SELLER'S CLOSING COSTS - CITY OF CHICAGO

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. Listed below are 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 (in addition to commission)

Attorney’s Fees $500 - $1,000

State & County Transfer Taxes $1.50 per $1,000

City of Chicago Tax Stamps $3.00 per $1,000 If applicable

Title Insurance 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 (approximate) $1,730 for properties priced up to $200,000 $1,730 plus $20 per additional $10,000 of purchase price, for properties over $200,000 For properties over $1,000,000 add $1.50 per thousand

Certification of Zoning Compliance $120 Required for 1-5 unit buildings

Property Survey $375 - $500 - A survey is not required for condominiums or leasehold properties.

Paid Water Bill Certificate $50

Prorated Real Estate Taxes 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.

Prorated Utilities & Assessment For unpaid expenses up to the date of closing

Recording of Escrow Fees $200 - $500+ Based upon sale price of the home

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.