EXPENSES INVOLVED IN SELLING A HOME
Attorney Illinois is considered an “attorney” state. The attorney’s fee is an expense that you will pay at the closing, the average is $500-$600. The attorney will provide you with guidance through closing as well as schedule and coordinate the actual closing. The attorney plays a very important role in the real estate transaction so it is important to use a “real estate” attorney who practices this type of law regularly. Village Stamp Tax A local municipal tax. In some towns the buyer pays, in some towns the seller pays, some towns have no tax at all. This must be purchased from the Village prior to closing. Your attorney will guide you through this process as well. Closing Cost Fees You will have closing costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate transaction closes. These costs include the title fees, survey, attorney’s settlement charges, transfer taxes, recording fees, title insurance and so on. Taxes You will need to credit the buyer any taxes you have not paid from the last time you paid taxes up until the date of closing. Your attorney will pro-rate the taxes for you and it will be a debit to the seller and a credit to the buyer on the closing statement. Typically, in the contract, 5-10% is added to the current tax amount in order to cover any tax increases. Commission Commission structure will be, or has, been discussed at your marketing meeting and is not due until closing. It will be deducted from your net proceeds. Please don’t hesitate to reach out with any questions you may have regarding commissions.
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