(Because property taxes are about a year behind, take your last known yearly tax bill and add 5% – 10% to that amount. Divide this number by 365 days and then multiply by what day of the year you will be selling. Example: If your taxes are $5,000 per year and you are selling on December 31, you will credit the buyers $5,250 to $5,500 at the closing.)
5) SURVEY ($400 to 450 for single lot): ______________________
(for larger properties, add about $50 per ½ acre)
6) TITLE INSURANCE: _________________________
(Sellers are required to pay for this in Illinois. Base cost is approximately $1,700 for a $200,000 home. Add $20 for every $10,000 additional over and above a $200,000 sales price)
7) TITLE COMPANY CLOSING COSTS ($100 to $400+): __________________
(If your property is already paid off and you don’t owe anything, the extra closing costs may only be $100 or so; but if you have loans that must be paid off or other documents to record, the fees will be higher.)
8) ESCROW FEE ($0 or $600+): _______________________________
(Sellers will pay part of the Buyer’s closing costs IF the Buyer is paying cash. Therefore, if they are paying cash, input $600. If the sales price is over $250,000, add another $25 for each $50,000 in sales price. However, if the buyer of your house is getting financing, input “0” in this box.)
9) STATE TRANSFER TAX: _________________________
(The State of Illinois gets $1 for every $1,000 in sales price. Therefore if you are selling for $200,000, the State will get $200.)
10) COUNTY TRANSFER TAX: __________________________
(The County gets $.50 for every $1,000 in sales price. Therefore if you are selling for $200,000, the County will get $100.)
11) LOCAL VILLAGE / CITY TRANSFER TAX: ________________________
(Call your local village. Some are $0; others are $2, $3, $5, or even $10 per $1,000 in sales price. Chicago charges the Seller $3 per $1,000.)
12) LOCAL INSPECTIONS: ______________
(Call your local village to see if an inspection is required. Most charge $50 – $100 and require this inspection to ensure the property is safe to occupy.)
13) WATER CERTIFICATES / ZONING ($0 – $300): _____________
(Call your local village, some only require water bills. Chicago usually requires a water certificate and a zoning certificate; assuming you don’t have past due bills, estimate $275)
14) CONDO OR HOA DOCUMENTS ($0 to $750): _____________________
(Most associations charge Sellers for the association documents and Paid Assessment Letter.)
15) WELL / SEPTIC / TERMITE Tests (if req’d): __________________
(Well and septic tests cost about $300; termite inspection is about $125.)
16) REPAIR CREDITS GIVEN TO BUYER (if any): ______________________
Counties including Cook County, DuPage County, Kane County, Lake County, and McHenry County.
Serving the local townships of: Antioch, Arlington Heights, Barrington, Bolingbrook, Carol Stream, Chicago, Des Plaines, Evanston, Fox Lake, Glenview, Grayslake, Gurnee, Harwood Heights, Hawthorn Woods, Highland Park, Hoffman Estates, Hyde Park, Lake Forest, Libertyville, Lincolnshire, Lincolnwood, Lombard, Long Grove, Morton Grove, Mount Prospect, Mundelein, Niles, Northbrook, Oak Park, Palatine, Park Ridge, Prospect Heights, Rosemont, Round Lake, Schaumburg, Skokie, Vernon Hills, Waukegan, Westchester, Wheeling, Wilmette, Winnetka, Zion.
December 21, 2016
Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee.
There are two new rules regarding the transfer of property to trust.
(1) The transfer of real property to a trust requires a
transfer of legal title to the [...]
If you’re a Chicago landlord with a Chicago rental property, there are many “disclosures” and “notices” that you must provide to your [prospective] tenant. If a landlord fails to comply with properly providing these disclosures, the landlord could very likely end up in court, owing the [...]