Seller Net Sheet: What You Actually Walk Away With in Hillsborough

A seller net sheet shows exactly how much money you walk away with after every cost is subtracted from the sale price. It is the single most important financial document a seller reviews before listing a home, yet many sellers do not see one until they are already under contract.

This guide walks through a realistic Hillsborough County seller net sheet line by line using a $400,000 sale price so you can understand every deduction and estimate your own proceeds.

What Goes Into a Seller Net Sheet?

A seller net sheet is built by starting with the sale price and subtracting every cost the seller is responsible for. The major categories include:

• Real estate commissions
• Owner's title insurance premium
• Documentary stamp tax on the deed
• Title search and closing fees
• Prorated property taxes
• Mortgage payoff balance
• HOA estoppel letter (if applicable)
• Recording fees and miscellaneous charges

What Does a $400,000 Sale Look Like Line by Line?

Here is a realistic net sheet for a $400,000 home sale in Hillsborough County. The seller has a $220,000 mortgage balance remaining, the property is in an HOA, and the closing date is mid-year:

On a $400,000 sale with a $220,000 mortgage, the seller walks away with approximately $146,300. That is 36.6% of the sale price in actual cash proceeds.

How Is the Commission Calculated?

Real estate commissions are negotiated between the seller and their listing agent. The example above uses 6% ($24,000), which is split between the listing brokerage and the buyer's brokerage. The actual rate depends on the listing agreement. Commissions are almost always the largest single deduction on a seller net sheet.

How Are Property Taxes Prorated?

In Florida, property taxes are paid in arrears. If you sell your home in July, you owe taxes for the portion of the year you occupied the property (January through closing). The title company calculates this proration using the current year's tax estimate or the prior year's tax bill. The prorated amount is credited to the buyer on the closing statement.

Hillsborough County property taxes on a $400,000 home typically range from $5,500 to $7,000 per year depending on homestead exemption status. The example above uses an estimated half-year proration of $3,200.

What Is an HOA Estoppel Letter?

If the property is in a homeowners association, the title company must order an estoppel letter from the HOA management company. This letter confirms the seller's account status, any outstanding dues, and any special assessments. Florida law caps estoppel fees, but the cost is typically $200 to $400. The seller usually pays this fee.

What If You Owe More Than the Home Is Worth?

If the mortgage payoff exceeds the sale price minus costs, the net sheet will show a negative number. This means the seller would need to bring money to closing or negotiate a short sale with the lender. Running a net sheet before listing is critical to avoid this scenario. If the numbers are tight, a pre-listing net sheet gives you time to explore options rather than discovering a shortfall during escrow.

How Can Sellers Reduce Closing Costs?

Sellers have limited control over taxes and title insurance (which are set by law), but they can influence a few areas:

• Negotiate commission rates with your listing agent. Even a 0.5% reduction on a $400,000 sale saves $2,000.
• Request estoppel quotes early. Some HOA management companies charge rush fees if the letter is needed on short notice.
• Verify your mortgage payoff. Request a payoff statement from your lender at least 10 days before closing to confirm the exact balance, including per-diem interest.

Lori LaCoppola

Owner & Managing Partner

Lori founded Coastal Collective Title to deliver a premium, relationship-first closing experience across Florida. With deep title industry expertise, she oversees every transaction with precision and personal attention.

813-544-8626lori@coastalcollectivetitle.com