What’s My Net or Bottom Line?

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”