Home Buying in 60654>Question Details

mcbmdc, Home Buyer in Chicago, IL

If I buy a condo in Chicago for $150,000 cash, what closing costs can I expect?

Asked by mcbmdc, Chicago, IL Tue Feb 5, 2013

Help the community by answering this question:

Answers

21
It all depends on your transaction. If it's a foreclosure/REO, you may have to pay up to 6 months of the back assessments. Since you're paying cash, the closing fee should be split 50-50 between buyer and seller, so you're looking at about $660 for your share. Another $1125 for city transfer taxes, and about $50 to record your deed. The attorney fee will be around $500-800 for representation, maybe less since you are paying cash. The association may have move-in fees, move-in deposit, or a reserve contribution. To get certain documentation from the association, you may have to pay for copies.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at http://www.ChicagoRealEstateAttorney.com for more information.
2 votes Thank Flag Link Thu Nov 14, 2013
0 votes Thank Flag Link Tue Jul 29, 2014
My name is Leonard Pollard, and I am the person that is going to help you accomplish your mortgage needs and lower your payment. You just recently made a mortgage inquiry and that is why I am writing to you now. When dealing with potential borrowers over the internet, I typically introduce myself first via email. I will try to call you within 24 hours unless you prefer a different time or place for me to contact you.

I must tell you that I do not work with all potential borrowers just as they do not work with me. I am straight forward and to the point. In addition to that, I treat every borrower with the same level of service that I expect for myself when making important financial decisions. I use my 13 years of experience in the mortgage industry to provide the best products available for my borrowers and their specific needs.

I would like the opportunity to have a brief conversation with you to discuss your expectations. If you feel that you would like to talk sooner, do not hesitate to call or reply at any time.

Our mission, at Peoples Home Equity, Inc., is to secure the best mortgage available for our clients. We will work diligently to find you the best possible terms, helping you achieve your financial goals in a friendly and professional manner. Our clients truly do come first and will be treated with the utmost respect and forthrightness. You will notice the difference from the initial consultation.

Best Regards,

lpollard@peopleshomeequity.com
0 votes Thank Flag Link Wed Mar 5, 2014
A simple rule of thumb is to expect about 2.5% of the purchase price- give or take a little of course depending on a variety of factors.
0 votes Thank Flag Link Wed Dec 4, 2013
2% to 3% should be your expected cost.
0 votes Thank Flag Link Tue Nov 12, 2013
Probably less than 2% if the purchase price.
0 votes Thank Flag Link Fri Sep 20, 2013
3% when it's all said and done..pay 3% more and make the seller cover the cost..time value of money imediately turns that cost to 2%
0 votes Thank Flag Link Fri Sep 20, 2013
In Chicago your going to have to pay Transfer Stamps, Title Fees, Your Attorney Fees, Insurance...I tell my cash buyers to anticipate about 2% of the purchase price for closing costs.
0 votes Thank Flag Link Thu Mar 21, 2013
While this question is almost 2 months old message, perhaps the consumer still is wondering.
The figure can change dramatically if it is a foreclosure and the buyer has to pay the 6 month assoc fees and legal expenses for the association.
And good luck trying to find out any exact amounts on that prior to making an offer. Plan for the worst case and ask your lawyer about it beforehand.
0 votes Thank Flag Link Wed Mar 20, 2013
Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414
0 votes Thank Flag Link Wed Mar 20, 2013
The reality is, if you want to be an informed and educated buyer, the first and most essential step is speaking to a quality lender who can revue all the costs of homeownership so a full picture emerges.

I would highly recommend Mike Del Preto of Hartland Mortgage. He can be reached at 1-312-447-3965.

For more information on River North check out my blog at http://www.newmanknowschicago.com

Best,

Scott Newman
Newman Realty
0 votes Thank Flag Link Wed Mar 20, 2013
I would say that 3% should cover the closing costs.
0 votes Thank Flag Link Wed Feb 6, 2013
2 to 3% of purchase price would be expected
0 votes Thank Flag Link Wed Feb 6, 2013
Budget for 3% of purchase price.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Tue Feb 5, 2013
Transfer tax stamps $7.50 for every $1,000= $1125.
Title insurance and attorney around $2,500.
Inspection around $300.
Move in fees with association depends of the building…All together approximately 3% of purchase price.
Let me know if you need any help
Thanks,
Maja Brajic
Broker, Koenig & Strey Real Living
900 N Michigan Ave, Suite 1700, Chicago, Il 60611
Mobile- 773.416.5920 | Office-312.893.8137 | eFax- 312.893.8237 http://www.majabrajic.com
0 votes Thank Flag Link Tue Feb 5, 2013
Usually 2-2.5% if the tax credit on the contract is 110%, but your attorney can give you a more detailed $$$.
0 votes Thank Flag Link Tue Feb 5, 2013
Costs = Title, Attorney, Transfer Tax, Government Recording Fees, Inspection

Credit @ Closing for Unpaid Real Estate Taxes from Seller

As suggested, budget for 3% but it will likely be less.

Should you need any assistance, feel free to contact me.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Tue Feb 5, 2013
Dear Condo Purchaser,

You can estimate to spend anywhere from 2 to 3% of the total purchase price. Just for safety and preparedness I would have 3% available at my disposal if possible.
0 votes Thank Flag Link Tue Feb 5, 2013
You can expect to pay the following:

Settlement or Closing Fee-$500 - $750 and up, based purchase price.
County Recording Fees-$36.50 for the first 2 pages, $2 for each additional page.
Transfer Stamps/Taxes-$7.50 per $1,000 of purchase price in the City of Chicago.
Plus about $300 for an inspection (which is optional but reccommended)
And approx. $500 $650 for a real estate attorney.

Let me know if I can help you find something!
Diane Boyle, Broker
773-343-4114
Prudential Rubloff
0 votes Thank Flag Link Tue Feb 5, 2013
Thank you for this breakdown. Totally helpful!
Flag Sat Nov 9, 2013
You can count on title, transfer tax, attorney fees, if its a foreclosure you might have to pay a re-key fee as well. Take the time to speak with your attorney to go over the figures. He or She should be able to get some of the figures from the selling party. Good luck!

Jorge Vega
Newman Realty Group
773-627-7608
jorge@newmanreatlyillinois.com
0 votes Thank Flag Link Tue Feb 5, 2013
Transfer stamps which are 7.5 per 1k, attorney fee, title, etc. I would say around 3500 in fees.
0 votes Thank Flag Link Tue Feb 5, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer