How to Estimate Net Proceeds From Selling Your RI Home
How do you figure out what you’ll actually take home after selling your Rhode Island property?
If you’re a homeowner in Warwick, East Greenwich, Cranston, Coventry, North Kingstown, Providence, or anywhere in Central Rhode Island, knowing your net proceeds is essential. The sale price may look great, but between professional service fees, state transfer taxes, municipal adjustments, and mortgage payoffs, your bottom line will look very different.
As trusted local REALTORS®, Nick Slocum—or one of The Slocum Home Team’s top agents—has helped thousands of Rhode Island homeowners calculate realistic net proceeds before they sell. In this guide, we’ll walk you through the process step by step so you can plan your next move with confidence.
What Are Net Proceeds?
Net proceeds are the amount of money you keep after subtracting all selling costs from your final sales price. Think of it as your “take-home check” from the transaction.
The formula is simple:
Final Sale Price – (Professional Service Fees + State Taxes + Municipal Adjustments + Legal/Closing Costs + Mortgage Payoffs + Other Obligations) = Net Proceeds
Step 1: Estimate Your Sale Price
The first step is knowing what your home is worth in today’s Rhode Island real estate market.
Statewide, the median single-family home price reached $475,000 in 2024 according to the RI Statewide MLS.
In Warwick, the 2025 median single-family home price is $419,000, up from $400,000 the year before.
Local market trends, your neighborhood, and the condition of your home all impact value. A Comparative Market Analysis (CMA) from a Warwick REALTOR® like the Slocum Home Team provides the most accurate picture.
Step 2: Subtract Professional Service Fees
When you hire a REALTOR® to sell your home, you’ll agree on a professional service fee.
These fees are not set by law and are fully negotiable, as outlined in Rhode Island’s Exclusive Right to Sell Listing Agreement.
Fees are typically shared between the listing agent and the buyer’s agent, depending on the terms of the purchase agreement.
At the Slocum Home Team, transparency is key—we review fee structures upfront so you know exactly what you’ll owe at closing.
Step 3: Include Rhode Island Transfer Taxes (Tax Stamps)
Rhode Island requires sellers to pay a real estate conveyance tax (often called “tax stamps”) at closing.
The current rate is $4.60 per $1,000 of the sale price, with an additional $4.60 per $1,000 on the portion of the price above $800,000.
Example:
If you sell your Warwick home for $419,000, you’ll pay approximately $1,927 in state transfer taxes.
Step 4: Factor in Municipal Adjustments
At closing, sellers are responsible for covering certain municipal costs, such as:
Property taxes (usually 4–6 months of back taxes, since Rhode Island taxes are paid in arrears).
Final water, sewer, or trash bills.
Special assessments, like sewer line connections or improvement charges.
These vary by city and town, so Warwick sellers may face different adjustments than those in Providence or East Greenwich.
Step 5: Deduct Legal and Closing Costs
Most sellers in Rhode Island should budget for:
Attorney fees for preparing and recording documents: typically $650–$900.
Recording fees and miscellaneous adjustments.
Step 6: Subtract Your Mortgage Payoff(s)
If you still have a mortgage, the remaining balance will be deducted directly from your proceeds at closing. Be sure to:
Get a payoff statement from your lender (balances can differ from your last statement due to daily interest).
Include any second mortgages or home equity lines of credit (HELOCs).
Step 7: Consider Non-Resident Withholding (If Applicable)
If you’re not a Rhode Island resident at the time of sale, the state requires a 6% withholding of your net proceeds (7% if you’re a corporation). This payment goes to the RI Division of Taxation.
If this applies to you, consult with a CPA or tax professional to minimize surprises.
Putting It All Together
Let’s walk through a simplified example of a Warwick home sale:
Sale Price: $419,000
Professional Service Fee: $25,000 (example only, based on agreed percentage)
RI Transfer Tax: $1,927
Attorney/Closing Costs: $750
Municipal Adjustments: $2,000 (estimate)
Mortgage Payoff: $250,000
Estimated Net Proceeds = $139,323
This is only an example—your actual net will depend on your agreed professional service fee, local adjustments, and mortgage balance.
Why Estimating Proceeds Matters
Knowing your net proceeds upfront helps you:
Budget for your next home purchase in East Greenwich, North Kingstown, or beyond.
Decide whether selling now makes sense financially.
Avoid surprises at the closing table.
At the Slocum Home Team, we provide every seller with an Estimate of Net Proceeds Worksheet so you can make decisions with clarity and confidence.
Final Thoughts
Selling a home in Rhode Island is more than just signing paperwork—it’s about knowing where you stand financially. Whether you’re in Warwick, Cranston, Providence, or anywhere in Central Rhode Island, understanding how to calculate your net proceeds is key to planning your future.
If you’re considering selling, reach out to Nick Slocum or one of The Slocum Home Team’s top REALTORS®. We’ll walk you through your unique numbers and make sure you know exactly what to expect—before your home hits the market.
✅ Next Step: Get a Custom Estimate
Contact the Slocum Home Team today for a personalized Net Proceeds Estimate tailored to your home and financial situation.
