What's My Net or Bottom Line? (Seller Net Sheet)

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  • What's My Net or Bottom Line? (Seller Net Sheet)
Flat Fee Group Michigan • Kermath Realty LLC (MI Broker License #6502334057)

What's My Net or Bottom Line? — Michigan Home Seller Net Sheet & Closing Cost Breakdown

Before setting your asking price or countering a buyer's offer, calculate your exact Michigan seller net proceeds after State & County Real Estate Transfer Taxes ($8.60 per $1,000), Owner's Title Insurance, tax prorations, and any buyer-agent commission.

  • Michigan State & County Transfer Tax ($8.60 per $1,000): Equal to $860 per $100,000 of sale price ($2,580 on a $300,000 home).
  • Owner's Title Insurance & Property Tax Proration: How Michigan title policies and winter/summer tax prorations are calculated on your Closing Disclosure.
  • Keep $9,000 to $25,000+ More at the Closing Table: By replacing a 3% listing commission with a $249–$499 flat fee, your net bottom line jumps by thousands.
Direct Broker Support: Call or Text Jeff Kermath at (734) 649-4903  |  Compare Michigan Flat Fee MLS Plans ($249–$499) →  |  List Now →

What’s my bottom line?

This is a common question for sellers before and when they get an offer.  In most all real estate deals the seller is responsible for:

1. Transfer tax on deed: This is 8.60 / 1,000 of sales price. So, for example, on $100,000 it’s $860.

2. Title insurance:  Sellers must provide clear title and an “Owners policy” for purchase. This is true even if you just bought the home and had title done. Seller has to provide title to the buyer. This is a set rate per thousand by Michigan law. We love and use  Liberty Title. They have offices throughout the state and provide amazing services.

3. Commission: If there is a buyer’s agent then that fee, typically 2.5% to 3% is not negotiable and paid from your proceeds at closing.

If you have a prior title policy less than 2 years old you can turn it in for a partial credit too.

Here is a helpful link, the sellers net. This will give you a pretty close idea of what your bottom line is after selling.

Thank you,
Jeff Kermath
“Flat Fee Jeff”

Many sellers are unaware of "Typical" closing costs so I've started a page here for you.  There is a great "Sellers Net Sheet" from Liberty Title, click here for it.

While most things are negotiable, the seller typically has:

  • Pays transfer tax on deed - $8.60 / $1,000 of sales price. Example, $100,000 home = $860 in "State Transfer Tax".
  • Title insurance. As a seller you need to provide Title insurance to the buyer. Click here for estimated title fees.
  • Realtor commission. Remember, with our program we save you about half but if there is an agent you need to pay that agent the agreed upon commission, usually 3%.

NOTE: Parts of Michigan pay taxes in advance. So, at closing your unused portion of pre paid taxes are returned to you as a credit. Parts pay in "Arrears" so those are unpaid taxes you would owe as a "Debit" at closing. This statement has a "Credit" so you get money back at closing. CLICK HERE FOR THE SAMPLE CLOSING STATEMENT.

I hope this helps but if you have questions on closing costs send me an email.

 

Proud to be your broker,

Jeff Kermath
 

Flat Fee Group Michigan — Regional MLS & Seller Resource Directory

Kermath Realty LLC (Michigan Licensed Real Estate Broker #6502334057 • Verify License with MI LARA ↗ • BBB A+ Accredited ↗) is your direct, local Michigan MLS broker across all 83 Michigan counties — never a national referral middleman.

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