

The payoff is usually the biggest line, and it isn’t the balance on the last statement. The payoff includes interest up to the payoff date and any fees the lender charges, so ask the lender for a payoff statement for the expected closing date. Add a line for a second mortgage or home equity line, and for any judgment or lien the title search turns up.

Owner’s title insurance

The owner’s policy protects the buyer, but in many places the seller pays for it by custom. Our research found the seller usually pays in 19 states, including Texas, Washington, Michigan, Illinois and Colorado. The buyer usually pays in 20 states and DC, including New York, New Jersey, Pennsylvania, Maryland, Virginia and Georgia. In Hawaii it’s commonly split, and in 10 states, including Florida and California, it depends on the county or the contract.

Florida shows how local this gets. The seller pays in Orange, Hillsborough, Duval, Palm Beach and most other counties, while the buyer usually pays in Miami-Dade, Broward, Collier and Sarasota.

Two big states set the premium itself. Florida’s rule (69O-186.003) charges $5.75 per $1,000 of the price up to $100,000 and $5 per $1,000 from there to $1 million, so a $400,000 policy is $2,075. Texas sets its rates through the Department of Insurance, which cut them 6.2% from March 1, 2026. A $400,000 Texas policy is now $2,262. Everywhere else, our calculator estimates the premium, and a title company quote replaces it.

Settlement, attorney and recording fees

The title or escrow company charges a fee for running the closing. Our calculator starts at $600 as an estimate. Recording the deed and releasing the old mortgage add county fees, which start at $100.

In 15 states our rules add a closing attorney line, because attorneys usually run closings there: Connecticut, Delaware, Georgia, Illinois, Louisiana, Maine, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, Vermont and West Virginia. In some it’s required and in others it’s strong custom. Budget for the seller’s own attorney, which our calculator estimates at $900 until you have a quote.

Transfer taxes

Most states tax the transfer of a deed, and many let counties or cities add their own. The tax is usually a percentage of the price, sometimes rising with the price. The rates are set by statute, so this line can be exact once you know the place.

The big variables are who pays and what’s added locally. Florida’s documentary stamp tax is 0.70% of the price, paid by the seller by custom, except in Miami-Dade, where the rate is 0.60% for a single-family home. Pennsylvania’s is 1% to the state plus a local tax that’s commonly another 1%, split between buyer and seller. In Philadelphia the city’s share is 3.578%, so a seller’s half on $400,000 is $9,156. See the table below for notable states.

Property tax proration: arrears or advance

Property taxes are split by the day, but which way the money moves depends on when your area collects them.

• Paid in arrears. In Florida, Texas, Illinois, Colorado, Georgia and many other states, this year’s taxes are billed late in the year or the next year. At closing the seller credits the buyer for every day the seller owned the home this year, from January 1 through the day before closing. It’s a cost on the net sheet.
• Paid in advance. In New York, Pennsylvania, Washington, Massachusetts, Maryland and Delaware, among others, taxes are paid ahead of the period they cover. If the seller has already paid, the buyer repays the seller for the days after closing. It’s a credit on the net sheet.

On a $5,400 annual tax bill and a November 16, 2026 closing, the difference is stark. In arrears, the seller owes the buyer 319 days of tax, or $4,719. In advance, the buyer repays the seller 46 days, or $681. In some states it varies by county or town, so check the local tax calendar. The calculator assumes a calendar tax year.

Credits, repairs, HOA and the rest

Anything the seller agreed to give the buyer comes off the top: a closing cost credit, a repair credit after inspection, a home warranty. Association properties add an estoppel or resale certificate. In Florida, the state caps that certificate at $299 per association, plus $119 if it’s rushed and $179 if the account is delinquent. A condo inside an HOA may need two.

