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Aug 22, 2024 · In Illinois, it typically costs 11.76% of a home’s sale price to sell a home. For context, if you sell a home that costs $350,000, you’d likely pay around $41,146 in closing costs; $58,779 for a $500,000 home; or $88,169 for a $750,000 home. Keep in mind that these costs are just estimates. Your specific costs will depend upon your home’s ...
- Illinois closing costs typically average about 7% of a home's final sale price. That figure includes common closing costs, such as title insurance...
- Buyers and sellers have separate closing costs in Illinois. Prorated property taxes are split between both parties. Sellers are usually responsible...
- Sellers usually cover both the buyer's agent and seller's agent commission in Illinois, which amounts to about 5% or more of the home's final sale...
- The cheapest way to sell a house is to use an agent matching service like Clever Real Estate, which has pre-negotiated a low listing agent fee with...
Transfer taxes are fees to transfer real estate property from one owner to another. Illinois charges you about 0.15% of your home's sale price to transfer the title to the new owner. If you sell for Illinois's median home value — $267,365 — you'd pay $401. Learn more about transfer taxes in Illinois.
- Do Sellers Pay Closing Costs?
- How Much Are Seller Closing Costs in Illinois?
- Illinois Seller Average Closing Costs Breakdown
- How to Save on Illinois Closing Costs
- Methodology
Sellers are usually responsible for most of, but not all the closing costs. Buyer closing costs include mortgage-related costs such as a loan origination fee and other lender-related fees, private mortgage insurance, the down payment, an appraisal fee, and a home inspection fee. Learn more about buyer closing costsin Illinois.
Seller closing costs are fees and taxes you pay during the final real estate transaction on the sale of your home in Illinois. The seller typically pays the costs of verifying and transferring ownership to the buyer, so most closing costs are unavoidable. On top of these closing costs, you'll need to pay realtor fees. Average realtor fees in Illino...
Title service fees: 0.35%
Title fees cover the costs of the title search and title transfer. When you sell your home, you have to transfer legal ownership of the property to the buyer. To ensure there are no claims or liens on your home, your settlement agent will complete a title search. In Illinois, buyers and sellers usually pay for their own title company or closing agent, but don't expect this for every sale. Ask your realtor if you're not sure.
Owner's title insurance: 0.25%
Owner's title insurance protects the buyer if there's a problem with the property title. It will pay for any legal fees if mistakes are found — or potentially even reimburse the value of the home. In Illinois, it's more common for the seller to pay for owner's title insurance. » MORE: What is title insurance, and why do you need it?
Lender's title insurance: N/A
Just like owner's title insurance protects the buyer, lender's title insurance protects the bank or financial institution that issued the buyer a mortgage.
While closing fees in Illinois aren't usually the biggest expense for sellers, there are a few ways to reduce these costs.
The Clever team of researchers gathered data for property taxes, transfer taxes, and recording fees using publicly available information. We found average costs for attorney fees, title insurance, and other services by requesting quotes from local providers. We gathered our commission rate data from a survey of 630 of our partner agents. Additional...
Jul 11, 2024 · Buyer closing costs in Illinois. For homebuyers in Illinois , you can expect closing costs to range 2%-5% of the home’s purchase price. If you’ve paid earnest money, which is typically 1%-3% of the home’s price, this amount will be subtracted from your closing costs. Let’s break down some of the common closing costs covered by the buyer:
May 15, 2024 · The median sale price of a home in the state was $282,000 in March, according to Illinois Realtors’ data — 5.5 percent commission on a sale of that price would come to $15,510. Up until ...
Oct 1, 2024 · The average cost to sell a Illinois home is about 11.76% of the total sale price. Based on the average home value of $267,365, that works out to about $31,431. However, this is just an average — the cost to sell one home may vary greatly from another. Expenses for repairs, staging, and taxes are all unique to the condition and location of the ...
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Aug 13, 2024 · Like other fees we’ve discussed, these will vary, not just because of the different rules and regulations of your local HOA but also because HOA regulations vary greatly depending on the state. These fees (or dues) are usually prorated at the time of the sale. The average monthly HOA fee in Illinois is $387.
