Our law firm has represented thousands of sellers of real estate in Chicago and all over the Chicagoland area. We have found that most of our clients have similar questions and concerns when selling their property, which we hope we can sufficiently address here. In our experience, these are the top 5 questions we receive from sellers:
WHAT IS YOUR RATE?
For a standard real estate sale, we charge a flat- fee of $595, paid at closing. Please note however that we will match any other rate you have received from another attorney, so if you got a cheaper quote, let us know and we will match it!
HOW MUCH WILL MY CLOSING COSTS BE?
The phrase “closing costs” is very broad and encompasses a lot of different things. Here is the breakdown of everything a seller should expect to pay to sell a property in Illinois:
A. TITLE FEES
B. TRANSFER TAXES
Typically when a property is transferred the Buyer and Seller must pay a conveyance fee to the city, county, and state. This fee is required by state and local statutes and will vary based on municipality. In Chicago, Buyer pays $3.75 per $500 of purchase price to Chicago, Seller pays $1.50 per $500 to Chicago, .25 per $500 to the county, and .50 per $500 to the state. If you would like to know what these fees would be outside of Chicago.
C. REALTOR COMMISSION
Seller pays the full amount of the commission at a rate agreed upon between Seller and Seller’s listing agent (If Seller is using an agent). This amount typically varies between 5%-7% of the purchase price. The listing agent then splits this amount with the Buyer’s agent. Note that some realtor’s brokerages charge additional marketing or MLS fees on top of this ranging from $250 – $500
- Survey ($300-$500, unless it’s a condo)
- Water Certification ($150)
- Your final water bill (check and see whether you have a metered or non-metered account and therefore if you pay monthly, quarterly, or bi-annually).
- Zoning Certification ($170-$220, only in the city of Chicago)
- Attorney Fee
E. PRORATED TAXES
Property taxes you owe for the time you own the property which have not yet been billed.
Contact us today for a personal “Net Sheet” specific to your property which outlines all of your costs and shows you your bottom line.
DO I HAVE TO ATTEND CLOSING?
No. Our office can handle the entire closing on your behalf, so you do not need to take the time to be there in person. We will prepare a power of attorney for you – at no additional charge – which will allow us to sign all the required documents on your behalf. You can just sit back and wait to collect your money.
CAN I PAY OFF TAXES AND LIENS AT CLOSING OR MUST I PAY THEM BEFORE?
Yes. You can pay all taxes, liens, and other costs out of the proceeds of your sale. You do not need to pay these off in advance out of your own pocket. Upon review of the title of your property, we will father all of these figures for you and add them to your closing statement and ensure the exact amounts – no more, no less – are paid off upon the sale.
HOW DO I GET MY MONEY FROM THE SALE?
YOU HAVE A CHOICE OF:
1) Stopping by to pick up your check the day of closing at the title company;
2) Having your check mailed to you (via overnight mail); or
3) Having your money wired directly into your bank account.
Whichever option is easiest for you!