IN LAKE COUNTY, ILLINOIS

I.   Paid in advance of closing:

Usually nothing!  If your home is detached (not a condo), and you don’t have an old survey, it is usually advisable to order one at the time of listing. The cost is $400 to $500 for a home on a standard lot (same if paid at closing). Also, if a home is on well and septic, or if a village inspection is required, there may be a few minor expenses after a home goes under contract (but prior to the closing).

II. Paid at closing (from seller’s proceeds):

1. Title and recording fees  (in addition to what is paid by buyer):  approx $1000 for first $100,000 of sale price and $2.00 per thousand thereafter
2. Illinois revenue stamps:  $1.50 per thousand of sale price 
3. Survey:  $400 to $500 (detached homes only)
4. Attorney fee:  $400 to $500 (confirm with your attorney)
5. Brokerage fee:  typically 4.5 to 6% of sale price, based on list price and other factors (confirm exact fee with your CENTURY 21 Kreuser and Seiler agent)
6. Real estate tax credit to purchaser:  This amount will vary depending on factors including: the amount of your most current tax bill, the date of closing, if taxes are escrowed with your current lender, and the agreed basis for proration (105 to 110 % of known taxes is typical).  Your CENTURY 21 Kreuser and Seiler, Ltd. agent will be happy to estimate your tax credit at the time you receive an offer from a buyer
7. Payoff of existing mortgage(s) if any: (seller to ascertain from lender)
8. Transaction fee:  Often charged by listing REALTOR,® it is usually between $125 and $400.  CENTURY 21 Kreuser and Seiler does not charge a transaction fee!

Seller’s costs are relatively easy to determine based on an assumed sale price and closing date.  Your CENTURY 21 Kreuser and Seiler, Ltd. agent will be happy to estimate all your selling costs at the time you list your home for sale and again when you receive an offer to consider.  However, you will want to ascertain from your lender the current balance of your mortgage and escrow account (if any), so your net equity can be determined.