City of Chicago Real Estate Closing Costs

Buying or selling a home in Chicago (and anywhere for that matter) is a time and labor intensive process involving many moving parts and several people are involved to make sure the transaction goes smoothly, protect you from unforeseen issues, and help you get the best deal. These people need to be paid for their services and because of that, it’s important to know the city of Chicago real estate closing costs that are part of most transactions.

These can and will greatly vary based on a number of factors such as who your lender is (if taking out a mortgage), the type of property it is, where the home is located, your financial status, etc.

The following list outlines some traditional closing costs for a home sold in Chicago. It is meant to be a guide so you’re prepared when considering buying or selling your home in Chicago.

Closing cost item Typical Cost Who Pays?
Commission 6% of purchase price Seller
Appraisal $250 – $500 Buyer
Credit Report $30 – $75 per borrower Buyer
Inspection fee $350+/visit Buyer
Lender-direct underwriting fee $750 – $1,000 Buyer
Processing fee $150 Buyer
Flood Certificate $50 – $100 Buyer
Tax Service $85 – $200 Buyer
Attorney Fee $500+ Both
Settlement closing $250 – $1,000 Buyer
Title Insurance (buyer) $250 – $1,000 Buyer
Title Insurance (seller) $300 – $2,000 Seller
Recording fee $75 – $250 Both
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 months (if applicable) Buyer
Escrow Insurance 1-5 months (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 of township. Please consult your real estate attorney to obtain the best possible estimate for taxes and other closing costs.

If you’re looking to buy or sell a home in the near future, send me an email at or give me a call/text at . I’m here to be a guide in this complex process, making it less complex for you.

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