How Much Will Buying or Selling a Home ACTUALLY Cost Me?

If only you knew when you signed a contract what buying or selling that beautiful single-family home was actually going to cost you in real dollars. This table should give you some idea of what those additional pesky closing costs are. All estimates below are just that. Estimates. They are based on my years of experience with residential real estate transactions. Prices are subject to change or to vary wildly and are dependent on the vendor, transaction, location, etc. Please see my disclaimer below.

Closing Cost	Buyer Pays	Seller Pays	Explanation	Estimated Cost
APLDP Compliance Processing Charge	X		For each loan, as required by law, the title company needs to enter the borrower's demographic information into the Anti Predatory Lending Database	$50
Appraisal Fee	X		If the buyer has not paid the appraisal fee prior to closing, it will be required at closing. An appraisal is required by every lender to ensure that the value of the property is worth at least the contract price.	$400-$600
Attorney Fee	X	X	Beware of any attorney charging you $300 or less for a closing. You will likely be communicating with the attorney's support staff the entire time, and you might not even speak to your attorney until your closing (if then). I take pride in personally handling each and every file that I accept. Also beware of hidden charges. Some attorneys charge a nominal fee and then clobber you with "document fees" or "additional services" that add up to a much larger number.	$350-$1,000
Buyer's Title Insurance Policy		X	If a lender is involved, there will be two title insurance policies issued at closing. One protecting the buyer and the other protecting the lender. In Illinois, the seller purchases the buyer's policy.	Dependent on the purchase price, but generally expect $1,500-$2,500
Chain of Title	X		The title company sends the 24-month title history of the property to the buyer's lender so the lender can assess the risk of any fraudulent transfers of the property.	$250
Closing Protection Letter	X	X	The title company will provide closing protection letters for the buyer, seller, and lender. The letters protect the parties from misconduct by the title company.	$25-$50 per letter
Commitment Update Fee		X	In the time period between when the initial title search was run and the closing, the title company will run an additional title search to ensure that there have not been unexpected documents recorded against the property which would color the title.	$125
Condo / Homeowners / Townhome Association Fees	X	X	​If the property is subject to an association, the seller will likely have to purchase documents showing that the association waives its right of first refusal and that all dues have been paid. There is often a move-in or information fee to the buyer, as well. The parties are a bit at the mercy of what the association charges.	$100-$800
County Transfer Taxes		X	Transfer taxes to the county in which the property lies.	$.25 per $500 of consideration (purchase price)
Credit Report	X		Lenders require a credit report from the buyer, which will be paid at closing.	$30-$60
Escrow Fee	X	1/2 (if cash deal)	If it is a cash transaction, the escrow fee is usually split between the parties. If there is a loan involved, the buyer generally pays the entire fee. This is what the title company charges to serve as escrow agent, and is dependent on the purchase price.	$500-$2,000
Escrow Impounds	X		If the buyer is keeping an escrow for real estate taxes and property insurance (likely), there will be an initial deposit into the escrow account. It is usually around three months of the estimated cost of insurance and property taxes.	Dependent on the date of the closing, when the property taxes are due, the amount of the taxes, and the cost of insurance; a very rough estimate would be 1/4 the expected annual cost of insurance plus taxes
Flood Certification	X		Lenders require certification that the property is not (or is) in a floodplain, as additional insurance is required for properties located in floodplains.	$10-$30
Homeowners' Insurance	X		​If the buyer has not prepaid the premium for the upcoming year prior to closing, it will be required at closing. If a lender is not involved, the buyer will be on their own to secure homeowners' insurance prior to closing.	Dependent on the property value, the insurer, and the policy coverage, but generally between $1,000-$2,000
Lender's Title Insurance Policy	X		If a lender is involved, there will be two title insurance policies issued at closing. One to the buyer, and one to the lender. The buyer pays for the lender's policy.	$500, and $175 for each additional endorsement required by the lender (usually 2-3)
Loan Payoffs		X	Any of seller's loans recorded against the property will need to be paid off in full out of the closing proceeds	Dependent on the balance due on the loan
Municipal Transfer Taxes	X	X	Depending on the municipality, there may be an additional transfer tax. The individual municipalities determine who pays the tax and how much to charge. Often, the tax is charged to the seller, but the burden is at least partially on the buyer in some municipalities (notably, Chicago and Naperville).	Dependent on the municipality and the purchase price.
Origination / Processing Fee	X		Your lender will generally charge an origination and/or processing fee to cover the cost the lender does in processing your loan.	Entirely dependent on the lender and loan structure, but generally $500-$1,500
Policy Update Search	X		Once the deed is recorded, the title company will run an additional title search to ensure that there have not been unexpected documents recorded against the property between the time of the closing and when the deed is officially recorded.	$125
Prepaid Interest	X		We pay our loan interest a month in arrears, so the buyer will be required to pay their pro rata loan interest for a month or partial month at closing.	Dependent on the loan amount and structure.
Property Tax Prorations		X	Because Illinois real estate taxes are paid a year in arrears, the seller will provide the buyer a credit at closing for unpaid taxes.	Dependent on the most-recent full year's tax bill. Generally, that bill is prorated at either 110% in Cook County or 105% everywhere else, and a per diem credit is given to the buyer through the date of closing.
Real Estate Commissions		X	Commission fee for any real estate brokers involved in the transaction	Dependent on the broker agreement, but generally around 5%-6% of the purchase price
Recording Charges	X	X	The title company will send the buyer's deed and mortgage to the county to be recorded. If the seller is paying off a loan, there will be a release recorded against the property showing that the loan was paid off.	Dependent on the county and length of the document, but expect between $50-$200
State of Illinois Loan Policy Fee	X	X	Sarcastically dubbed the "governor's tax" by many real estate lawyers, this fee is imposed on both parties for every title policy written in Illinois.	$3 each
State Transfer Taxes		X	Transfer taxes paid to the State of Illinois.	$.50 per $500 of consideration (purchase price)
Survey Fee		X	For single-family properties, the seller will provide a survey to the buyer and to the title company at closing.	$300-$600
Tax Payment Service Fee	X		This is a one-time charge from the buyer's lender so they can engage a service to pay the real estate taxes out of the buyer's escrow.	$25-$50
Title Endorsements	X		The lender will require the title insurance policy to have certain endorsements (common examples are environmental protection, location, and condo, if the property is a condominium).	$175 per endorsement; expect at least two endorsements

I hope this helps to answer some of your questions. Please don't hesitate to contact me if you have further questions or concerns.