What Is a Seller’s Net Sheet?
A seller’s net sheet is a financial estimate that shows how much money you’ll walk away with after selling your home — your net proceeds. It starts with your expected sale price and works backward through every deduction: real estate commissions, transfer taxes, title fees, attorney costs, mortgage payoff, and prorations. The result is the number that actually matters: what you’ll have in your pocket at closing.
In Illinois’s south suburban market, sellers frequently focus on list price and purchase price without fully accounting for the deductions that reduce actual proceeds. A $320,000 sale doesn’t mean $320,000 in your bank account — it means approximately $280,000–$295,000 after costs, depending on your mortgage balance and the specific transaction. This guide walks through every line item so you can project your net proceeds accurately before you list.
Line-by-Line: The Illinois Seller’s Net Sheet
1. Sale Price
Start with your expected sale price — which is your net sheet’s starting point, not your list price. List price is what you ask; sale price is what you get. In the south suburban market, homes typically sell at 97–101% of list price depending on market conditions, days-on-market, and negotiation dynamics. Use the midpoint of your expected sale price range for planning purposes, not the top of the range.
2. Real Estate Commission
Real estate commission is typically the largest single deduction from sale proceeds. Under the traditional structure, the seller has historically paid both the listing agent’s commission and the buyer’s agent commission. Following changes in industry practice related to the NAR settlement (effective 2024), commission structures have evolved:
- Listing agent commission: typically 2.5%–3% of sale price, negotiable
- Buyer’s agent compensation: now negotiated separately, often 2%–3% of sale price if offered by the seller, or potentially paid by the buyer directly
In practice, many south suburban sellers still offer buyer agent compensation to maximize buyer pool access. Total commission on a $320,000 south suburban home at 5% total = $16,000. At 5.5% = $17,600. Commission is negotiable — discuss this directly with your listing agent before signing a listing agreement.
3. Illinois Transfer Taxes
Illinois imposes a real estate transfer tax at the state level, and most municipalities add their own local transfer taxes on top. The structure:
- Illinois State Transfer Tax: $0.50 per $500 of sale price (or fraction thereof) — paid by the seller. On a $320,000 sale: $320.
- County Transfer Tax: Cook County imposes an additional $0.25 per $500 — paid by the seller. On a $320,000 sale: $160. (Will County does not have a county-level transfer tax as of 2026.)
- Municipal Transfer Tax: Most south suburban municipalities impose their own transfer tax, typically $3–$5 per $1,000 of sale price, paid by the seller. Rates vary significantly — check with your municipality or your real estate attorney for the current rate. On a $320,000 sale at $3/thousand: $960.
Total transfer taxes on a $320,000 Cook County south suburban sale can run $1,400–$2,500 or more depending on the municipality. Budget conservatively.
4. Title Insurance and Closing Fees
Sellers in Illinois typically pay for the owner’s title insurance policy, which protects the buyer’s ownership rights. The cost is based on the sale price and follows Illinois Department of Insurance filed rates:
- On a $320,000 sale, owner’s title policy cost: approximately $1,400–$1,900
- Title company closing/settlement fee (split or seller-paid): approximately $200–$400
- Document recording fees: $50–$150
Total title-related costs typically run $1,700–$2,500 on a south suburban transaction.
5. Real Estate Attorney Fees
Illinois is an attorney-state — both buyer and seller are represented by attorneys at closing, and attorney fees are a standard cost of the transaction. Seller’s attorney fees for a standard residential transaction in the south suburban area typically run $600–$1,200 depending on the attorney and transaction complexity. Discount or flat-fee attorney services exist at the lower end; experienced real estate attorneys who add meaningful value run toward the higher end.
6. Mortgage Payoff
If you have an existing mortgage, the outstanding balance must be paid off at closing from your sale proceeds. Contact your lender 2–3 weeks before closing to request a “payoff quote” — a precise payoff amount through your expected closing date (including any per-diem interest). Payoff quotes are date-specific; request one for your expected closing date and update it if the closing is delayed.
If you have a HELOC (home equity line of credit), the outstanding balance on that must also be paid at closing unless it’s subordinated (rarely permitted in residential sales).
7. Property Tax Proration
Illinois property taxes are paid in arrears — the taxes due in 2026 cover the 2025 tax year. This means at closing, the seller credits the buyer for the portion of the current year’s taxes that have accrued through the closing date. This is called the tax proration, and it’s a meaningful credit in high-tax Cook County.
