Following is an overview of the key components comprising a seller’s closing costs. Please keep in mind that some figures do change occasionally, so this is provided as a guide or rough estimate of your actual closing costs.
- Broker Commission.
- Title Insurance: Virtually all contracts provide for the seller to show evidence of good title by supplying a commitment for title insurance in the amount of the purchase price. The cost of title insurance depends on the individual title company, but typically runs about $850 for a purchase price up to $100,000, plus $15 for every additional $10,000 in purchase price.
- City Transfer Stamps: A portion of the city of Chicago transfer stamp taxes are paid by the seller in the amount of $3.00 per $1000 of purchase price. The rest are paid by the purchaser.
- State & County Transfer Taxes: The seller pays for the state and county transfer taxes which are $1.50 per $1000 of the purchase price.
- Attorney Fees: Approximately $400-$700.
- Survey: Most contracts for the sale of single family homes and multi units require the seller to purchase a survey. The cost is usually $200-400. A survey is not required for the sale of a condo.
- Recording Charges: The typical cost to record the mortgage release papers is $75.
- Paid Water Bill Certificate: The cost is $50.
- Certificate of Zoning Compliance: Required on all buildings up to 5 units. Not required for condos. Cost is $50.
- Tax Credit: The seller will credit the buyer for the current year’s taxes not due until the following year.
If you are thinking of selling, please feel free to contact us. We’d be happy to discuss our property marketing services, the selling process, provide a market analysis for your property, and answer any questions that you may have.