Your net sheet, explained
A net sheet shows what you walk away with after the sale. It starts with your sale price and takes off everything paid at the closing table: your mortgage payoff, commissions, transfer taxes, the property tax credit to the buyer, title and attorney fees, and any other amounts you have agreed to cover, such as repair credits, liens or association dues. Your attorney and the title company prepare the final one for closing. Run the numbers here first, so you know what an offer is really worth before you accept it.
Three lines sellers ask about
Transfer stamps
Illinois and Cook County charge the seller $1.50 per $1,000 of the sale price. In the City of Chicago the seller pays another $3.00 per $1,000, so $4.50 in all. Many suburbs charge their own stamp too; some bill the seller, some the buyer (Naperville bills the buyer). If your town charges the seller, enter it under "Municipal transfer stamp".
Property tax credit
Cook County bills property tax a year behind, so the months you own the home this year have not been billed yet. At closing you credit the buyer for them. Nobody knows the real bill, so the contract fixes the credit as a share of last year's bill, usually 105% in Cook County. The calculator uses 105%, prorated to your closing month.
Mortgage payoff
Your payoff is higher than the balance on your statement. It adds interest up to the closing date and the lender's fee to release the lien. Ask your lender for a payoff letter dated to your closing and use that number here.
A wrong number at the table can delay your closing. We catch it before you get there.
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