(Note: Spousal consent is required under the Family Law Act even in a common-Law relationship. The spouse not listed on title must sign The Spousal Consent Section)

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Once a seller has a specific proposal, calculating net proceeds becomes simple. From the proposed purchase price, they subtract the following:

• Payoff amount on present mortgage

• Any other liens (equity loan, judgments)

• Broker's commission

• Legal costs of selling (attorney, escrow agent)

• Transfer taxes

• Unpaid property taxes and water bills

• If required by the contract: cost of survey, termite inspection, buyer's closing costs, repairs, etc.