City of Chicago Real Estate Closing Costs

  • Commission - 6% of purchase price - Paid by Seller

  • Appraisal - $250-$500 - Paid by Buyer

  • Credit Report - $30-$75 per borrower - Paid by Buyer

  • Inspection fee - $350/visit - Paid by Buyer

  • Lender-direct underwriting fee - $750-$1,000 - Paid by Buyer

  • Processing fee - $150 - Paid by Buyer

  • Flood Certificate - $50-$100 - Paid by Buyer

  • Tax Service - $85-$200 - Paid by Buyer

  • Attorney Fee - $500+ - Both Seller and Buyer

  • Settlement Closing - $250-$1,000 - Paid by Buyer

  • Title Insurance (buyer) - $250-$1,000 - Paid by Buyer

  • Title Insurance (seller) - $300-$2,000 - Paid by Seller

  • Recording Fee - $75-$250 - Both Seller and Buyer

  • State Transfer Tax - $1.50 per $1,000 - Paid by Seller

  • County/City Transfer Tax - $3.00 per $1,000 - Paid by Seller

  • Chicago City Transfer Tax - $7.50 per $1,000 - Paid by Buyer

  • Survey - $500-$1,000 - Paid by Seller

  • Interest per Day - Loan amount x rate/365 - Paid by Buyer

  • Escrow Taxes - 1-5 months (if applicable) - Paid by Buyer

  • Escrow Insurance - 1-5 months (if applicable) - Paid by Buyer

  • Tax Proration - 105-110% of last tax bill - Paid by Seller

This checklist was created by andrewhasdal

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