Use figures specific to the property

Start with an expected sale price supported by comparable sales. Enter current loan balances for an early estimate, then replace them with written payoff statements when those are available. Use the compensation stated in the listing agreement and include only the costs that apply to the proposed transaction.

Update the calculation when the price or contract terms change. The final proceeds appear on the closing disclosure or settlement statement prepared for the sale.

Michigan and Washtenaw County line items

Michigan law imposes state and county real estate transfer taxes on covered conveyances, with statutory exemptions. Principal-residence status by itself is not a blanket exemption; the Treasury guidance for the applicable exemption must be checked against the facts and documentation for the transfer.

Current property-tax bills are issued by the local taxing unit, commonly on summer and winter cycles. How taxes are prorated between buyer and seller is controlled by the purchase agreement and closing figures, not by one universal Michigan formula. Verify the bill status, proration method, assessment information, and principal-residence exemption separately.

Title insurance, closing or escrow charges, recording fees, liens, and assessments may also appear, with responsibility determined by the agreement and closing provider. A written payoff for each mortgage or other secured debt is normally needed to estimate the seller's proceeds accurately.

What to include in your estimate

  • The expected sale price, based on comparable sales, not an online estimate alone.
  • Outstanding mortgage and any home equity loan payoffs.
  • Applicable Michigan state and Washtenaw County transfer taxes.
  • Recording and title fees.
  • Prorated property taxes and any unpaid assessments.
  • Seller concessions or repairs agreed to during negotiations.
  • Moving and transition costs, which are not part of closing but affect your net.

Confirm each line item

Once the sale price and costs are estimated, review the resulting net proceeds. Our guide toseller net proceeds explains each line item.

Sources