City of Chicago Real Estate Closing Costs
Are you planning to buy or sell a home in Chicago in the near future? May want to take a look at the costs involved! (all costs are estimates and vary by brokerage and home)
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Commission - 6% of purchase price - Paid by Seller (varies by brokerage)
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Appraisal - $250-$500 - Paid by Buyer
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Credit Report - $30-$75 per borrower - Paid by Buyer
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Inspection fee - $350/visit - Paid by Buyer
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Lender-direct underwriting fee - $750-$1,000 - Paid by Buyer
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Processing fee - $150 - Paid by Buyer
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Flood Certificate - $50-$100 - Paid by Buyer
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Tax Service - $85-$200 - Paid by Buyer
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Attorney Fee - $500+ - Both Seller and Buyer
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Settlement Closing - $250-$1,000 - Paid by Buyer
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Title Insurance (buyer) - $250-$1,000 - Paid by Buyer
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Title Insurance (seller) - $300-$2,000 - Paid by Seller
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Recording Fee - $75-$250 - Both Seller and Buyer
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State Transfer Tax - $1.50 per $1,000 - Paid by Seller
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County/City Transfer Tax - $3.00 per $1,000 - Paid by Seller
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Chicago City Transfer Tax - $7.50 per $1,000 - Paid by Buyer
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Survey - $500-$1,000 - Paid by Seller
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Interest per Day - Loan amount x rate/365 - Paid by Buyer
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Escrow Taxes - 1-5 months (if applicable) - Paid by Buyer
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Escrow Insurance - 1-5 months (if applicable) - Paid by Buyer
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Tax Proration - 105-110% of last tax bill - Paid by Seller
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