Example: You close on September 15. Your 2025 property taxes (billed in 2026) are $10,000. The proration covers January 1 – September 15 of 2025 = approximately 258 days ÷ 365 days = 70.7% of the annual tax bill. You credit the buyer $7,070 at closing. This comes out of your proceeds.
Because Illinois taxes are paid in arrears and actual tax bills aren’t always finalized by closing, the proration is often calculated based on 105% of the prior year’s tax bill — a standard protective practice. Verify this calculation with your real estate attorney.
8. Other Potential Deductions
- Homeowner association (HOA) dues: If your property has an HOA, you’ll need to bring dues current through closing and pay any transfer fees the HOA charges (often $200–$500)
- Repair credits: Any credits agreed to after home inspection reduce your net proceeds
- Seller concessions: Any closing cost credits you’ve agreed to pay for the buyer reduce your net proceeds by the concession amount
- Home warranty: If you’ve agreed to provide a home warranty, typically $400–$600
Sample Illinois Seller’s Net Sheet: $320,000 South Suburban Sale
| Line Item | Estimated Amount |
|---|---|
| Sale Price | $320,000 |
| Real estate commission (5%) | -$16,000 |
| Illinois + Cook County transfer taxes | -$480 |
| Municipal transfer tax (~$3/$1,000) | -$960 |
| Owner’s title insurance policy | -$1,650 |
| Title closing fee | -$300 |
| Seller’s attorney fee | -$850 |
| Mortgage payoff (hypothetical) | -$142,000 |
| Property tax proration (70.7% of $8,500) | -$6,010 |
| HOA transfer fee | -$300 |
| Estimated Net Proceeds | ~$151,450 |
Your actual net sheet will differ based on your specific mortgage balance, local transfer tax rates, commission negotiated, and property tax bill. This example illustrates the scale of deductions — approximately 8–9% of sale price in costs (before mortgage payoff), which is the realistic range for most Illinois south suburban transactions.
How to Use Your Net Sheet in Decision-Making
- Before listing: Run the net sheet at your expected sale price to understand what you’ll actually net. This determines whether selling makes financial sense and how your proceeds will fund your next purchase or retirement.
- During offer evaluation: When a buyer offers below your list price, run the net sheet at the offered price. The difference in net proceeds between $315,000 and $305,000 is not $10,000 — it’s $10,000 minus commission (5%) = $9,500. Still significant, but understanding the actual impact prevents emotional over-reaction to offer prices.
- For tax planning: Share your net sheet with your CPA so they can plan for the tax year of your sale. The capital gains exclusion may apply, but your attorney and CPA should review the specific numbers.
Frequently Asked Questions: Illinois Seller’s Net Sheet
How much does it cost to sell a home in Illinois?
Total seller costs in Illinois typically run 7–9% of the sale price, including real estate commission (the largest component), transfer taxes, title insurance, attorney fees, and tax prorations. On a $320,000 sale, expect total deductions of approximately $22,000–$29,000 before your mortgage payoff.
What is the Illinois real estate transfer tax?
The Illinois state transfer tax is $0.50 per $500 of sale price (paid by seller). Cook County adds an additional $0.25 per $500. Most municipalities add their own transfer tax on top — typically $3–$5 per $1,000 of sale price. Total transfer taxes in most south suburban Cook County communities run $1,200–$2,500 on a typical home sale.
What is property tax proration in Illinois?
Illinois property taxes are paid in arrears, so at closing the seller credits the buyer for the portion of the current year’s taxes that have accrued through closing. The credit is typically calculated at 105% of the prior year’s tax bill, prorated to the closing date. This is a meaningful deduction — often $5,000–$8,000 or more in Cook County communities.
Who pays the real estate attorney in an Illinois home sale?
Both buyer and seller have their own attorneys in Illinois residential transactions, and each pays their own attorney fees. Seller’s attorney fees for a standard residential transaction typically run $600–$1,200 in the south suburban market. Attorney representation is standard practice — Illinois is not a state where real estate closings routinely occur without attorneys.
More Illinois Home Selling Guides
Browse our complete library of Illinois home selling resources, or contact Dan Krembuszewski at 708-921-0035 for a free home valuation in the Chicago South Suburbs.
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