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

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21
Ranj Mohip, Other Pro, Chicago, IL
Thu Nov 14, 2013
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
Harry Kunelis, Agent, Chicago, IL
Tue Jul 29, 2014
0 votes
Leonard Poll…, , Chicago, IL
Wed Mar 5, 2014
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0 votes
Scott Newman, Agent, Chicago, IL
Wed Dec 4, 2013
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
Dustin Harvey, Agent, Chicago, IL
Tue Nov 12, 2013
2% to 3% should be your expected cost.
0 votes
Michele Wils…, Agent, Lake Forest, IL
Fri Sep 20, 2013
Probably less than 2% if the purchase price.
0 votes
Joe Schiller, Agent, Chicago, IL
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
Mike Opyd, Agent, Chicago, IL
Thu Mar 21, 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
Bob Brandt, Agent, Schaumburg, IL
Wed Mar 20, 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
JIM Michaels, Agent, Chicago, IL
Wed Mar 20, 2013
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0 votes
Scott Newman, Agent, Chicago, IL
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
Miekeba Jones, Agent, Silver Spring, MD
Wed Feb 6, 2013
I would say that 3% should cover the closing costs.
0 votes
JIM Michaels, Agent, Chicago, IL
Wed Feb 6, 2013
2 to 3% of purchase price would be expected
0 votes
Ivan Sagel, Agent, Chicago, IL
Tue Feb 5, 2013
Budget for 3% of purchase price.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes
Maja Brajic, Agent, Chicago, IL
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
Philip Sencer, Agent, Chicago, IL
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
Bill J Delig…, Agent, Naperville, IL
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
Manuel Brown, Agent, Chicago, IL
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
Diane Boyle, Agent, Chicago, IL
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 you for this breakdown. Totally helpful!
Flag Sat Nov 9, 2013
Jorge Vega, Agent, Chicago, IL
Tue Feb 5, 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
Matt Laricy, Agent, Chicago, IL
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
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