Agency
What is a 'seller's net sheet' and what role does the listing agent play in preparing it?
AA government form sellers must complete for tax purposes
BAn estimate of the seller's net proceeds from the sale — accounting for mortgage payoff, commissions, transfer tax, closing costs, and prorations; prepared by the agent to help the seller understand their financial outcome✓ Correct
CA document the seller signs confirming the net price they will accept
DA financial statement the seller provides to the lender
Explanation
A seller's net sheet is an agent-prepared estimate of the seller's proceeds after all deductions from the sale price — mortgage payoff, commissions (listing and cooperating), Delaware transfer tax (1.5% seller's share), title/settlement fees, prorations, and other closing costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
State-Specific Concepts
Transfer Tax
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