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Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731

 

tom lysik 224.800.4731

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Cost For Selling a House

Cost for selling a house. Each party to a transaction has its own closing costs. Below there is an overview of closing costs on the seller’s side. This provides as a rough estimate of your closing costs when you sell your house. Please keep in mind that some figures may change in the future. Here are the typical costs for sellers from the state of Illinois:

1. Broker’s commission % that is agreed between you and your broker
2. Attorney’s fee: $350-$600 on an average
3. Title Insurance: depends on which title company will be used. Typically cost runs about $850 for a purchase price up to $100,000, plus $15-$20 for every additional $10,000 for purchase price over $100,000
4. Survey: $200 – $400 on an average (not required for condos)
5. State Transfer Tax: $.50 per $500 of taxable amount
6. County Transfer Tax: $.25 per $500 of taxable amount
If you add both together total State and County Transfer Tax is $1.50 per $1000 (easier to calculate this way)
Here is the formula used in Illinois to figure exact taxable amount:
a. Sales price                                                               $____
b. Less value of personal property included in purchase -____
c. Less existing mortgage on the house                          -____
d. Equals total taxable amount                                      =____
7. Local transfer tax: depending on the local ordinances, either seller or buyer is responsible for purchasing transfer stamps
8. Tax credit: unpaid portion of property tax from January 1st to closing date
9. Recording fees: