Cost For Selling Home
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 in the state of Illinois:
1. Broker’s commission% that is agreed between you and your broker
2.Attorney’s fee: $400-$700 on an average
3. Title Insurance: depends on which title company will be used and the selling price. Example: Selling price was $265,000 for which Title Insurance cost $1850
4. Survey: $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)
7. Local transfer tax: depending on the local ordinances, either seller or buyer or both are responsible for purchasing transfer stamps. In Chicago seller pays $1.50 per $500 of the selling price
8. Tax credit: unpaid portion of property tax since the last payment to the closing date (this is not a cost for selling the house but it will show on ALTA Settlement as debit from seller’s side since it is seller’s responsibility to pay real estate taxes until the day of closing)
9. Recording fees: $250 on an average
