Costs Associated With the Sale of a Home
Title Insurance - To provide the buyer with a clear title policy. The cost is approximately $3.75 per $1000 of the purchase price (additional $1 per $1000 between $100,000 - $500,000; receive quote for over $500,000).
Document Recording Release Fees - Based on the number of pages of documents; a minimal charge.
State and County Transfer Stamps - $4.50 per $1000 of the purchase price.
Zoning Certification - $100. Required by the City of Chicago prior to closing on all residential property 4 units and under (excluding condos).
Attorney's Fees - Averages $400 - $700 (or hourly rate).
Escrow Charges - Only if escrow is established.
Paid Water Bill Certificate - $50.
Tax Credit - Prorated to the buyer to pay current real estate taxes not due until the following year.
The seller must also be able to provide:
- Current Title Policy
- Survey (if applicable)
- Tax Bill (from previous year)
- Condominium Declaration, By Laws and Operating Budget (if applicable)
- Property Disclosure
- Energy Disclosure
- Lead Paint Disclosure