Richmond Seller Net Sheets: Estimate Your Take-Home
Quick Answer
Your net proceeds equal your sale price minus every deduction that hits your settlement statement:
- Mortgage payoff (not your last statement balance — a formal payoff quote tied to your closing date)
- Broker compensation (negotiable, set in your listing agreement)
- Virginia grantor's tax (Va. Code § 58.1-802 — $0.10 per $100 of consideration, customarily seller-paid)
- State recordation tax (Va. Code § 58.1-801 — $0.25 per $100, customarily buyer-paid, but allocation is negotiable by contract)
- Title and settlement fees
- Prorated property taxes and HOA items
- Repair credits or buyer concessions
Because several of these lines are negotiable and your mortgage payoff changes daily, the only accurate number comes from a personalized net sheet built around your specific home, price, and closing date.
Written by Mike Boone, Owner and Broker of Boone Residential, a Richmond, VA brokerage. Licensed by the Virginia Real Estate Board.
Why Your Net Sheet Matters Before You Price the Home
Most sellers I talk to have a rough number in their head. They know what they paid, they've checked Zillow, and they figure the difference is roughly what they'll walk away with. That math almost always overstates the take-home.
I always tell sellers that pricing right in the first three weeks is what drives the most traffic and the best offers. But you can't price strategically if you don't know what you need to net. A seller who needs a specific dollar amount to pay off their mortgage, cover a move, or fund their next purchase has to work backward from proceeds to price, not the other way around.
As of May 2026, homes in Henrico County sold for a median price of $419,000 and typically went under contract in about 15 days, with roughly 450 homes closing that month alone. That pace means well-priced homes move quickly — but "well-priced" only makes sense once you know what you actually need to clear. A fast sale doesn't help you if the number at closing is lower than what you needed.
The Core Lines on a Virginia Seller Net Sheet
Here's how I walk my clients through each category. Think of your net sheet as a ledger: sale price at the top, deductions below, proceeds at the bottom. Every line below is a deduction.
Mortgage Payoff
This is almost always the largest single line. Your payoff is not your remaining balance on your last statement. It includes interest accrued to the projected closing date, any prepayment penalties (rare but worth confirming), and sometimes a per-diem for days between closing and when the lender processes the wire. Request a formal payoff quote from your lender once you have a target closing date, and ask them to confirm how long it's valid. Verify this directly with your lender, not from your monthly statement.
Broker Compensation
Broker fees are fully negotiable and not set by law. There is no standard, typical, or customary rate. What you agree to pay is set in your listing agreement, and any compensation a seller chooses to offer a buyer's agent is a separate, optional decision, not an automatic combined total. Per NAR's guidance following the 2024 settlement, offers of compensation are no longer shared on the MLS. Your listing agreement covers the listing-side fee; any buyer-agent compensation is negotiated separately. If you want to know what that looks like for your situation, that's a conversation for us to have directly.
Virginia Grantor's Tax
This is the tax most people mean when they say "grantor's tax," and it's genuinely a seller-side cost. Under Virginia Code § 58.1-802, the tax is $0.50 per $500 of consideration (equivalent to $0.10 per $100), calculated on the sale price minus any liens or encumbrances the buyer assumes. The revenue is split evenly between the Commonwealth and the locality where the deed is recorded. Because the grantor's tax is imposed on the grantor by definition, it will appear on every seller's settlement statement — it isn't something you can negotiate away, though your net figure should reflect it based on price minus any assumed debt, not gross price.
State Recordation Tax
This one gets confused with the grantor's tax constantly, including on plenty of net sheets I've seen. Under Virginia Code § 58.1-801, the state levies a recordation tax on every deed admitted to record at $0.25 per $100 of the deed's consideration or the property's assessed value, whichever is greater, rounded up to the next $100. This tax is customarily paid by the grantee — the buyer — at recordation, though like most closing costs it can be allocated differently by contract. Localities may also add their own recordation tax of up to one-third of the state amount under § 58.1-814. Because Richmond City, Chesterfield, Henrico, Hanover, and Powhatan are each separate localities, it's worth confirming with your settlement agent whether this line lands on your side of the ledger in your specific contract, and what your locality's add-on looks like.
