Mortgage payoff.
Before closing, you will usually authorize the title company, attorney or other closing professional to obtain the amount owed to your lender on the closing date. That dated payoff is used to arrange payment from your proceeds and the release of the mortgage.
Lines of credit or equity lines.
Tell the closing team about any home-equity loan or line of credit secured by the property, even an account you rarely use. The team will obtain payoff information and establish which balances must be paid and which accounts must be closed.
Prepayment penalties and interest.
Often, sellers think all that is owed is the amount showing on their last statement. This is not always true. A loan may include a prepayment charge, and interest can depend on the date you close. The lender’s written payoff identifies the actual amounts; do not add a penalty unless your loan calls for one.
Unpaid taxes and liens.
Title work helps identify recorded liens and unpaid property obligations that must be addressed before a sale can close. Share notices you already have rather than waiting for them to surface. The closing professional will explain which amounts will be paid from the proceeds and how they appear on your closing statement.
Special assessments.
Assessments may relate to water, sewer, roads or other local improvements; association assessments can also matter. Some balances may be paid at closing, while others may be allocated differently under the documents and purchase contract. Confirm the total balance, payment schedule and who is responsible.
Bring the full estimate together.
These obligations are not an exhaustive list of selling costs. An estimated seller net sheet should also reflect agreed brokerage compensation, applicable closing charges, prorations and buyer credits. Review it when the price, terms, payoff or closing date changes, and compare it with the final closing statement.
A few useful answers
Before your next step.
Is a net sheet a guaranteed payout?
No. It is an estimate based on the information available. Final payoffs, dates, contract credits and closing charges determine the actual proceeds.
General real estate guidance. Property-specific decisions may require advice from your agent, lender, insurer, attorney or qualified contractor. This is not a market report or a substitute for professional evaluation.