Home Selling in Naperville>Question Details

Tamara Schus…, Real Estate Pro in Naperville, IL

City of Naperville Illinois, what are the closings costs a seller can expect to pay besides the largest which is real estate agents fee?

Asked by Tamara Schuster, Naperville, IL Tue Sep 13, 2011

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Tamara,

I am a Real Estate Attorney that lives in Naperville. I would be happy to assist by preparing a mock closing statement for a property. If we took a $400,000.00 house. These would be the typical fees:

Purchase Price......................................................$400,000.00
State Transfer Tax ($1 per thousand).................. -$400
County Transfer Tax ($.50 per thousand).............-$200
Owners Title Policy...............................................-$1700 (to include later date, etc.)
Survey...................................................................-$375
Attorney's Fee.......................................................-$500
Homeowners Association Paid Assessment Ltr....-$200
Water Bill City of Naperville...................................-$100
Tax Credit..............................................................-$7500
**Tax credit will change depending on taxes on the property, closing date, and agreed to proration percentage. To get the figure above I assummed $8,500 in taxes for 2010, a November 1st, 2011 closing date, and a typical 105% proration percentage. For a more thorough discussion of taxes check out my answer here http://www.trulia.com/voices/Home_Buying/taxes_for_new_home-201446

At this point you just need to subtract out the agreed upon realty commission, the amount owed on their loan and the amount of a home warranty if they are providing one for the purchasers (usually $400).

I hope that helps.

Sincerely,

Paul Garver
Attorney at Law
Hawbecker & Garver, LLC
630-789-6833
paul@hg-legal.com
1 vote Thank Flag Link Wed Sep 14, 2011
Yes, this is a very good example of the costs. As a realtor myself, I like to provide my home seller clients with an estimated Net Seller sheet when I complete a home value analysis for them (CMA). In addition to the above, I include their mortgage balance and any equity line of credit or any other liens or miscellaneous items they may have for an estimate of closing costs. I sometimes provide it twice, at beginning of the list time and then again once we execute a sales contract with the known sales price. Sellers do find this very helpful.

All the best,
Gloria Nowotarski
Broker Associate
Coldwell Banker Residential Brokerage Naperville
630-664-6854
Sold4ubygloria@gmail.com
Flag Tue Apr 22, 2014
Wow, looks to me like your question could not have been answered any better by the attorneys that have logged in and spent their time on this. I really have nothing to add except a shameless plug:

If you would like your real estate needs to be as thoroughly met as your above question was, use the professionals that are connected to Trulia.

Thank you,

George Meredith Jr.
RE/MAX
630-615-2818
Gmeredith13@gmail.com
1 vote Thank Flag Link Wed Sep 14, 2011
You will have state and county transfer tax, which will add up to $1.50 for every $1000 (multiply sale price by 0.0015). Typically, in Naperville, the buyer pays for the city transfer tax.

You will have the real estate brokerage fees, whatever they are.

You will have title insurance, which can vary and depends on the price of the home. You're probably looking at around $1500 for an average home in Naperville. There will be other nickel and dime fees from the title company too, and those could be another few hundred.

If the buyer asked for closing cost credit, you will have to figure in that percentage.

If the property has a well and septic, typically the seller pays for the inspection of those systems.

The seller will have their attorney fee. This can very widely, but I usually see a range of $300-$500.

Then there are tax pro-rations. If the seller has a loan and has been sending money to escrow, this will likely be a wash, and the money from the escrow will offset the pro-rations. If not, you will have to figure in ALL unpaid taxes from last year, if any, and the percentage of this year's taxes that the owner still occupies the home [example: closing date is October 31, 2011: That's 10 full months out of 12, so you're looking at 5/6 X T = P, where T is the total year of current taxes and P is the prorated amount of taxes for which the seller will be responsible to pay at closing. Obviously, you can go right down to the day (say if closing is Oct 7), but that's unnecessary for and agent to do in most cases. Usually, you're fine going to the nearest half or quarter month.

Similarly, the seller will need to pay for any unpaid assessments up to the date of closing. If assessments are paid for ahead of time, then they will be getting a credit from the buyer. This cost usually doesn't amount to much.
Web Reference: http://www.ablerealty.biz
1 vote Thank Flag Link Tue Sep 13, 2011
Tamara - As an agent/broker your best resource for this answer is whatever lender you typically refer your clients ot or you use. The charges do vary by lender.
0 votes Thank Flag Link Tue Sep 13, 2011
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