A worked example: $450,000 in Orange County, Florida

Here’s a full net sheet from our calculator. The assumptions:

• Price: $450,000, a single-family home in Orange County (Orlando), Florida.
• Commissions: the seller agreed to pay the listing agent 2.75% and offered the buyer’s agent 2.5%. These are this example’s numbers, not a norm. Yours are whatever you negotiate.
• Payoff: $210,000 from the lender’s payoff statement.
• Property taxes: $5,400 a year, paid in arrears, closing on November 16, 2026.
• Credits: a $3,000 repair credit after inspection, and one HOA estoppel certificate.
• Settlement and recording: the calculator’s estimates of $600 and $100.

Line	Amount	How it’s figured
Sale price	$450,000
Listing agent commission (2.75%)	−$12,375	2.75% × $450,000
Buyer’s agent compensation (2.5%)	−$11,250	2.5% × $450,000
Mortgage payoff	−$210,000	Payoff statement
Owner’s title insurance	−$2,325	Florida’s set rate: $575 on the first $100,000, $1,750 on the next $350,000
Settlement fee	−$600	Estimate
Recording and release fees	−$100	Estimate
Documentary stamp tax	−$3,150	0.70% × $450,000
Property taxes, prorated	−$4,719	$5,400 × 319 days ÷ 365
Repair credit to the buyer	−$3,000	Inspection amendment
HOA estoppel certificate	−$299	Florida’s standard cap
Estimated net to seller	$202,182	44.9% of the price

Total deductions are $247,818. Take out the payoff, which is the seller’s own debt, and the cost of selling is $37,818, or 8.4% of the price. Commissions are $23,625 of that. If the seller hadn’t offered anything to the buyer’s agent, the net would be $213,432.

Net to the seller$202,182

Mortgage payoff$210,000

Commissions$23,625

Doc stamps and prorated taxes$7,869

Repair credit and HOA estoppel$3,299

Title, settlement and recording$3,025

Computed with our Florida seller net sheet calculator. Doc stamp rate from Fla. Stat. 201.02, title rate from Fla. Admin. Code 69O-186.003, both checked September 2026. Commission rates are example inputs, not a norm.

How much are transfer taxes by state?

This is the line that changes most when you cross a state line. Here’s the seller’s share on a $400,000 sale in some notable places, worked out with our calculator’s rules.

Place	Tax	Rate	Who usually pays	Seller’s share on $400,000
Texas	None			$0
Tennessee	Recordation tax	0.37%	Buyer	$0
Vermont	Property transfer tax	0.5% to $200,000, then 1.47%	Buyer	$0
Illinois	State transfer tax	0.10%, plus county and city taxes	Seller	$400 + local
California	County documentary transfer tax	0.11%, plus city taxes in some cities	Seller	$440 + city
Maryland	State transfer tax	0.5%, plus county taxes	Split	$1,000 + county
New York (outside NYC)	Real estate transfer tax	0.4%	Seller	$1,600
Florida	Documentary stamp tax	0.70% (0.60% in Miami-Dade)	Seller	$2,800
New Hampshire	Real estate transfer tax	1.5%, half from each side	Split	$3,000
New Jersey	Realty transfer fee	Graduated, 0.58% to 1.21%	Seller	$3,215
Michigan	State and county transfer tax	0.86%	Seller	$3,440
Connecticut	Conveyance tax	1% to $800,000, then higher	Seller	$4,000
Pennsylvania	Realty transfer tax	1% state + about 1% local	Split	$4,000
New York City	State tax + city RPTT	0.4% + 1% (1.425% over $500,000)	Seller	$5,600
District of Columbia	Deed transfer tax	1.45% of the whole price at $400,000 or more	Seller	$5,800
Washington	Real estate excise tax	1.1% to $525,000, graduated, + about 0.5% local	Seller	$6,400
Delaware	Realty transfer tax	About 4% with the local share	Split	$8,000
Philadelphia	State + city transfer tax	1% + 3.578%	Split	$9,156

Sources include Washington DOR, NYC Finance, New Jersey Taxation, Philadelphia Revenue, Delaware Code title 30, ch. 54 and DC Code 47-903, all checked September 2026.

A few details matter here. DC taxes the whole price at one rate, so crossing $400,000 moves the whole sale from 1.1% to 1.45%. Delaware and Maryland put the even split in their statutes, though Maryland changes that when the buyer is a first-time Maryland homebuyer. In Maryland, counties add their own transfer and recordation taxes on top. And 14 states have no state transfer tax at all (Arizona charges only a flat $2 fee), though a few, like Oregon’s Washington County, have a local one.

Our transfer tax by state page lists all 50 states and DC, with the rate, who pays and the source for each. Each state also has its own calculator page, like New York, Pennsylvania, Washington, Texas and DC.

What changed recently, and what’s next

• Washington, January 1, 2027. The excise tax thresholds step up to 1.1% on the first $551,000, 1.28% to $1,551,000 and 2.75% to $3,051,000, per the state Department of Revenue. Our calculator switches automatically for closings on or after that date.
• Nebraska, July 18, 2026. The documentary stamp tax rose to $3.32 per $1,000, and it’s scheduled to return to $2.32 on January 1, 2032.
• New Jersey, July 10, 2025. The 1% “mansion tax” the buyer used to pay on homes over $1 million became a graduated fee of 1% to 3.5% paid by the seller.
• Philadelphia, July 1, 2025. The city’s share rose from 3.278% to 3.578%.
• Maine, November 1, 2025. An extra 0.76% now applies to the part of a price above $1 million, split between buyer and seller.
• Florida, by July 1, 2027. The state’s notice says the next update to the estoppel certificate caps will come out by then.

What are the most common net sheet mistakes?

• Using the loan balance instead of a payoff. The payoff includes interest to the payoff date and any fees. Ask the lender for a payoff statement.
• Treating any commission as standard. Use the figures in the listing agreement and whatever the seller decides to offer the buyer’s agent.
• Putting the proration on the wrong side. In an arrears state it costs the seller. In an advance state it’s usually a credit.
• Missing local taxes. Chicago, Los Angeles, San Francisco, Philadelphia, most Washington cities and some Connecticut towns add their own transfer taxes on top of the state or county rate.
• Using the wrong title custom. Who pays the owner’s policy can change from one county to the next, as Florida shows.
• Forgetting a lien. A second mortgage, home equity line, judgment, or unpaid HOA dues all have to be paid at closing.
• Not updating it. A new closing date changes the proration, and a credit or repair agreed after inspection changes the bottom line.

How accurate is a net sheet?

As accurate as what goes in. Some lines can be exact: the transfer tax follows a statute, and in Florida and Texas the owner’s title premium follows a state-set rate. Commissions and credits are exact once they’re agreed. The rest are estimates until the paperwork arrives: the payoff until the lender sends a statement, the settlement and recording fees until the title or escrow company quotes them, and the proration until the closing date and tax bill are final.

Our calculator marks each estimated line so you know which ones to confirm. Expect the title company’s settlement statement to differ by small amounts, and expect bigger differences only when an input was wrong, usually the payoff.

How do I make a net sheet?

Open the seller net sheet calculator, pick the state and county, and enter the price, the payoff and the commissions from the agreements. It fills in the state’s transfer tax, the title custom, an attorney line where one’s customary and the proration direction, and marks which numbers are estimates. You can turn lines off, add your own, and copy the sheet as text to send to a seller.

If your client is also buying, our guide to buyer closing costs by state covers the other side of the table.

What’s the short version?

Start with the price. Subtract the commissions in the agreements, the lender’s payoff figure, the title and closing fees by local custom, the transfer tax for that exact place, the property tax proration in the right direction, and every credit agreed with the buyer. What’s left is the estimated net. Rebuild it at each offer, and check it against the settlement statement before closing.

This guide explains what state laws and common practice say. It isn’t legal or tax advice, and customs vary by county and contract, so confirm the numbers with the title or escrow company, the lender and, where it’s customary, a real estate attorney.