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There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Closing costs consist primarily of bank/lender fees, title/escrow fees, closing agent fees, transfer taxes, and recording fees. The customs for who is typically responsible for these fees varies by area – it is recommended that you contact your escrow officer/closing agent/attorney for the practices in your area.

Good Faith Estimate

Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is given. The estimate are based on the loan officer’s past experience and may not include all the closing costs. If you have one, I will be glad to review the “Good Faith Estimate,” answering questions and highlighting missing costs and estimates I believe to be low.

Loan-Related Costs

Points (optional)
Appraisal Fee
Credit Report
Pre-paid Interest Payment
Escrow Account
Taxes

Property Taxes
Transfer Taxes (chicago of chicago is $3.75/$500)and Recording Fees
Insurance

Homeowners Insurance
Title Insurance

Hope this helps!

For the buyer, you may be responsible for the following expenses:

Attorney’s Fees $400-$700
Property Inspection $250-400
Leas Paint Inspection (optional) $200-$350
City of Chicago Transfer Tax Stamps $7.50 per $1000 of purchase price
Homeowner’s Insurance Varies
Settlement or Escrow Closing Fee $175 up to $1000,000, plus $.50 for every additional $1000

Costs Associated with your Lender:
Loan application( and appraisal) $250-$400
Closing Points of Loan Origination
Fee (optional) 1% – 3% of loan
Private Mortgage Insurance (PMI) Required if loan amount is more than 80% of purchase price
Discuss with lender
Underwriting Fee $250-$2500
Document Preparation or Recording
Fee $100-$150
Flood Certification Fee $20-$40
Lender’s Title Insurance Policy $150-$400
Tax Service Fee(if taxes are held
in escrow) $50-$100
Reserve Fund for Tax Escrow 2 months – 7 months prepaid real estate taxes
(may be received as credit from the seller)
Prepaid Interest Interest on loan from closing date to end of the month

For the seller, you may be responsible for the following expenses:

Broker’s Commission 5% of sales price
Attorney’s fees $400-$1500
State & County Transfer Taxes $1.50 per $1,000
Title Insurance $500 up to $100,000
$500 plus $50 per additional $50,000
$Negotiable for more than $500,000
Certificate of Zoning Compliance $50
(required for 1-5 unit buildings to
verify allowable dwelling units.)
Property Survey $150-$200
Paid Water Bill Certificate $10
Prorated Real Estate Taxes $For current taxes not yet paid or due
Prorated utilities & assessment For expenses incurred but not paid up to the date of closing
Recording or Escrow Fees $200 – $500

This entry was posted on Tuesday, November 6th, 2007 at 6:59 am and is filed under RE Questions. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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