Understanding Your Numbers
Why a Net Sheet Won’t Match the Final Settlement Statement
Quick Answer
They are two different documents produced at two different moments, and only one of them is final.
A net sheet is prepared early, often before there is a signed contract, so a seller can see roughly what a sale leaves them. A settlement statement is the closing accounting, prepared at the end from figures that have actually been confirmed. Your net sheet says so on its face: it is an estimate, and not a Closing Disclosure or Settlement Statement.
Where the differences usually come from
Payoffs. The net sheet uses whatever payoff figure was entered. The binding number is the statement your lender issues, which carries interest to one specific date and often a release or processing fee. It is usually requested late in the transaction, so an estimate almost never has it.
Prorations. Taxes, HOA dues, and similar shared costs are split at the closing date. Move the closing and the split moves with it. A net sheet built for a closing on the 15th does not describe a closing on the 30th. See what prorations means.
Negotiated credits. Repair credits and seller concessions are usually agreed after inspection. An early net sheet either estimates them or does not include them at all.
Commission. The net sheet opens at a default percentage. The settlement statement uses the listing agreement.
Recording and government charges. These come from the county’s published schedule and change when that schedule changes.
What generally does not move
Title insurance premiums and recording fees are calculated from the rate and fee schedule for that county, so at the same sale price and loan amount they arrive at closing the same. What changes them is a change to the inputs, not the passage of time.
What to do with the difference
A gap between the two is normal and is not a sign that anyone made a mistake. If the gap is large enough to matter to you, ask the person who prepared the net sheet which line moved. They can compare the two directly.
Final charges can change as transaction details, underwriting requirements, lender instructions, and closing figures are finalized. The settlement statement is the document to rely on.
