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What Will You Actually Walk Away With?
The sale price is just the starting point. Your net proceeds are what matter. Before you list, Jeff helps you understand what you are likely to keep after the real costs of selling are accounted for.
Get a Precise Net Sheet From Jeff See the Selling Processfor your transaction
transfer tax rate
may be zero
Jeff knows what to expect
The Difference Between Sale Price and What You Keep
A home's sale price is only the starting point. What matters when planning your next move is how much cash remains after your mortgage payoff and selling expenses. No flat percentage fits every seller. Some costs follow established tax rates. Other costs depend on your property, closing date, and negotiated terms.
Selling expenses may include negotiated brokerage compensation, Michigan transfer taxes, title and settlement charges, property tax adjustments, and agreed buyer concessions. Your mortgage payoff and any other liens are separate deductions from the proceeds. We estimate these early, then confirm the figures as the transaction progresses.
A seller net sheet brings those numbers together. I prepare one for every seller consultation, using your home, likely sale price, loan details, and available cost estimates. There is no cost or obligation. Before you accept an offer, see how the strongest price and the best financial outcome can differ.
What Gets Deducted at Closing
- ✓ Remaining mortgage payoff balance
- ✓ Real estate commissions
- ✓ Michigan state transfer tax (0.75%)
- ✓ County transfer tax (~0.11%)
- ✓ Title insurance (owner's policy)
- ✓ Prorated property taxes
- ✓ Seller concessions (if negotiated)
- ✓ Recording fees and miscellaneous closing costs
Numbers vary by sale price, municipality, and negotiation. Jeff provides a precise net sheet at every seller consultation.
What to Budget for at Closing
These are common categories of selling expenses, not a fixed percentage. Your estimate depends on the property, loan payoffs, negotiated terms, and closing date.
| Cost Item | How It Is Estimated | Notes |
|---|---|---|
| Real Estate Commission | Negotiable | Discuss directly with Jeff. Commissions are always negotiable. |
| Michigan State Transfer Tax | 0.75% of sale price | $3.75 per $500 of sale price. Paid by seller. |
| County Transfer Tax | 0.11% of sale price | $0.55 per $500 in Oakland, Wayne, Livingston, and Washtenaw counties, for nonexempt transfers. |
| Title Insurance (Owner's Policy) | Request a title quote | Premium depends on the insured amount and title requirements; payment is determined by local practice and the agreement. |
| Prorated Property Taxes | Varies | Seller pays taxes accrued through closing date |
| Seller Concessions | Negotiated, possibly $0 | Any seller credit depends on the accepted offer and lender limits, if applicable. |
| Recording Fees & Misc. | Request a settlement estimate | Charges vary by title company, transaction, and required documents. |
| Estimated Cash to Seller | Calculated per home | Sale price minus negotiated expenses, adjustments, mortgage payoff, and other liens. |
"Before we talk about a list price, I want you to understand what you may actually keep after selling."
Before your home goes on the market, you deserve a clear estimate of what you may walk away with. That starts with a realistic sale-price range, estimated transaction expenses, and your mortgage payoff.
I prepare a detailed seller net sheet during every consultation so we can discuss the numbers before you commit to a listing strategy. As offers arrive, we update the estimate with the actual contract terms.
Jeff Duneske, Associate Broker | Northville, MI
Frequently Asked Questions About Seller Costs
How much does it cost to sell a home in Michigan?
There is no standard percentage that fits every transaction. Costs can include negotiated brokerage compensation, state and county transfer taxes, title and settlement charges, tax adjustments, and any agreed seller concessions. Mortgage payoff and other liens also reduce the cash received at closing. A property-specific seller net sheet is the best starting point.
What is Michigan real estate transfer tax?
Michigan charges a state real estate transfer tax of $3.75 per $500 of the sale price, or 0.75%. There is also a county transfer tax of approximately $1.10 per $1,000. On a $500,000 home, the combined transfer tax is approximately $4,300. This is typically paid by the seller at closing.
What is the difference between sale price and net proceeds?
The sale price is the amount the buyer agrees to pay for your home. Net proceeds are the funds remaining after mortgage payoff, other liens, negotiated brokerage compensation, transfer taxes, closing charges, tax adjustments, and any agreed concessions. The amount varies by transaction.
What are seller concessions?
Seller concessions are negotiated credits or payments the seller agrees to provide under the purchase contract, often toward allowable buyer closing costs. They may be zero. Any agreed amount reduces the seller's net proceeds and should be included in the updated net sheet.
Are capital gains taxes owed when selling a home in Michigan?
Eligible sellers may exclude up to $250,000 of gain, or up to $500,000 for qualifying married couples filing jointly, under federal primary-residence rules. Eligibility depends on ownership, use, and other factors. Michigan generally taxes capital gains through its income tax system. Ask a tax advisor about your specific sale.
How can I get an accurate net proceeds estimate for my home?
Request a seller net sheet that uses your likely sale price, estimated mortgage payoff, local transfer taxes, title charges, negotiated compensation, and other transaction-specific costs. Jeff Duneske provides this estimate at every seller consultation, with no cost or obligation. Schedule a consultation at duneske.com/contactus.
A Real Net Sheet
Built Around Your Home
A strong listing conversation should start with what you are likely to keep. Jeff will prepare a seller net sheet around your home, your mortgage balance, and the real costs that apply to your situation.
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Estimated Seller Net Proceeds
Michigan home sale planning | Duneske Real Estate Advisors
Your Home
Your current mortgage balance may differ from the official payoff because of accrued interest and other charges.
Illustrative starting value, not a standard rate. All commissions are negotiable.
Optional and negotiable. May be zero.
Customize Costs (Advanced)
0.75% Michigan state plus 0.11% standard county, for nonexempt sales.
Use for an exemption or a verified different amount.
Illustrative estimate based on your entries.
Estimates are for planning purposes only. Actual proceeds depend on your purchase agreement, official mortgage payoff, tax adjustments, negotiated compensation, closing costs, and other transaction-specific expenses. Property tax prorations can be credits or debits depending on the contract; this calculator treats the entered amount as a seller expense.
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