Title and Settlement Fees
Owner's title insurance, settlement/closing fees, and document preparation charges are common seller-side line items in Virginia closings, according to Virginia REALTORS® settlement guidance. Which party pays which of these items is often negotiable by contract rather than fixed by law. Your settlement agent will provide a preliminary closing disclosure showing each line, and you should review it carefully before closing day. The CFPB's closing disclosure explainer is a useful reference for understanding how each line is labeled.
Prorations
Property taxes in Virginia are billed in arrears, so you'll typically owe a prorated share of the current year's taxes up to the closing date. If your home is in an HOA, you may also see prorated dues, an HOA transfer fee, or a resale disclosure package fee. In Richmond-area communities, HOA resale documentation and account payoffs can add seller-side line items and sometimes delay closing if not ordered early, so I always tell sellers in HOA communities to start that process as soon as they have a contract.
Repair Credits and Buyer Concessions
This is the line that surprises sellers most. After a home inspection, buyers in this market commonly request either repairs or a credit toward closing costs. Because the Virginia Residential Property Disclosure Act is a disclosure regime, not a warranty of condition, an inspection can still surface items that become negotiating points even after disclosure. I keep a separate line on every net sheet for potential concessions rather than folding them into closing costs, because they can move your number meaningfully. For guidance on which repairs actually matter to buyers, the post on thinking like a buyer before you list is worth reading before you invest in pre-listing work.
Your true take-home number can shift right up to closing as the lender payoff, prorations, and any negotiated credits are confirmed at settlement. This is exactly the kind of question I walk my clients through before we even list.
Net Sheet Line Items at a Glance
Line Item | Fixed by Statute or Negotiable? | Notes |
|---|---|---|
Mortgage Payoff | Variable (lender-specific) | Request a formal payoff quote tied to your closing date |
Broker Compensation (listing side) | Negotiable | Set in your listing agreement; no standard rate |
Buyer-Agent Compensation (if offered) | Negotiable / Optional | Seller's choice; not automatically included |
Virginia Grantor's Tax | Statutory (Va. Code § 58.1-802) | $0.10 per $100 of consideration net of assumed liens; customarily seller-paid, split 50/50 state and locality |
State Recordation Tax | Statutory (Va. Code § 58.1-801) | $0.25 per $100; customarily buyer-paid but allocable by contract; localities may add up to 1/3 of the state amount |
Title and Settlement Fees | Commonly negotiated by contract | Confirm allocation in your purchase contract |
Property Tax Proration | Calculated to closing date | Virginia taxes billed in arrears |
HOA Transfer / Resale Fees | Set by HOA governing documents | Order resale package early to avoid closing delays |
Repair Credits / Buyer Concessions | Negotiable | Keep as a separate line; can shift net proceeds materially |
Richmond City vs. the Counties: Does Location Change Your Net Sheet?
The state tax formulas under Virginia Code §§ 58.1-801 and 58.1-802 are the same whether you're selling in The Fan District, Midlothian, Glen Allen, or Moseley. But Richmond City is an independent city, legally separate from Chesterfield, Henrico, Hanover, and Powhatan. That means the deed is recorded at a different clerk's office, the settlement workflow can differ, and the local add-on to the recordation tax may vary.
In practice, the biggest differences between a city sale and a county sale aren't the tax lines. They tend to show up in property tax proration amounts (city and county tax rates differ), HOA structure (more common in planned county communities like Hallsley, Founders Bridge, RounTrey, and Tarrington than in older city neighborhoods), and the specific title company's familiarity with each locality's recordation process.
Your settlement agent will know the local procedures. What I focus on with my clients is making sure every variable line, especially repair credits and concessions, is estimated conservatively so there are no surprises at the closing table.
