Seller Closing Costs -- Bergren Kreuser Chicago Real Estate Answers

Following is an overview of the key components comprising a seller's closing costs. Please feel free to contact me for questions specific to your property.

Broker's Commission
Title Insurance: Virtually all contracts provide for the seller to show evidence of good title by supplying a commitment for title insurance in the amount of the purchase price. The cost of title insurance depends on the individual title company, but typically runs about $850 for a purchase price up to $100,000, plus $15 for every additional $10,000 in purchase price.
City Transfer Stamps: A portion of the city of Chicago transfer stamp taxes are paid by the seller in the amount of $3.00 per $1000 of purchase price. The rest are paid by the purchaser.
State & County Transfer Taxes: The seller pays for the state and county transfer taxes which are $1.50 per $1000 of the purchase price.
Attorney Fees: Approximately $400-$700.
Survey: Most contracts for the sale of single family homes and multi units require the seller to purchase a survey. The cost is usually $200-400. A survey is not required for the sale of a condo.
Recording Charges: Thy typical cost to record the mortgage release papers is $75.
Paid Water Bill Certificate: The cost is $50.
Certificate of Zoning Compliance: Required on all buildings up to 5 units. Not required for condos. Cost is $50.
Tax Credit: The seller will credit the buyer for the current year's taxes not due until the following year.