Who pays closing costs when selling a house in Illinois?

Both the parties i.e., the buyer and the seller have to pay their respective closing costs in Illinois. Seller closing costs mainly include agent commissions, home inspection, and some other fees, all of which could sum up to 5%-10% of the property’s sale price. The buyers have to pay their closing costs as well which are mostly mortgage-related and could sum up to 3%-4% of their loan amount.

How Much Are Closing Costs for Sellers in Illinois?

Seller closing costs in Illinois can be anywhere between 5%-10%, a major chunk of which is due to high amounts of agent commissions. To put that into perspective, the median home value in Illinois in 2021 is $237K, so accordingly, you will have to shell out anywhere between $11 873-$23 746 However, with Houzeo’s Illinois MLS Gold Package you only pay $399 and save 3% of your closing costs right away!

How do you calculate the seller's closing costs in Illinois?

To calculate seller closing costs all you need to do is input the relevant details in Houzeo’s Closing Costs Calculator and you will have your estimated closing costs with just a few clicks.

How to calculate transfer tax in Illinois?

The Illinois transfer tax calculator can be used to get the average transfer tax in the state.

How much does a home inspection cost in Illinois?

The home inspection costs somewhere between $500-$1000 in Illinois.

Do sellers pay closing costs in Illinois?

Yes, sellers do pay closing costs in Illinois. If you are a home seller in Illinois then you can expect to pay anywhere between 5%-10% of your home’s sale price as of closing costs. However, you can save thousands of dollars by listing your home on the Florida MLS with Houzeo’s Flat Fee MLS Illinois packages .

What does the seller pay at closing in Illinois?

As a home seller in Illinois, your closing costs will mainly include real estate agent commissions, outstanding amounts owed on the property, prorated property taxes, settlement fee, title search, municipal lien search, HOA estoppel, documentary stamps on the deed, title insurance, etc. Some of these amounts vary from state to state and some fees are mandatory in a few states and in some they aren’t.

How much are closing costs for seller in Illinois?

The seller closing can reach up to 8%-10% in the state of Illinois.

Who pays transfer tax in Illinois?

The seller usually pays the transfer tax in the state of Illinois.

Are home warranties mandatory in Illinois?

The home warranty may not be mandatory in Illinois but is recommended for fixing any defects. This will be helpful for the buyer too during the sale.

How Much Will I Make Selling My House in Illinois?

Home Sale Calculator in Illinois

Home Sale Estimate Calculator in Illinois

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