Home Buying in Elmhurst>Question Details

Chicago334, Home Buyer in Pasadena, CA

How much are closing costs for purchasing a condo in Elmhurst Illinois on an all cash deal of $200,000?

Asked by Chicago334, Pasadena, CA Sat Sep 8, 2012

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I agree with Janet, talk to your atty. The reason you may not be familiar with the fees is that a lender is required to disclose them in a document called the GFE (Good Faith Estimate) and of course, you are not using one! Good for you!! You also may want to ask your Realtor and they can assist to gather any figures from your atty and other sources, however, just so you know, it is the seller's atty, not buyer's atty that arranges for the title insurance and related fees. In a cash deal, there is no buyer's (lender's) portion of the title insurance policy itself. What the buyer typically pays for is the title agent's "table fee" or "closing fee" for handling/closing the transaction/escrow and that ranges approx $500-$1,000, but it is customary that the seller splits that fee in a cash deal (again, good for you!). The transfer tax in Elmhurst is paid by the seller not the buyer (you got it.....good for you!). Your atty fee will have to be quoted to you by him/her. Other miscellaneous fees, if any, should not amount to over $200. As far as "bottom line" or "cash flow" , you should be getting an offsetting credit for unpaid property taxes that may wipe out the fees in your case. This money will be used by you in the future (2013) to pay for the property tax bill that covers unpaid 2012 taxes from Jan 1st to the closing date. You probably also have some skin in the game already with earnest monies deposited. Finally, like Janet said, if you are buying a bank owned or short sold property, there may be additional things to consider, but if those weren't disclosed or you didn't agree to something up front you may not or should not be responsible for them. Hope this helps and doesn't complicate or confuse....it is sometimes difficult to go into detail in an email or blog. Good Luck!
1 vote Thank Flag Link Sat Sep 8, 2012
Your attorney is the best person to answer that. Typically you have a portion of the Title Company charges and that dollar amount depends on which Title Company is being used and then attorney fees. If you're buying a short sale or foreclosure you may be responsible for back, late association fees. Call your attorney for the best and most precise "bottom line".
0 votes Thank Flag Link Sat Sep 8, 2012
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