Typical Seller's Closing Costs
Roscich & Martel Law Firm, LLC

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Typical Seller's Closing Costs

Downers Grove Real Estate Attorney
  1. State and County Transfer Tax

    $1.50 per thousand of sale price

  2. Title Insurance

    Illinois contracts generally require the seller to pay for a title search and title insurance for the buyer.  Cost is base on the sale price and varies slightly between title companies.

    Example:

    $200,000 – cost is approximately $672.00
    $400,000 – cost is approximately $893.00
    $800,000 – cost is approximately $1,293.00

  3. Plat of Survey

    Approximate cost is $300 to $400

  4. Real Estate Broker Commission

    Varies depending on broker retained.

  5. Attorney Fees

    Varies between law firms.

  6. Other possible costs

    1. Termite Inspection

      $60 to $80

    2. FHA or VA charges

      From $250 to a percentage of the sale price

    3. City Transfer Tax Based on sale price.  Most municipalities impose the city transfer tax on the buyer.  The contract between the parties actually controls who pays the tax.  The following are examples of municipal transfer taxes whereby ordinance the seller pays:

      • Aurora $3/$1,000
      • Bolingbrook $7.50/$1,000  (split between buyer and seller)
      • Glen Ellyn $3/$1,000
      • Woodridge $2.50/$1,000
    4. Association Fees
  7. Mortgage

    In addition to the costs identified above the seller must pay off any mortgage(s) which are recorded on the property.

  8. Real Estate Taxes

    Unpaid real estate taxes must also be paid.  Taxes in Illinois are paid in arrears; therefore, a proration of taxes from January 1 through the date of enclosing must always occur.

As experienced Real Estate Attorneys, we will advise you of your obligation assure that you pay only what is correct and proper.  Secure your future, call us now.

WHEN YOUR FUTURE DEPENDS ON IT-
CALL US AT (630) 355-5222

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