What Are the Different Home Seller Closing Costs in Illinois?
Here are the typical closing costs in Illinois:
1.Mortgage Payoff: This is any remaining balance, or prepayment penalty, on your property at closing. This is the most likely biggest item on your list of fees. This includes the recording fee, principal balance, interest accrued from the last payment to the day of closing, and any penalty that the lender might charge you.
2. Real Estate Broker Commissions: In Illinois, the expected commission would be around 6% typically asked for by listing agent and the other half to the buyer’s agent. In a 6% total commission, the listing broker is paid for 3% and the other 3% is given to the buyer’s agents. Although this fee varies greatly with the level of work or service. If you’re selling FSBO via Houzeo, congratulations… You’ve likely saved thousands by paying $0 in listing agent commission! Go on. Pop a bottle of the finest Champagne or Scotch. You deserve it.
3. State, County, and City Transfer Taxes or Stamps: This fee is charged for transferring your own property title to the new owner. In Illinois, they charge a rate of around $0.37 per $100 of the sale price.
4. Attorney and Escrow Closing Fees: Varies entirely of the amount of work and what type of home is being sold, the cost would charge somewhere between $450 and $650 to closing a house.
5. Water Inspection: As a seller, it is important that you make sure the water has been tested before the turnover of your property. In Illinois, it could cost around $300 to $500 depending on the issue or the system.
6. Termite Inspection: Since wood-destroying insects are common in the state, you have to do a pest inspection which costs around $75 to $175.
7. Additional Certificates: Some towns in Illinois require additional certificates such as the following:
- Certificate of Occupancy: This is a verification that the property is suitable for occupancy and that it complies with all housing and building codes.
- Smoke Detector Certificate/Carbon Monoxide Certificate: These documents certify that the property is equipped with smoke and/or carbon monoxide detectors and that these detectors are functioning.
8. Illinois Mortgage Tax: Officially called the Illinois recordation tax, it imposes a fee on all transfers of real property recorded. This could cost $0.115 per $100 of the amount borrowed.
9. Survey: Usually charge between $350 to $500, it could be requested by the buyer’s lender that may depend on the property. However, in Illinois, the seller could use a survey affidavit for proof of unchanged property boundaries—an alternative choice that typically costs $50.
10. HOA Dues, Document Fees, and Transfer Fees: (HOA Fees could cost with a range from $!500 to $500 a month) If the property falls under a Homeowners Association, you may be subject to various other charges. These include HOA dues, a document fee at the beginning of Escrow, and a transfer fee at the end of Escrow.