Typical Seller's Closing Costs

If you are preparing to sell your house, you should be aware of the various charges and fees you will incur during the process. Knowing about these charges early on will help you price your old home and budget for a new one.

Closing costs for a seller include:

State and county transfer tax: $1.50 per thousand of sale price

• Title insurance: Illinois contracts generally require the seller to pay for a title search and title insurance for the buyer. Cost is based on the sale price and only varies slightly between title companies.
• Plat of survey: Starting at $375
• Real estate broker commission: Varies depending on broker retained.
• Attorney fees: Varies between law firms.
• Termite inspection: Approximately $100
• FHA or VA charges: From $250 to a percentage of the sale price
• Mortgage: In addition to the costs identified above the seller must pay off any mortgage(s) which are recorded on the property.
• Real estate taxes: Unpaid real estate taxes must also be paid. Taxes in Illinois are paid in arrears; therefore, a proration of taxes from January 1 through the date of closing must always occur.

On top of these charges, you may have to pay a city transfer tax based on sale price. Most municipalities impose the city transfer tax on the buyer.