When you sell your home, the sale price and the amount you actually receive are two different numbers. Between them sit a set of costs, commissions, taxes, title fees, and other closing costs, that can total 8–10% of the purchase price in Illinois. Understanding these costs before you list helps you set realistic expectations, evaluate offers correctly, and make confident decisions at the table.
A net sheet is a simple document that lays it all out: sale price at the top, costs itemized below, and your estimated net proceeds at the bottom. We prepare one for every listing and update it each time you receive an offer. Here's what goes into it.
The Cost Categories
Seller costs fall into a few distinct buckets. The amounts vary by sale price, location, and what you negotiate, but the categories are consistent.
Sample Net Sheet: Chicago
Based on a $650,000 sale price in Chicago. Figures are illustrative, your actual net sheet will reflect your specific property, loan payoff, and negotiated terms.
| Item | Amount |
|---|---|
| Sale Proceeds | |
| Sale Price | $650,000 |
| Mortgage Payoff | |
| Mortgage payoff (principal balance + per diem interest)Obtain exact payoff from your lender, includes per diem interest to closing date | –$280,000 |
| Commission | |
| Listing brokerage commissionNegotiated at listing, payable at closing | –$19,500 |
| Buyer's agent compensation (if offered)Optional but common, discuss with your agent | –$13,000 |
| Transfer Taxes (Chicago) | |
| City of Chicago seller transfer tax$3.00 per $500 of sale price, seller's portion | –$3,900 |
| Illinois state transfer tax$0.50 per $500 | –$650 |
| Cook County transfer tax$0.25 per $500 | –$325 |
| Title & Closing Costs | |
| Owner's title insurance policyBased on sale price, seller typically pays in Illinois | –$1,400 |
| Title search & closing fee | –$750 |
| Attorney feeRequired in Illinois, varies by attorney | –$600 |
| Recording fees | –$150 |
| Prorations (Credits/Debits) | |
| Property tax prorationIllinois pays taxes in arrears, you credit the buyer for the current year's taxes through the closing date. Estimate based on prior year tax bill. | –$5,200 |
| HOA proration (if applicable)Varies, credit buyer for prepaid dues, or debit for unpaid assessments | –$300 |
| Miscellaneous | |
| Home warranty (if offered to buyer) | –$550 |
| Survey (if required) | –$450 |
| Estimated Net Proceeds | ~$324,225 |
Your actual net will differ based on your specific mortgage payoff, your tax bill, negotiated terms with the buyer, and the specific services you use. We prepare a personalized net sheet for your property, this table is meant to show you the structure, not give you a precise number for your situation.
Key Items to Understand
Transfer taxes. Chicago has some of the highest real estate transfer taxes in the country. The combined city, county, and state taxes are split between buyer and seller, with the seller carrying the largest portion. In suburban Cook County and DuPage County, transfer tax rates are significantly lower. In Michigan, the seller pays both state and county transfer taxes totaling $8.60 per $1,000 of sale price.
Property tax proration. Illinois collects property taxes in arrears, meaning the taxes you owe for the current year are paid by the buyer at closing, with the seller crediting the buyer for the portion of the year the seller occupied the property. This is typically based on 110% of the prior year's tax bill (a buffer for potential increases) and can be a significant credit, especially on higher-tax properties.
Commission. Since the NAR settlement changes took effect in 2024, how commissions work has evolved. You're no longer required to offer compensation to a buyer's agent through the MLS, but many sellers still choose to do so as a negotiating tool. We'll discuss the current landscape and what makes sense for your specific situation.
Capital gains. If this is your primary residence and you've lived in it for 2 of the past 5 years, you may exclude up to $250,000 of gain ($500,000 for married filing jointly) from federal capital gains tax. If your situation is more complex, investment property, partial year occupancy, inherited property, consult a CPA before closing.
Michigan vs. Illinois: Key Differences
Transfer taxes are lower in Michigan. There's no state income tax withholding at closing (unlike some states). Michigan property taxes are paid partially in advance and partially in arrears, so prorations work differently, your attorney or title company will calculate the specific proration for your transaction. Attorney involvement is less standard in Michigan closings but recommended for anything involving complexity.
The net sheet isn't just a closing document, it's a decision-making tool. Before you accept any offer, you should have a clear picture of what that offer actually means in your pocket after all costs. We prepare this automatically for every offer you receive.
Want a net sheet for your property?
Tell us your address and your approximate mortgage balance and we'll put together a personalized net sheet, no obligation.