Net proceeds
The money a seller actually receives at closing after paying off the mortgage, commissions, and closing costs. It is shown on the settlement statement.
Also called: seller proceeds, net to seller, take-home
Related terms
An estimate of what a seller will walk away with after the loan payoff, commissions, closing costs, and other fees. Agents and title companies prepare it before listing or accepting an offer.
An itemized list of every charge and credit for the buyer and seller in a sale. It shows exactly where each dollar goes at closing and should match the Closing Disclosure.
Fees and charges paid at closing on top of the price, such as lender fees, title insurance, recording fees, taxes and prepaid items. Buyers often pay around 2% to 5% of the price; sellers pay their own set of costs.
The part of a property's value you own outright: its market value minus what you owe on loans against it. Equity grows as you pay down the loan and as the property gains value.
Tax on the profit from selling an asset, based on the sale price minus your cost basis. Many homeowners can exclude part of the gain on a primary residence they have lived in long enough.