BUYER'S CLOSING COSTS - CITY OF CHICAGO
WHEN BUYING 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 buyers: however, these fees can vary and additional fees may be incurred, based on the services provided.
BUYERS CLOSING COSTS
During your loan application, your lender will provide a Good Faith Estimate disclosure detailing costs associated with closing the loan.
Attorney’s Fees $500 - $1,000
Property Inspection $350 - $750
Lead Paint Inspection (optional) $350 - $450
City of Chicago Tax Stamps $7.50 per $1,000 If applicable
Homeowner’s Insurance Varies If not covered by association, the buyer will be required to provide a one year pre-paid homeowner’s insurance policy with the lender listed as “loss/payee.”
Settlement of Escrow Closing Fee (paid to title company) $1,450 - $1,650 for properties priced up to $500,000 $1,650 plus $50 per additional $50,000 of purchase price, for properties over $500,000
Private Mortgage Insurance (PMI) $0 - $250
Loan Application/Appraisal $350 - $500
Closing Points/Loan Origination 0% - 2% of loan If applicable
Mortgage Related Costs $1,200 Document Prep or Recording Fee $200
Prepaid Interest Interest on loan from closing date to end of month
Reserve Fund for Real Estate Tax Escrow 2 - 8 months prepaid taxes (may be credited from seller)
PLEASE CONTACT US IF YOU HAVE ANY QUESTIONS
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.
