Who Pays For What?
Common Closing Cost:
A common question asked during the process of buying or selling a home, is: “Who Pays for What?” The answer depends on the properties location. For example, transfer stamps can vary by county and city and whether the buyer, the seller or both are responsible. The terms of the purchase contract govern all additional fees required to purchase a home. Your agent can provide you with a seller’s net sheet before you enter into any transaction. The list below will give you an idea of what to expect.
|COMMISSION||6% OF PURCHASE PRICE||SELLER|
|APPRAISAL||$250 – $500||BUYER|
|CREDIT REPORT||$30 – $75 PER BORROWER||BUYER|
|LENDER-DIRECT UNDERWRITING FEE||$750 – $1,000||BUYER|
|FLOOD CERTIFICATE||$50 – $100||BUYER|
|TAX SERVICE||$85 – $200||BUYER|
|TITLE INSURANCE (BUYER)||$250-$1,000||BUYER|
|TITLE INSURANCE (SELLER)||$300-$2,000||SELLER|
|STATE TRANSFER TAX||$1.50 PER $1,000||SELLER|
|COUNTY/CITY TRANSFER TAX||$3.00 PER $1,000||SELLER|
|CHICAGO CITY TRANSFER TAX*||$7.50 PER $1,000||BUYER|
|SURVEY||$500 – $1,000||SELLER|
|INTEREST PER DAY||LOAN AMOUNT X RATE/365||BUYER|
|ESCROW TAXES||1-5 MOS. (IF APPLICABLE)||BUYER|
|ESCROW INSURANCE||1-5 MOS. (IF APPLICABLE)||BUYER|
|TAX PRORATION||105 – 110% OF LAST TAX BILL||SELLER|
ESTIMATED CLOSING COSTS COURTESY OF GUARANTEED RATE®. Prices subject to change. Actual costs vary per lender, loan amount, property type and other factors. *Property transfer taxes vary per local jurisdiction or township. Please consult your real estate attorney to obtain the best possible estimate for property taxes and other closing costs.