When selling, or refinancing a property in the City of Chicago, there are fees associated with the closing of the transaction.
Some of the fees are based to purchase price and some are flat fees based on services received. I have listed below the most common closing costs for sellers: however, these fees can vary and additional fees may be incurred, based on the services provided.
SELLERS CLOSING COSTS
Title Charges: The seller will purchase an owner’s title policy which insures that ownership has
passed to the buyer free of any liens or encumbrances other than those used to purchase the property. Costs for title insurance include charges for title search, title examination and issuance of insurance. Policy costs are based on the purchase price of the home and generally range from a low of $600 to a high of $1,000 and up.
Survey: The charge for survey is approximately $300-500. A survey is not required for condominiums or leasehold properties.
State Transfer Stamps: The state of Illinois imposes a tax on the transfer of real property. The
tax is $1.00 per each $1,000 (or portion thereof) of the sales price of the home.
County Transfer Stamps: Cook County imposes a tax on the transfer of real property. The tax is
50 cents per each $1,000 (or portion thereof) of the sales price of the home.
Municipal Transfer Stamps: The City of Chicago imposes a tax on the transfer of real property.
The tax is $3.00 per each $1,000 of the sale price of the home.
Recording Fee: The seller must pay a fee to have the old mortgage “released” by the recorder of deed. This fee is $26 for the first 2 pages and $2 for each additional page.
Real Estate Tax Prorations: The seller will owe a credit to the buyer for the current year to date
plus any previous unpaid installments of real estate taxes. The credit will depend upon the amount of the real estate taxes for the property and the date on which the property closes.
Settlement or Closing/Escrow Fee: The settlement agent will charge a fee for handling the
funds during the closing. This can range from $400 - $600.
ADDITIONAL COSTS: (at Seller’s discretion)
Attorney’s Fees: The amount charged by area attorney’s for representing the seller varies significantly. Fees range from a low of $400 to a high of $1,000 and up.
Commission: The amount of commission charged varies.
This information is provided is correct to the best of our knowledge and belief, but is provided without obligation or guarantee.
Please consult your tax or legal professional with questions about any specific transaction.