“Why use this NET Sheet?”

With DashLoops NET Sheet, agents can provide sellers with an accurate breakdown of expected costs, including commission, taxes, title fees, and more. This easy-to-use tool calculates the estimated NET proceeds, to provide the sellers with a realistic expectation of what they can expect to walk away with before signing on the dotted line.

Designed for real estate professionals who want to offer superior service, this tool is user-friendly and tailored to enhance transparency, build trust, and streamline communication within the selling process. Whether you’re handling residential, commercial, or land, DashLoops NET Sheet empowers agents to deliver reliable insights, boosting client confidence and closing more deals.

Register for a free Dashloops account to access all our real estate tech-tools today and give your clients the confidence they deserve in their real estate transactions.

-Terry Peterson, Founder

“Does this tool calculate Transfer Tax or Deed Stamps?”

In short, yes with an asterisk *, but let’s begin with the question, “What is transfer tax,” before we go too deep. A transfer tax (called by many different names) is a state or local tax imposed on the transfer of property ownership from one party to another. It is typically calculated as a percentage of the property’s sale price or based on specific increments of the sale value (e.g., per $500 or $1,000). State-by-state this tax differs by rate (if the state charges it all), as well as who typically pays for it (which can always be negotiated prior to closing).

The following is a list of what each state calls their transfer tax. Some states refer to the tax under more than one moniker within their documentation, in which case the state is listed multiple times:

• Real Estate Transfer Tax – Arkansas, Delaware, Georgia, Illinois, Iowa, Maine, Maryland, Michigan, New Jersey, New York, Nevada, New Hampshire, North Dakota, Pennsylvania, South Dakota, Tennessee, West, Virginia, Vermont, Wyoming.
• Recordation Tax – Maryland, Tennessee, Virginia
• Conveyance Tax – Hawaii, Connecticut, Rhode Island
• Documentary Stamp Tax – Alabama, Florida, Nebraska, Oklahoma
• Deed Tax – Kentucky, Minnesota
• Documentary Transfer Tax – California
• Deed Excise Tax – Massachusetts
• Deed Recording Fee / Deed Stamps – South Carolina
• Excise Tax on Conveyances – North Carolina
• Estate Tax on Property Transfers – West Virginia
• Grantor’s Tax – Virginia
• Mansion Tax – New York
• Real Estate Excise Tax (REET) – Washington

The asterisk (*) at the beginning is because some local municipalities (cities or counties) in some states add their own transfer tax, and this can either change annually. DashLoops does not track or calculate these local transfer taxes. We provide the exact names above that the states refer to their taxes, to make it easier for you to perform search on local transfer taxes. Local municipalities at the following states may impose their own transfer tax:

• California – Counties and some cities (e.g., Los Angeles, San Francisco) impose local transfer taxes.
• Colorado – Some cities and counties, like Aspen and Vail, impose their own transfer taxes.
• Illinois – Local transfer taxes are common, especially in Chicago and Cook County.
• Maryland – Counties and cities impose local transfer and recordation taxes in addition to the state tax.
• New Jersey – Some municipalities impose additional realty transfer fees.
• New York – New York City imposes its own transfer tax, and some other municipalities may have local taxes.
• Pennsylvania – Local municipalities and school districts often impose additional realty transfer taxes, such as in Philadelphia and Pittsburgh.
• Washington – Local REET (Real Estate Excise Tax) rates vary by county and city.
• Virginia – Counties and cities may impose additional recordation taxes along with the state transfer tax.

The following states charge a transfer tax, but their local municipalities typically do not charge a separate transfer tax:

• Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Nebraska, Nevada, New Hampshire, North Carolina, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Vermont, West Virginia, Wisconsin, and Wyoming.

The following states do not charge a transfer tax:

• Alaska, Arizona, Idaho, Indiana, Kansas, Louisiana, Mississippi, Missouri, Montana, New Mexico, Oregon, Texas, and Utah.

DashLoops has built-in calculations to estimate transfer taxes for all the above scenarios with the exception of taxes charged by local municipalities. The tax rate calculations can vary, and some may have qualifiers that change the rate (such as if a property is to be owner-occupied, or an investment property, or land). We recommend to double-check the DashLoops provided tax rate with local state, city, and county websites. If you find any major variances, please do not hesitate to let us know. We are always looking to improve DashLoops real estate tech-stack tools for your real estate business.

Register for a free Dashloops account to access all our real estate tech-tools today and give your clients the confidence they deserve in their real estate transactions.

-Terry Peterson, Founder