If you're thinking about your home's current value as the starting point for that math, contact me with your address and I will give you useful context on where prices have been trending specific to your location.
Frequently Asked Questions
How do I calculate seller net proceeds in Richmond, VA?
Start with your expected sale price, then subtract your mortgage payoff, broker compensation, Virginia's grantor's tax (Va. Code § 58.1-802, $0.10 per $100 of consideration net of assumed liens), the state recordation tax (Va. Code § 58.1-801, $0.25 per $100, customarily buyer-paid but contract-negotiable), title and settlement fees, prorated property taxes, HOA transfer items, and any repair credits or buyer concessions. Because several of these lines are negotiable and your payoff changes daily, the most accurate number comes from a personalized net sheet built around your specific home and closing date.
What closing costs does a seller pay in Virginia?
Virginia sellers commonly see the grantor's tax, owner's title insurance (if negotiated to seller), settlement/closing fees, prorated property taxes, and HOA-related transfer or resale fees on their settlement statement, according to Virginia REALTORS® settlement guidance. The state recordation tax is customarily a buyer cost but can be shifted by contract. Which party pays title and settlement charges is often negotiable rather than fixed by law, so your purchase contract and your settlement agent's preliminary closing disclosure are the authoritative sources for your specific situation.
Who pays the grantor's tax in Virginia real estate closings?
Under Virginia Code § 58.1-802, the grantor's tax is imposed on the grantor — the seller. The rate is $0.50 per $500 of consideration (equivalent to $0.10 per $100), calculated net of any liens the buyer assumes, and the revenue is split evenly between the Commonwealth and the locality. It's a statutory cost, not a negotiable one, so it will appear on every seller's settlement statement.
Is the deed recordation tax in Virginia paid by the buyer or seller?
Virginia Code § 58.1-801 imposes a state recordation tax of $0.25 per $100 of consideration (or assessed value, if greater), and it's customarily paid by the grantee — the buyer — since the tax is generally collected from whoever benefits from having the deed recorded. That said, allocation can be addressed in the purchase contract, so it sometimes shows up as a seller concession. Your settlement agent will show the exact allocation on your preliminary closing disclosure.
What repairs or credits usually reduce a seller's net sheet?
Post-inspection repair requests and seller credits toward buyer closing costs are the most common negotiated reductions to net proceeds in Richmond-area transactions. In Virginia, the Residential Property Disclosure Act is a disclosure regime, not a warranty, so inspections can still surface items that become negotiating points. I recommend keeping repair credits as a separate, conservatively estimated line on your net sheet rather than folding them into closing costs, because they can move your take-home number materially.
What's included on a Virginia settlement statement for sellers?
A Virginia seller's settlement statement typically includes the sale price (credit), mortgage payoff, broker compensation, grantor's tax, title and settlement fees, prorated property taxes, HOA transfer and resale fees, any repair credits or buyer concessions, and outstanding liens or judgments — plus the recordation tax if it's been negotiated onto the seller's side. The CFPB's closing disclosure guide explains how each line is labeled. Your settlement agent will provide a preliminary version before closing so you can review every line before you sign.
The bottom line: your net sheet is only as accurate as the inputs you put into it, and several of the biggest inputs are moving targets until you're at the closing table. The way I define success with my clients is how well I serve them through that process, not just how fast the deal closes.
Schedule a call with Mike and I'll walk you through a personalized net sheet for your Richmond-area home before you make any decisions.
About Mike Boone
Mike Boone is the Owner and Broker of Boone Residential, a Richmond, VA real estate brokerage where he serves as a trusted advocate for buyers and sellers and has fueled the company's growth through authentic, client-first service.
Boone Residential · 804-409-8655
Article last reviewed August 2026.
Equal Housing Opportunity. Boone Residential is licensed by the Virginia Real Estate Board. This article is general information only and is not legal, tax, or financial advice. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Confirm your specific costs, tax obligations, and net proceeds with your attorney, tax advisor, lender, or settlement/closing officer.
